Veris Limited (ASX:VRS) CEO, Simon Thomas discusses FY16 results, and leading the consolidation of the fragmented Australian survey market.
Veris Limited (ASX:VRS) is a publicly listed company that is undertaking a growth strategy, around the surveying industry here in Australia. It’s a $3.6 billion industry, which is highly fragmented with over 3,500 companies being registered as surveyors.
We see it as a great opportunity to grow nationally and to move our business away from the WA resources sector, which was our core and traditional business to date.
I guess the origins of the company being in WA resources, led to a strategy to consider how could we grow our business nationally. How could we expand it? We had some survey capability; we looked at that. Looked at the association of other businesses nationally and through acquisition, we were able to grow, such that we had a professional services base. We’ve got a broad geographic coverage. We offer a number of services to national and local clients. And we have access to very strong markets and in particular, the investment infrastructure on the east coast.
Through acquisition you end up accumulating a number of companies, they each have their own name and their own brand. We needed to consider how to bring together, a consolidated story and image for the company, and bringing all of those businesses together. So a name change, along with values and behaviours for the organisation, will create a brand that we think will look to be national, representing a national market in a national service offering.
The highlights for FY16 were our financial results on the back of the restructuring work that was done in 2015. We continue to grow through acquisition. We secured geographic coverage in all economic centres across Australia. And we’re about to deliver a range of services that compliment the survey industry. FY17 is really a period to look at integration; set forth our strategic plan in order to bring the business together, under the one brand. Continue to deliver results and show that the professional services business, in survey is a very sound investment choice.
In the 12 months ahead, we’re looking to continue to grow. We’ve got an ambition to take up five per cent of the Australian market. And we’re well on our way towards that, through the acquisition pipeline that we’ve created. Longer term, this business will be a very well respected, well-regarded survey professional services business. Looking to deliver survey solutions and geospatial building information systems, in a broader geospatial platform.