Skip to main content

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to report its financial results for the half-year to 31 December 2023.

Highlights of the financial results for the six months to 31 December 2023:

  • VEEM’s revenue for the half-year was $37.5m up 37% on 1HFY23 with total activity (Sales + change in WIP) for 1HFY24 of $39.7m.
  • EBITDA and NPAT were $6.9m and $3.5m, up 65% and 92% respectively on 1HFY23.
  • Cashflow from operations was $4.4m, up 203% on 1HFY23.
  • EPS of 2.58 cents per share, up 92% on the prior period.
  • Gyro sales for the half-year were $5.0m, up 200% with orders in hand of $9.2m.
  • Agreement signed with Sharrow Engineering for the exclusive worldwide licence to manufacture and sell Sharrow designed propellers for inboard vessels

 Read full announcement here

Hear from Managing Director, Mark Miocevich, and Chief Operating Officer, Trevor Raman.