VEEM Ltd. reported non-audit reviewed revenue results for the six months to December 31, 2016. The company's revenue for the period was $20.76 million, versus prospectus forecast of $23.39 million. The difference is partially attributable to an increase in work in progress and stock of approximately $775,000 related to contracts not completed within the reporting period.

The company provided earnings guidance for the six months to December 31, 2016. The company announced that based on non-audit reviewed management accounts for the six months to December 31, 2016, pro-forma net profit after tax (NPAT) for first half of fiscal 2017 is expected to be in the range of $2.25 million to $2.45 million, which is in line with the prospectus forecast of $2.40 million. Statutory NPAT (including one off IPO costs) is expected to be in the range of $1.1 million to $1.3 million (prospectus forecast $2.05 million) due to higher than expected IPO costs.