Looks ok, but still a mild cash burn for inventory. I just wish...

Looks ok, but still a mild cash burn for inventory. I just wish these guys would announce a decent uplift in Cashflow for a change. Still in a transition stage blah blah blah.

One bit of good today: Veris has sold Aqura (SW1's arch rival in the mining space) to Telstra for $30 mill. Aqura has about $4 mill in recurring rev from memory, out of a total of approx $16 mill last year. It's hard to know if they made a profit because Veris always seemed to report the Aqura numbers without head office and administrative costs. But they were agressively discounting to get the work which is one (of many!) of the reasons SW1 has been such a basket case for so long. This should help the market revalue SW1 higher with any luck.

Veris enters agreement with Telstra to sell Aqura Technologies for $30m

Veris Ltd has entered into a binding Share Sale Agreement with Telstra Purple, a wholly owned subsidiary of Telstra, to sell 100% of Veris’ wholly owned subsidiary, Aqura Technologies, for $30 million in cash payable at settlement (“Aqura Sale Transaction”.
▪ The Aqura Sale Transaction represents the crystallisation of significant value for Veris and its shareholders which has been created organically whilst Aqura has grown within the Veris portfolio over a six-year period.
▪ Upon settlement of the Aqura Sale Transaction, Veris will be strongly positioned as a well-capitalised, simplified pure-play investment proposition offering leverage to Australia’s leading provider of digital and spatial data services via end-to-end spatial data solutions.
▪ The sale of Aqura to Telstra Purple represents a unique opportunity for Aqura and its staff to continue to accelerate the growth of Aqura’s proprietary technology solutions via access to Telstra’s sales and distribution channels across a range of geographies and industries, coupled with unrivalled balance sheet strength to underpin growth funding requirements.
▪ The sale consideration represents approximately 98% of Veris’ market capitalisation prior to announcement1