Mark Miocevich says he's pleased with Veem's performance in its first year as a public company. Photo: Attila Csaszar

Veem to meet profit, dividend targets

Canning Vale-based Veem says it will meet its forecast net profit target of $4 million when it reveals its first full-year results as a listed company.

The marine technology company said today that statutory net profit after tax for FY17 would come in line with its prospectus forecast of $4 million, while normalised profit before tax would be $6.1 million, up from its forecast of $5.8 million.

Operating revenue was down from its forecast of $46.7 million to $38.1 million. However, the company has also offset overrun costs associated with its initial public offering, which closed late last year.


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