Vianet Group PLC on Tuesday said in the year ended March 31, it swung to a profit amid sales growth and reinstated its dividend policy.

The Stockton-on-Tees, England-based provider of retail sales and volume monitoring systems said it swung to an annual pretax profit of £452,000 from a loss of £174,000 a year prior. Sales grew by 2.2% to £4.7 million from £4.6 million in financial 2022. The company also cited growth in its Smart Zones division, noting 11 new contract wins, six contract renewals and strong demand for data ad insights.

Revenue grew by 6.8% to £14.1 million from £13.2 million the year before.

Vianet reinstated its dividend policy, declaring a full year dividend of 0.5 pence per share.

Looking ahead, Vianet said it is on track to deliver strong earnings growth across its divisions and will maximise opportunities for financial 2024 and beyond.

Chair James Dickinson said: ‘The board remains confident in the group’s long-term growth strategy and ability to achieve earnings growth and expand future strategic options. While cash management is a priority, the board’s primary focus is on driving sales growth and seizing exciting growth opportunities.’

Shares in Vianet were up 1.0% at 85.35 pence each in London on Tuesday morning.

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