Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Vection Technologies (VR1) reports revenue and total contract value growth for FY22, subject to audit review
  • Total contract value is higher at about $19 million, with the growth mostly generated from direct and partner sales channels across multiple market segments
  • Meanwhile, revenue is expected to land within Vection’s guidance of between $17 million and $19 million, representing growth of over 400 per cent
  • The company says it expects sales to climb in the next financial year as investments from this year start to pay off
  • Shares in Vection Technologies were up 19.64 per cent at 6.7 cents at 10:26 am AEST

Vection Technologies (VR1) has reported revenue and total contract value (TCV) growth for FY22, subject to audit review.

The company’s TCV increased to about $19 million, with the growth mostly generated from direct and partner sales channels across multiple market segments.

Meanwhile, Vection said it expected revenue to land within its guidance of between $17 million and $19 million, representing growth of over 400 per cent.

The company said it was preparing to drive sales even further in the next financial year as its heavy investments in global infrastructure, partnerships, and product development started to pay off.

Managing Director Gianmarco Biagi said Vection was picking up the pace for “strong growth” in the next financial year.

“During the last twelve months, we invested significantly in technology development, sales channels, global partnerships, and organisational infrastructure,” he said.

“These investments will prove critical in the next twelve months, while our global brand awareness grows, and the company expands into new markets and verticals.”

Shares in Vection Technologies were up 19.64 per cent at 6.7 cents at 10:26 am AEST.

VR1 by the numbers
More From The Market Herald
The Market Herald Video

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Orion Minerals (ASX:ORN) raises $1.35m in SPP

Orion Minerals (ASX:ORN) has raised $1.35 million in its share purchase plan (SPP) to advance its…

" Future Metals (ASX:FME) to raise $5.5m for Panton

Future Metals (ASX:FME) has received firm commitments for a heavily oversubscribed $5 million placement.

" Firebird Metals (ASX:FRB) raises $3.5m to accelerate Oakover development

Firebird Metals (ASX:FRB) has received firm commitments to raise $3.5 million via a placement from sophisticated…