Veem pays inaugural dividend

Marine technology company VEEM has delivered its first full-year results since listing on the ASX in October, with a better-than-expected normalised profit.

Canning Vale-based Veem revealed a normalised net profit of $5.3 million for the 12 months to June, up from its prospectus forecast of $4.8 million.

The normalised result excludes one-off costs associated with the company’s initial public offering last year.

Accounting for those costs, net profit came in at $3.8 million, down from a forecast $4 million.

Revenue also came in lower than its prospectus forecast at $38.1 million from $46.7 million. However, the company met its dividend payout ratio target of 30 per cent of net profit, with a final dividend of 1.23 cents per share fully franked announced.

“The board was delighted to be able to declare a final fully franked dividend based on normalised profit after tax and expects to continue with its dividend policy in the coming periods,” managing director Mark Miocevich said.

Veem shares were 1.7 per cent lower to 56 cents each this morning.