- National surveying company Veris (VRS) has entered a trading halt ahead of a capital raise
- It isn’t clear how much Veris will raise or what the money will be used for but the market will only have to wait until Thursday, February 23 to find out
- Earlier this month, its subsidiary, Aqura Technologies, won a $1.1 million contract with billion-dollar mining company, Fortescue Metals Group (FMG)
- Veris also reported a slight growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the December quarter which came to $2.1 million
- Additionally, revenue was $20.16 million which is a pleasing increase from the $16.9 million in the December 2019 quarter
- Veris last traded at 7.8 cents on Monday, February 22
Veris (VRS) has entered a trading halt ahead of a proposed capital raise.
The trading halt will remain in place until Thursday, February 25, unless details of the raise are announced earlier.
Veris is an ASX-listed market leader in surveying, digital, spatial and planning services across Australia.
Earlier this month, its wholly-owned subsidiary, Aqura Technologies, won a $1.1 million contract with billion-dollar mining company, Fortescue Metals Group (FMG).
Aqura provides communication services and will upgrade the network at FMG’s Kangi Accommodation Village in WA.
In a recent update, Veris revealed some financial results for the December 2020 quarter. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) was $2.1 million — up from $1.96 million in the previous quarter.
Additionally, revenue was $20.16 million which is a pleasing increase from the $16.9 million in the December 2019 quarter.
The company said that while it faced disruptions due to border closures and uncertain COVID-19 operating environments, it’s proud of its results and is looking forward to growth for the remainder of the 2021 financial year.
“The longer-term outlook for the business remains strong as we execute our strategy to deliver growth from a sustainable platform, combined with the unprecedented levels of investment in a pipeline of projects in key markets in which we operate,” CEO Michael Shirley said at the time.
At this stage it isn’t clear how much Veris will raise or what the money will be used for.
Veris last traded at 7.8 cents on Monday, February 22.