VEEM Ltd
ASX:VEE
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VEEM Ltd
ASX:VEE
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VEEM Ltd
Veem Ltd. engages in the production of propulsion and stabilization systems. The company is headquartered in Canning Vale, Western Australia. The company went IPO on 2016-10-26. The firm is also engaged in manufacturing engineered products and services for the marine, defense and mining industries. The firm operates various businesses, including VEEM Marine, VEEM 24-7 Engineering, Conquest propellers and Timcast Hollowbar. VEEM Marine has marine technology with the commercial facilities. VEEM 24-7 Engineering provides services to aerospace, defense, mining, and oil and gas industries. VEEM Defense is engaged in defense contracts, such as manufacturing and servicing the Oberon class submarine valves through to the propulsion system for the new Pacific patrol boats.
Veem Ltd. engages in the production of propulsion and stabilization systems. The company is headquartered in Canning Vale, Western Australia. The company went IPO on 2016-10-26. The firm is also engaged in manufacturing engineered products and services for the marine, defense and mining industries. The firm operates various businesses, including VEEM Marine, VEEM 24-7 Engineering, Conquest propellers and Timcast Hollowbar. VEEM Marine has marine technology with the commercial facilities. VEEM 24-7 Engineering provides services to aerospace, defense, mining, and oil and gas industries. VEEM Defense is engaged in defense contracts, such as manufacturing and servicing the Oberon class submarine valves through to the propulsion system for the new Pacific patrol boats.
Revenue: First-half revenue was $23.4 million, reflecting a slowdown in global marine markets and delayed defense contracts.
EBITDA: EBITDA was negative $0.2 million, which was within the guidance range.
Impairment: A noncash impairment of $24.8 million was taken related to Gyro products due to lack of sales and redundancy of older models.
Cash Position: Cash at period-end was $9.1 million, increasing to $10.3 million by end of January, with $8.8 million in unused facilities.
Defense Outlook: Defense revenue dropped 65% due to contract delays, but more than $10 million in new orders have now been placed, positioning the company for growth in the second half.
Product Launches: Launched the Gyro Mark III and VEEM Extreme propulsion products, expected to drive future sales and margin improvement.
Cost Reduction: Overhead costs reduced by about $3.5 million, primarily from labor and rationalization, with future growth expected to leverage automation.
U.S. Defense: Management highlighted significant U.S. defense opportunity, estimating future revenues could reach $20–25 million, with upside to $100 million.
