Veris awarded $7.9m in contracts

20/02/2019 - 10:53


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Adam Lamond says Aqura is providing a solid revenue boost to Veris. Photo: Gabriel Oliveira

Surveying company Veris has today announced its technology subsidiary Aqura Technologies has been awarded $7.9 million in new contracts.

The contracts include two content access network projects at BHP iron ore mines in the Pilbara, and three industrial wireless projects with Rio Tinto, also in the north of the state.

Aqura and Veris managing director Adam Lamond said Veris was pleased with the significance of the awards.

Mr Lamond said the subsidiary was on track to provide a solid earnings boost in the 2019 financial year.

Veris, last year’s Business News Rising Stars winner, was also recently awarded surveying contracts for works on bypass tunnels in western Sydney and on a Parramatta light rail project.

Financial details for those contracts were not been released.

The contract updates come after the company disclosed it was likely to report a $34 million non-cash impairment charge to its goodwill because of the poor trading performance of its core business.

For the first quarter of this financial year, Veris posted a 7 per cent earnings margin before interest, taxation, depreciation and amortisation on the $25 million revenue its surveying division earned.

It had previously forecast its surveying business would achieve a 15 per cent to 17 per cent Ebitda margin for the period.


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