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Highlights
- Major Contract Award: Veris Ltd secures a AU$5.15 million deal for engineering, monitoring, and cadastral works on the Western Sydney Airport SSTOM project, set for completion in 2025.
- Strengthened Partnership: The contract builds on previous collaborations with the Parklife Metro Consortium, reinforcing a relationship that spans critical infrastructure projects including metro train station surveying.
- Future Pipeline: The new Sydney works, focused on the Linewide package, are slated for completion by the end of 2025, with additional projects in the pipeline until April 2027.
Veris Ltd (ASX:VRS) has successfully secured a significant contract valued at AU$5.15 million to deliver a suite of engineering, monitoring, and cadastral services for the Western Sydney Airport SSTOM project. This new award reinforces the company’s strong market presence and builds on its proven track record of collaborative projects, notably its ongoing partnership with the Parklife Metro Consortium.
The contract centers on providing high-quality engineering surveying services, particularly for up to three new metro train stations. These services are integral to the Linewide package of works, with all tasks scheduled to be completed by the end of 2025. This strategic move not only broadens Veris Ltd’s portfolio but also enhances its standing in the competitive engineering services market.
Since November 2023, Veris has been actively involved in supporting the Parklife Metro Consortium, which is responsible for delivering the SSTOM package. The consortium, which includes industry heavyweights such as Plenary, WeBuild, Siemens, and RATP Dev, has a long-term contract to operate and maintain Sydney Metro for the next 15 years. With this new project, Veris is poised to deepen its engagement with the consortium—a relationship that has already proven beneficial and is expected to yield further opportunities in the coming years.
Managing Director and CEO Michael Shirley expressed his enthusiasm about the new contract, stating, “We are delighted to extend our partnership with the Parklife Metro Consortium on the Western Sydney Airport project.” He emphasized that the recent contracts across their multi-disciplinary service offering not only highlight the exceptional quality of work delivered by the team but also demonstrate the company’s ability to leverage robust relationships with key clients into additional business opportunities.
The financial implications of this contract are promising, especially as Veris continues to expand its service offerings in a competitive market. Trading at 5.7 cents, the company’s stock could benefit from the increased visibility and growth prospects that come with being a trusted partner on major infrastructure projects. The current contract is just one part of a larger pipeline of activities expected to run until April 2027, which underscores the long-term potential of Veris Ltd’s collaboration with the consortium.
This long-term engagement is particularly notable given the current landscape of Sydney’s infrastructure development. With the Western Sydney Airport project playing a pivotal role in shaping the region's future, Veris Ltd is well-positioned to contribute significantly to the modernization of transport and urban infrastructure. The continuity of projects through to 2027 ensures that the company remains at the forefront of engineering innovation and execution.
