Key Highlights

  • Unaudited first-quarter revenue was $28.2 million, up 7.9 per cent, with profit before tax of $0.8 million, flat on the prior period.
  • The Aurecon survey acquisition has consideration of $2.5 million, a guaranteed minimum first-year revenue of $4.5 million and expected completion in early November 2026, subject to conditions.
  • Secured forward workload is about $65 million and the weighted unsecured pipeline is above $200 million, with no numerical earnings guidance provided.

Veris Limited (ASX:VRS) told shareholders at its annual general meeting that revenue for the first quarter of FY27 was $28.2 million, up 7.9 per cent on the prior corresponding period, according to an unaudited trading update in its presentation. Profit before tax was $0.8 million, flat on the same quarter last year, and the EBIT margin was 3.8 per cent, compared with 3.6 per cent. The company attributed the revenue growth to market demand and the Mesh advisory team it acquired in December 2025.

FY26 results

The presentation also recapped the year ended 30 June 2026. Revenue was $102.0 million, up 4.9 per cent, and underlying EBITDA was $10.3 million, up 2.8 per cent, a margin of 10.1 per cent. Underlying profit before tax was $2.2 million, a margin of 2.2 per cent, down from $2.6 million in FY25. Statutory profit before tax was $0.6 million after one-off costs relating to mergers and acquisitions, restructuring and systems.

Digital and Spatial work made up 28 per cent of revenue, up from 25 per cent in FY25 and 17 per cent in FY24. Operating cash flow was $8.1 million. Cash was $13.3 million, down from $16.6 million, giving net cash of $11.1 million, and net assets were $27.2 million. The company also reported franking credits of $5.4 million and unrecognised tax losses of $11.4 million.

The Aurecon survey transaction

Veris pointed to its Aurecon transaction, announced to the ASX on 1 October 2026, as a key development. Consideration is $2.5 million, which includes about $1.2 million of assumed employee entitlements, and there is no earn-out. The business has about 30 staff.

The company said the deal carries a guaranteed minimum first-year revenue of $4.5 million, with expected annual revenue of about $6 million to $7 million after the first year. It also includes a three-year national partnership under which Veris has a first right of refusal on Aurecon's Australian survey work. Veris said the acquisition is expected to be earnings accretive in FY27. Completion is expected in early November 2026 and remains subject to conditions precedent, so it has not yet occurred.

Recurring revenue and strategy

Veris described a strategy of moving from a national survey business to an integrated digital and spatial data advisory and consulting firm. Its stated focus areas are digital tools, value-based pricing, diversified revenue and disciplined acquisitions. Recent deals include Spatial Vision, the Mesh advisory team in December 2025 and Mesh-Dash.

On recurring revenue, the company said its distributorship of Octave in Australia and New Zealand provides an initial annual recurring revenue base of about $1.2 million. It noted that Octave has more than 4,500 customers globally and over US$1.1 billion of global annual recurring software revenue. Veris also holds a 50 per cent interest, through Mesh-Dash, in Parsel, which adds a subscription revenue stream, although no figure was disclosed.

Pipeline and outlook

Veris said secured forward workload is about $65 million, and its weighted unsecured pipeline is above $200 million. These are company measures of work in hand and prospects rather than guaranteed revenue.

The company did not provide numerical earnings guidance. Its FY27 outlook is qualitative, described as positioning across diverse and high-growth industry sectors, with a positive outlook. The main forward-looking statement in the presentation is that the Aurecon transaction is expected to be earnings accretive in FY27.

Next milestones

The only dated milestone in the presentation is the expected early November 2026 completion of the Aurecon survey acquisition, subject to the conditions precedent being satisfied. Beyond that, the company's stated priorities are its digital tools, pricing approach, revenue diversification and further acquisitions where they meet its criteria.