(Alliance News) - Vianet Group PLC on Tuesday said it performed in line with market expectations during the first half of financial 2020.
The company, which develops data-gathering devices for vendors through its internet of things platform, is forecasting growth in revenue and operating profit in the six months to September 30.
The Smart Machines division, which allows business access to real-time monitoring of stock and operational performance, recently secured three contract wins.
Vianet said: "These three long-term contracts with leading vending operators for a combined 20,000 units will generate in the region of GBP10 million of revenue for the group over their three to five-year contract terms."
Smart Zones, which offers quality management of products like beer draughts used in pubs, had a "robust" contribution in the first half, Vianet said.
Chair James Dickson said: "The team has continued to make very good commercial progress, particularly with contract wins for our telemetry and payment solutions in the coffee vending and unattended retail vending market, with solid support from our Smart Zones business which is developing new revenue lines.
"Double digit growth in the period builds on our successful recent track record and further demonstrates that the strategy of leveraging the power of our cutting edge technology to bring game changing business insight to our customers has exciting prospects."
The company will release its interim results on December 12. Last year, Vianet reported a first half pretax profit of GBP993,000 on revenue of GBP7.7 million.
Vianet shares were 6.1% higher at 130.00 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Vianet Grp (VNET)