Vianet profit beats expectations in first quarter

Vianet said profit was better than expected in the first quarter and that it was increasingly confident about the outlook as the economy reopens.

The date and insight provider said it was in a good position to gain from demand for data insight, contactless payments and other products as the economy recovers. Profit beat expectations in both Vianet's businesses in the three months to the end of June, it said.

The Smart Zones division, which monitors beer quality and stock for pubs, is recovering as pubs reopen. The industry is investing in data to understand trading as restrictions ease, it said. The Smart Connections unit is gaining from more contactless payments and remote connections to retail assets, resulting in new contracts and growth opportunities, it said.

"Thanks to our proactive approach and investment in growth during the pandemic, the group's performance in the first three months of the financial year has been very encouraging, with profits higher than anticipated with both divisions expected to return to more normal trading during H2 2022," Chairman James Dickson said in a statement for the company's annual general meeting. "We look to the future positively and with an increased level of confidence."

Vianet shares rose 4.3% to 108.5p at 09:39 BST.