Veris Limited (ASX: VRS) has continued to progress its spatial data strategy and land key contract wins across its Digital & Spatial and Engineering Survey business lines.
These contract wins have contributed to the company securing over $9 million in new project work and variations across its infrastructure market sector in 1Q FY24 and in the current quarter, which are due for delivery in the next 3-6 months. Furthermore, several of these projects represent key milestones in the commercialisation of a number of internally developed digital and spatial and data-led solutions.
Digital and spatial solutions and technology
Veris continues to accelerate towards becoming a leading spatial data business through the commercialisation of its investment in its digital and spatial capabilities. Significant investment has been made across the FY21 – FY23 period in state-of-the-art 3D data capture technology and artificial intelligence capabilities.
In addition, the company has recruited and invested in skilled digital and spatial specialists to drive the successful development of these platform-based solutions that make it simpler for clients to access, share, model and gain insights from the data obtained regarding their assets and operations.
These modern digital services are helping clients to drive efficiency, safety and faster insights that support productivity outcomes.
Veris is demonstrating clear progress against key elements of its spatial data strategy with the service line now representing approximately 15% of total revenue in the year to date, up from 4% in FY21. This is as a result of the organic growth of the Digital and Spatial service line coupled with the new project wins outlined below.
- WaterNSW’s Warragamba Pipeline – Veris has been awarded a contract by WSP for the ongoing work on critical infrastructure supplying 80% of Sydney’s untreated water. The contract encompasses the 3D laser scanning and modelling of 25km of twin pipelines.
- Warringah Freeway Upgrade, NSW: Veris has been engaged by CPB and Downer JV for the project which is a key component of Sydney’s major transport infrastructure improvements. Veris is providing mobile laser scanning (MLS) in combination with the deployment of the internally developed 3SiDe spatial data platform to host and provide analytics to assess road conditions for dilapidation and expedited remediation.
- Digital Engineering Roadmap, QLD: Veris has been selected to provide consultancy services to support the development of a Digital Strategy and Digital Engineering Roadmap for a Queensland company with a large geographic spread and diverse asset base.
- International Terminal Security & Retail Upgrade Project, QLD: Veris has been engaged as part of the $5+ billion development program at Brisbane Airport known as Future BNE. Veris has been awarded a contract by the Keyframe Services team to provide 3D laser scanning and joint modelling services to support the development of a Digital Twin. Veris is well-positioned to provide further support in relation to subsequent phases of digital and spatial works for Future BNE.
- Infrastructure Early Works, NSW: Veris has been engaged to undertake MLS data capture and the deployment of 3D ground penetrating radar (3D GPR) in connection with a large infrastructure project in NSW. 3D GPR is an innovative technology that captures high-accuracy, high-definition subsurface data and can rapidly detect utilities and other underground assets for smarter decision making and ultimately assist with less-invasive and more-cost effective early-stage construction methods.
- Building Monitoring / Digital Twin: Veris has been engaged by three clients in NSW to monitor five buildings across Sydney, for potential movement during neighbouring construction projects. These projects include investigation surveys, installation, and ongoing monitoring.
These recent contract wins demonstrate the continued pivot of the business towards an industry-leading digital and spatial solutions offering that our clients see as vital to the smarter delivery of their projects,” Managing Director and CEO, Michael Shirley, said.
“It’s testament to the large effort the company has put in to reposition the business over the last few years with an eye on the future.
“Our strategy has been focused on positioning ourselves uniquely as the leading provider in the industry that can offer our clients the ability to capture the data, hold the data, analyse the data and provide value- added data-driven solutions to their asset-related issues. The deliberate investment in both skilled staff and technological capability means we are now offering our clients market-leading solutions that are solving their real world, asset-related problems more rapidly.
“It’s also fantastic to see our traditional engineering survey business line, which supports large-scale construction projects and maintenance across a spread of sectors including infrastructure, mining and resources continue to be trusted to deliver on some of these longer-term projects.”
