• Profit Before Tax up 212% year-on-year
• Gross margin improved to 36.6%
• Secured forward workload exceeds $55 million
• Unsecured pipeline value over $190 million

Veris Ltd, a digital and spatial data advisory and consulting firm, has announced an unaudited trading update for the six months ended 31 December 2024 (H1 FY25). The company continued to deliver improved profitability in H1 FY25, building on the positive momentum from the first quarter. Veris' H1 FY25 profit before tax of $1.0 million was up 212% on the previous corresponding period, underpinned by further improvements in project margins and sustained cost control. While unaudited revenue of $46.8 million was down 3.3% on the previous corresponding period, this was consistent with Veris' strategy of proactive project selection and targeting higher margin work with key clients. The company's cash balance also increased to $17.6 million at 31 December 2024, up from $16.1 million at 30 June 2024. Veris' secured forward workload to be executed over the next 12 months had surpassed $55 million by the end of H1 FY25, and the company's unsecured pipeline also remained strong with a weighted value in excess of $190 million for execution over the next 24 months. The improved financial performance reflects the successful execution of Veris' transformation strategy, including the restructuring and repositioning initiatives undertaken in the second half of FY24.

Veris is confident that its continued commitment to strategic priorities, such as a focus on higher margin projects and the delivery of multiple digital strategy initiatives, will further enhance its financial performance and solidify its position as a leader in digital and spatial data advisory and consulting services over 2025 and beyond.