Veris Limited (AU:VRS) has released an update.
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Veris Limited faced a tough fiscal year 2024, with challenges such as government budget pressures, industrial actions, and inflation leading to an 8.2% revenue decline and a statutory loss after tax of $4.7m. Despite these setbacks, the company’s balance sheet remains strong with a cash balance of $16.1m, and their digital strategy is gaining traction, contributing to 17% of revenue. Veris is proactively responding with restructuring, including a significant reduction in headcount and a strategic shift towards higher-margin projects.
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