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.
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.”