Join our daily newsletter At The Bell to receive exclusive market insights
- Vection Technologies (VR1) records $2.2 million in total contract sales for August, effectively doubling its cumulative total for the financial year thus far
- According to VR1, the 122 per cent growth in August total contract value has been driven by expanding its vertical offerings
- The ASX-lister works across multiple industries, including defence, military and law enforcement and healthcare and pharmaceuticals
- Solutions for law enforcement investigative activities and COVID-19 safety hardware and software are said to be in the works
- Vection Technologies shares are up 6.67 per cent to trade at 9.6 cents
Vection Technologies (VR1) recorded an additional $2.2 million in total contract sales for August, effectively doubling its cumulative total for the financial year thus far.
The company has reported a cumulative total contract value for the 2022 fiscal year to date of roughly $4 million, compared to $1.8 million in July.
Vection attributes this growth to an expansion of its verticals, which include defence, military and law enforcement, sports and betting, media and communication and healthcare and pharmaceutical sectors.
According to the company, organic sales and acquisitions have helped deliver an estimated 122 per cent rise in August total contract value growth two months into the current fiscal year.
Solutions and services said to be driving this growth and in development include extended reality products (XR), subscriptions and recurring maintenance fees, solutions for law enforcement investigative activities and COVID-19 safety hardware and software.
Vection said it is “strategically positioned to leverage the digital transformation trend for continued growth across its core XR technology suite” and has encountered strong strategic commercial opportunities during the year.
Vection Technologies shares were up 6.67 per cent at 11:18 am AEST to trade at 9.6 cents.
