11th Jun 2024 12:19
(Alliance News) - Vianet Group PLC on Tuesday offered an optimistic outlook for the year ahead, after raising its final dividend following strong annual results.
The Stockton-on-Tees, England-based provider of retail sales and volume monitoring systems reported pretax profit of GBP780,000 for the financial year that ended March 31, improved 73% from GBP450,000 a year prior.
Revenue was up 7.6% to GBP15.2 million from GBP14.1 million, while recurring revenue - which accounted for 85% of total revenue - rose to GBP12.9 million from GBP12.5 million.
Reflecting on these improvements, Vianet emphasised a "rigorous drive to grow the top line".
Progress was particularly strong in the unattended retail and hospitality divisions, boosted by long-term contract wins and renewals with Baxter Storey Ltd, Compass Group, and both Rontec Roadside Retail Ltd and Wilcomatic Ltd.
Accordingly, Vianet proposed a final dividend of 0.75 pence, up 50% from 0.50p a year prior. Vianet pays no interim dividend.
"I am confident that Vianet will drive continued sales and profit growth from its core markets, whilst also achieving expansion of our footprint into wider markets," said Chair James Dickson.
Looking ahead, Dickson said Vianet is on track to deliver "strong earnings growth" across its divisions, as well as maximising opportunities in adjacent new verticals.
"The current financial year has started strongly, and the company is well-positioned to enter new vertical markets and continue to drive its strong subscription revenue and earnings growth," he added.
Vianet shares were trading 4.2% higher at 111.50 pence each in London on Tuesday at noon.
By Holly Beveridge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.