Vianet Grp Share News (VNET)

LONDON (Alliance News) - Vianet Group PLC on Tuesday left its annual dividend unchanged, after profit and revenue were increased by the contributions of new acquisitions.

Vianet is a provider of "actionable" data from devices connected to its 'Internet of Things' platform, such as beer taps. It has two divisions: Smart Machines and Smart Zones.

For the financial year to the end of March, statutory pretax profit edged upwards to GBP2.1 million from GBP2.0 million the year before, held back by the release of GBP530,000 in deferred consideration for the acquisition of retailing software firm Vendman Systems Ltd in 2017.

On an adjusted basis, pretax profit more strongly, to GBP2.7 million from GBP2.0 million.

Revenue for the year grew by 7.7% to GBP15.7 million from GBP14.6 million the year before, with recurring revenue at 94%.

Revenue growth stemmed from a GBP420,000 contribution from Vendman for the year, and from growth in the number of new connected devices within Vianet's Smart Machines business.

This more than offset a weaker performance from the Smart Zones division, driven by a challenging pub market backdrop, resulting in a reduction in net estates to 12,300 from 13,125 in the UK and Europe.

Vianet will pay a final dividend of 4.00 pence per share, leading to a total payout of 5.70p, in line with the prior year.

Looking ahead, Vianet said it is "in good shape to deliver strong earnings growth", and will enter its 2020 financial year with solid momentum.

"Vianet has made very good progress towards delivery of earnings breakthrough and continues to benefit from the focus on exploiting growth opportunities in the Smart Machines division whilst managing performance back towards growth in the Smart Zones division," said Chair James Dickson.

Shares in Vianet Group were up 3.5% at 130.90 pence.