- Vection Technologies (VR1) is getting ready to carry out a capital raising, after entering back-to-back trading halts
- At this stage, the details of the capital raise won’t be released until the trading halts lift on October 7
- More recently, Vection released its FY20 annual report — which showed the company had almost $1.6 million in the bank at the end of the period
- It also increased its underlying EBITDA by 121 per cent over the 12 months to June 30, but still ended the year with a loss
- Before today’s trading halts, shares in Vection were worth 12.5 cents each
Software company Vection Technologies (VR1) is getting ready to carry out a capital raising, after entering back-to-back trading halts.
At this stage, the details of the capital raise won’t be released until the trading halts lift on Wednesday, October 7 — unless Vection decides to release the announcement early.
The raise comes after the company released its FY20 annual report yesterday — showing it had almost $1.6 million in the bank at the end of the period.
That’s a 99 per cent increase on the $796,00 Vection had in the bank at the end of FY19.
The company also revealed in the report it had increased its underlying EBITDA by 121 per cent to $182,000 over the 12 months to June 30.
In addition, Vection’s revenue increased by 130 per cent from FY19 to FY20, to total $3.13 million.
Despite the gains though, the software company still ended the 2020 financial year with a $1.16 million loss.
Before today’s back-to-back trading halts, shares in Vection Technologies were trading for 12.5 cents each on Wednesday, September 30.