VEEM chairman Brad Miocevich. Photo: Attila Csaszar

Veem to miss prospectus targets

Recently listed marine technology company VEEM has flagged gross profit in line with expectations, but expects to report a smaller net result than what was forecast in its prospectus, on the back of a one-off cost.

Canning Vale-based Veem, which listed on the ASX in late October after completing a $25 million initial public offering, told the market today it had achieved a gross profit of $10.4 million for the six months to December, in line with its prospectus forecast, with margins increasing from 44.5 per cent to 50.2 per cent.

It also expects its pro-forma net profit for the first half to come in at between $2.25 million and $2.45 million, close to its forecast $2.4 million.


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