Company Interview / Veris cashes in on the infrastructure push

Key points:

Veris (ASX:VRS) achieves strong turnaround from statutory loss to profit before taxKey contract win: $16-$20 million Victoria Suburban Rail Loop projectPipeline of committed work reaches $65 million, with overall opportunities over $190 millionInternational growth strategy focuses on partnerships and analytics platforms without high-risk offshore expansion

Veris (ASX:VRS), a leading spatial data firm, is reporting a return to profitability, driven by its transformation into a digital and spatial data advisory business. Michael Shirley expresses confidence in the company’s evolution from a traditional survey business to a provider of AI-driven digital solutions targeting infrastructure challenges. This transformation has enabled Veris to broaden its offerings into consulting and advisory services, with a focus on delivering rapid, data-driven solutions for clients across transport, building, and defence sectors.

Shirley highlights particularly strong growth in the defence sector, as well as robust demand in infrastructure, transport, water, and renewable energy projects. A major highlight includes securing a $16-$20 million engineering survey contract for the Victoria Suburban Rail Loop, with Shirley positioning it as confirmation of Veris’ sector expertise and long-standing client partnerships. The company’s defined work pipeline now sits at $65 million in committed contracts over 12 months, and a total pipeline exceeding $190 million.

Financial performance reflects Veris’ turnaround, moving from a $4.5 million statutory loss to a $2 million profit before tax and stronger cash reserves at $16.5 million. Shirley points to ongoing opportunities in Australia, potential growth into New Zealand, and international expansion through partnerships that leverage overseas data for high-margin analytics solutions.