Vending data firm update reveals ‘rewarding’ year

DRINKS and vending data specialist Vianet says it has boosted turnover and curtailed debt in a “rewarding” year .

In a trading update ahead of fullyear results to the end of March, the North East tech firm – which supplies telemetry monitoring systems, contactless payment solutions and data insight services to the hospitality and retail sectors – said turnover increased 7.6% to £15.18m while recurring revenue increased slightly from £12.52m to £12.94m.

Having seen substantial disruption to its market during Covid and into the cost of living challenges, Vianet said demand had rebounded in the final quarter of its last financial year, and beyond.

The firm said that previous challenges in customers’ delayed adaptation to the switch-off of 3G network had passed with a sharp uptick in demand for upgrades to 4G LTE systems. That had resulted in a number of pipeline-boosting contracts stretching into its 2025 financial year. In a separate announcement, Vianet revealed its newest contract, a fiveyear deal with petrol station car wash firm Wilcomatic. In the firm’s key hospitality market – which was said to have seen strong progress – the acquisition of US-based inventory software firm Beverage Metrics Inc has speeded up Vianet’s product development timelines by around 12-18 months.

The launch of a drinks management and inventory system has shown promise with Vianet saying testing in the US and UK showed its potential. Bosses also pointed to encouraging customer engagement in the US hospitality market where the firm sees a significant market potential.

Investors on the London Stock Exchange were told debt at the Stockton-based

business reduced 54.9% to £1.52m while year-end cash reserves rose £1.82m. Vianet’s full results will be published on June 11.

James Dickson, chair and CEO of Vianet, said: “The past 12 months have been both productive and rewarding. While the 3G upgrade deliberations initially held back new installations, we have made significant financial and operational progress and we saw a rebound in demand during Q4 and into the new financial year. The switch-off provided a unique opportunity to engage with our customers effectively.”