They will make a large profit as the book value of Aqura would have been far less than it was sold for. I cant be bothered looking it up but I reckon it would have had less than $10m of net assets and was sold for $29m before costs I think.
What will be disappointing is the profit on a like for like of the surveying business. It is a break even at best enterprise the way they run it. They cannot continue to ignor depreciation as surveying is capital intense for P&E and more so as they position themselves as a technology company managing data for clients.
I believe the long term strategy is going private.
VRS Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
