Vianet Group - FY23 Trading Statement
Vianet has published a positive trading statement for the year to March 2023 with turnover expected to be above £14m, up c7% YoY, earning a gross margin of over 65%, despite cost pressures, generating adjusted operating profit up 30% YoY to £3.1m, ahead of market expectations. Cash generation pre working capital is expected to be around £3.5m, over 100% of EBITDA and returning the group to pre-Covid levels of cash conversion. Guidance for adjusted operating profit is well ahead of our forecast which we adjust accordingly. Vianet is now making a rapid recovery from the impact of Covid on its business and has significant further opportunity to grow and improve the stickiness of its customer relationships through the roll-out of its enhanced SmartVend and SmartDraught platforms and by evolving its solutions into new verticals.Vianet Group is a provider of actionable management information and business insight created through combining data from its smart Internet of Things solutions and external information sources. Co. operates two business divisions: Smart Zones, which principally consists of beer monitoring business (including the U.S.) and gaming machine management services; and Smart Machines, which comprises vending machine telemetry and contactless payment solutions, as well as monitoring business primarily in the vending sector. Co. provides design, product development, sale and rental of fluid monitoring equipment and machine monitoring equipment, data insights and related services in these divisions.
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