Veris Limited (AU:VRS) has released an update.
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Veris Limited faced significant financial challenges in FY24, with an 8.2% revenue decrease and a statutory loss after tax of $4.7 million, primarily due to adverse market conditions and one-off external factors. Despite this, the company’s balance sheet remains strong with $16.1 million in cash reserves, and it has implemented substantial restructuring to align with a national operating model, focusing on scaling digital solutions and spatial advisory services. These efforts have already begun to show positive results in the subsequent quarter, highlighted by a prestigious project award and recognition as a leader in spatial advisory services.
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