Australia's Verbec gains on securing contracts for $7 million

Verbrec

21/05/2025 02:29

** Shares of Verbrec VBC.AX rise 14% to A$0.065, their highest since May 12

** Stock set for its strongest session since May 17, 2024, if current trends hold

** Asset manager and tech service provider secures over A$11 million ($7.08 million) in engineering and construction contracts in South Australia

** Says majority of its revenues expected to be recognised in FY2026

** About 1.6 mln shares traded in stock's busiest session since May 6, 2024

** Stock down 51.9% YTD, including current session's moves

($1 = 1.5542 Australian dollars)

(Reporting by Manasi Dasa in Bengaluru)

((Manasi.DasaSundeep@thomsonreuters.com))