Drinks and vending data specialist Vianet is continuing to claw its way out of debt following substantial disruption to its market during the Covid-19 pandemic and into the cost of living crisis.
The North East tech firm – which supplies telemetry monitoring systems, contactless payment services and data insight to the hospitality and retail sectors – slashed its net debt to £1.52m – down more than 54 per cent on the previous period.
Vianet said this was due in part to increased demand for its technology over the past year, with revenue up eight per cent to £15.8m in the 12 months ending March 31, 2024, and pre-tax profit hitting £780,000, up from £450,000 the period prior.
Chairman James Dickson said: “I am especially pleased with this set of results as it showcases the company’s proactive measures, along with the dedication of our staff.
“This has resulted in excellent financial results and strong sales momentum. The combined challenges of supply chain pressures, the 3G switch off and geopolitical uncertainties have been successfully navigated.
“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.
“Smart Machine’s unattended retail division is experiencing significant growth, with key contract extensions and rollouts driving new connected devices.
“The Smart Zones hospitality division continues to secure new business and contract renewals while leveraging market data to drive customer profitability.
“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.”
As well as increasing profit and revenue, Vianet also widened its customer base, adding 8,900 connected machines to its network.
It also renewed contracts with long-standing clients including Baxter Storey, The Vending People, Compass, and Rontec and Wilcomatic in the fuel forecourt market.