Surveying and communications company Veris (ASX: VRS) continues to defy its small market capitalisation by adding to its recent slew of contract wins, today announcing extensions awarded from BHP Billiton (ASX: BHP) and OZ Minerals (ASX: OZL) as well as a new defence company – Cubic Defence.
The total value of the contracts is $4.3 million and awarded to Veris’ wholly-owned subsidiary Aqura Technologies which specialises in digital communications and networking systems.
“It is very pleasing to see the great work the Aqura team is delivering given these extraordinary times. Our new work with BHP and OZ Minerals is a great reflection of the quality and hard work our team are delivering in the resources sector,” said Veris CEO, Travis Young.
“Aqura’s engagement with Cubic is also highly pleasing as it represents growth in a new market vertical and validates the attractiveness of Aqura’s solutions in complementary market segments.”
Key to the contract wins will be supporting a major Wi-Fi rollout across BHP’s West Australian Iron Ore projects at its Yandi operations as part of BHP’s wider digital transformation strategy. For Oz Minerals, Aqura will upgrade the digital network within accommodation facilities in South Australia to improve living standards for on-site workers.
Whilst both resource companies are existing Veris clients, the new agreement with Cubic Defence Australia, a subsidiary of US-based Cubic Corporation, highlights Aqura’s sector diverse services where they deliver a 5G-ready LTW platform to Cubic’s defence training facilities.
These three new contracts continue a strong run of corporate activity for Veris which this month has also secured additional survey work on the Melbourne Metro Tunnel Project, bringing the total contract value to $22.5m, and a support contract from John Holland to assist on the new Sydney Metro station development at Waterloo.
For the half year ending 31 December 2019, Veris reported revenues of $50.4m and $1.5m EBITDA, impacted by the sale of Elton Consulting Group during the period. Shares in VRS responded well to news of their three new contracts, reaching a high of $0.04 in the first hour of trade, a rise of 37.9% on the previous day $0.029 close.
*Owners of this website are VRS shareholders
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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