Veris (VRS) H2 2025 earnings summary

Executive summary

• Achieved a significant turnaround in FY25, posting $2.0M profit before tax after a $4.4M loss in FY24, driven by a strategic shift to high-value digital and spatial advisory services, now over 25% of revenue.

• Revenue grew 5% year-over-year to $97.2M, supported by organic growth, digital expansion, and successful integration of Spatial Vision, which expanded government sector reach.

• Strategic focus on high-margin, value-based projects and repeatable workload with key clients, moving away from low-margin, high-volume work.

• Robust order book exceeds $65M, with a weighted pipeline over $190M and a strong cash balance of $16.6M.

• Transformation from a fragmented surveying business to a differentiated spatial data and digital solutions provider leveraging AI and digital twins.

Financial highlights

• Revenue increased 5% year-over-year to $97.2M, with organic revenue exceeding AUD 97 million.

• Profit before tax reached $2.0M, a turnaround of over $6M from the prior year.

• Gross profit margin improved to 36.5% from 32.6% in FY24.

• EBITDA margin rose to 10.3% from 7.2%, with EBITDA of $10.0M.

• Dividend declared with a 55% payout ratio; over $3.2M returned to shareholders FY23–FY25.

Outlook and guidance

• Committed workload exceeds $65M, with a weighted pipeline over $190M and strong project wins underpinning future revenue growth.

• Focus remains on margin-accretive, sustainable, and profitable growth, scaling digital platforms, and selective M&A.

• Digital and spatial revenue expected to accelerate beyond one-third of total revenue, with new digital solutions driving future growth.

• Priorities include deepening digital and advisory capabilities and optimising the national delivery model.