Veris Bagged Major Infrastructure Survey Contracts

Veris Bagged Major Infrastructure Survey Contracts

Veris Limited (ASX: VRS) is based in Osborne Park, Australia and provides surveying, 3D spatial solutions, geospatial data management, urban design, professional and advisory, town planning and communications technology in Australia. It serves various industries such as mining and resources; retail; community; energy; industrial; tourism; aerospace; and defence amongst many other. Until 2016, the company was operating under the name OTOC Limited. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

On February 18th, 2019, Veris announced that it has recently bagged contracts for the provision of Surveying Services for two significant infrastructure projects, affirming its largest segment’s well-known expertise.

Firstly, the Lendlease Samsung Bouygues Joint Venture comprising Lendlease Engineering, Samsung C&T Corporation and Bouygues Construction, has assigned Veris to carry out survey works for the M4-M5 tunnels project. The JV was awarded the contract to design and construct the twin 7.5-km motorway tunnels under the WestConnex project in Sydney by the New South Wales Government in November 2018. The tunnels will link the New M4 at Haberfield with the New M5 at St Peters. Veris is expected to complete the works over a span of three years with initial tasks to be completed in the first 12 months as reported.

Secondly, Diona Ward Civil JV has selected Veris to carry out the utilities service locating and survey works on the Parramatta Light Rail Stage 1 Project. The enabling works are aimed at minimising the possible disturbance to the flow of traffic and expand the capacity of the surrounding road, during the construction and operations of the light rail, which is scheduled to be operationalised in 2023. The works are expected to be completed over a span of one to two-year period. The contract is based on a schedule of rates and subject to the scope of works and prospective future engagement or variations.

As per the Annual Report for FY2018 ended June 30th, 2018, the company recorded a robust organic growth with net profit after tax and before amortisation from continuing operations at $1.8 million for the period. The EBITDA from continuing operations stood at $11.2 million, up by a staggering 96% and the cash at bank was posted at $5.6 million. The third executive fully franked dividend of 0.5 cents per share was also paid out in cash to the shareholders.

Moreover, the company acquired Elton Consulting in FY2018 which contributed EBITDA of around $ 1.1 million at a run rate of 20% in the first quarter. The takeover provided the cornerstone for Veris’ Professional and advisory pillar. Besides, the company also accomplished the integration of its eight surveying businesses into one surveying entity during the year.

Veris got listed on the Australian Securities Exchange (ASX) in 2008 and has a current market capitalisation of AUD 28.35 million with approximately 363.5 million outstanding shares. On Monday, February 18th, 2019, the VRS stock closed the session at a market price of AUD 0.074, down 5.128%, indicating an intra-day loss of AUD 0.004.


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