Veris Reverses Loss to Profit, Boosts Digital Spatial Services Revenue to $97M
Veris Limited has reported a significant turnaround in FY25, posting a $2 million profit before tax on $97.2 million revenue, driven by growth in digital and spatial advisory services and strategic acquisitions.
- FY25 revenue rises to $97.2 million, up from $92.6 million in FY24
- Profit before tax turns positive at $2.0 million, reversing prior $4.4 million loss
- Gross margin expands to 36.5%, reflecting higher-value projects
- Strategic acquisition of Spatial Vision enhances digital advisory capabilities
- Secured project pipeline exceeds $65 million, supporting growth outlook
A Strong Financial Turnaround
Veris Limited (ASX – VRS), a fully integrated digital and spatial data advisory firm, has delivered a notable turnaround in its FY25 financial results. The company reported revenue of $97.2 million, up modestly from $92.6 million in the previous year, but more importantly, it swung from a loss before tax of $4.4 million in FY24 to a profit of $2.0 million in FY25. This marks a significant milestone after several years of strategic transformation.
Gross margin expanded impressively to 36.5%, up from 32.6% last year, signalling a shift towards higher-value, less commoditised projects. Veris attributes this margin improvement to a disciplined focus on securing larger, more complex engagements and expanding its consulting and advisory services beyond traditional survey work.
Digital and Spatial Advisory at the Core
Central to Veris’ growth story is its digital strategy, which now accounts for over 25% of total revenue. The company has invested heavily in proprietary spatial data platforms, AI-enabled analytics, and digital asset management solutions such as RoadSiDe, BridgeSiDe, Navigator, and Vantage. These innovations are gaining traction in sectors including transport, government, energy, and property, helping clients modernise and streamline their operations.
Veris’ acquisition of Spatial Vision, a specialist in GIS and spatial data with strong government sector expertise, has further strengthened its digital advisory capabilities. The integration of Spatial Vision is expected to be accretive to revenue and margins from FY26, expanding Veris’ footprint in climate, agriculture, marine, and natural resources sectors.
Operational Efficiency and Talent Investment
The company’s restructuring efforts, including a shift to a national operating model, have streamlined delivery and boosted collaboration across its 14 offices nationwide. Veris continues to attract and retain top talent through leadership development, flexible work options, and award-winning graduate programs, underpinning its ability to execute on complex projects.
Cash flow from operations improved significantly, supported by strong working capital management and cost control. Veris closed FY25 with a robust cash balance of $16.6 million, providing ample capacity for further strategic acquisitions or investments.
Outlook and Market Position
Veris’ secured project pipeline has grown to over $65 million, including major wins such as the Rail Loop project in Victoria and multiple digital spatial initiatives. The company’s diversified client base spans key industries with strong growth potential, supported by a serviceable addressable market exceeding $1 billion.
Shareholders will benefit from a fully franked dividend of 0.2 cents per share and an ongoing on-market buyback program, reflecting management’s confidence in the company’s financial health and growth trajectory.
Bottom Line?
Veris’ strategic pivot to digital and advisory services is paying off, but sustaining momentum will require continued innovation and successful integration of acquisitions.
Questions in the middle?
- How will Veris capitalise on its strong cash position for future M&A?
- What impact will Spatial Vision’s integration have on FY26 financials?
- Can Veris maintain margin expansion amid increasing competition in digital spatial services?
