LONDON, July 7, 2026, 17:02 BST
- Vianet shares finished 3.03% higher at 68p. The company reported its first-quarter recurring revenue was up 5.8%, beating the 3.1% rise in total revenue.
- Shareholders signed off on the 2p final dividend at the AGM, putting the cash payout at around £0.57 million. That’s about 81% of the group’s net cash as of June 30.
- 158,962 shares traded, roughly 7.4x Google Finance’s average. Shares remain around 30% off the 52-week high.
Vianet Group plc shares edged higher Tuesday, outperforming a soft AIM market after an AGM update focused attention on recurring revenue. The stock closed at 68p, a gain of 2p or 3.03%, after the London market closed. LSE regular hours for July 7 ran 0800-1630 BST.
Vianet outperformed the small-cap sector. The FTSE AIM All-Share dropped 1.14% according to Barclays, but Vianet was quoted at 66p to 70p heading into the close.
Chairman James Dickson told the AGM that first-quarter trading was ahead of what management had expected. Group revenue was up 3.1% from last year, but recurring revenue climbed 5.8% and made up roughly 88% of turnover. Recurring revenue grew nearly twice as fast as total revenue for the quarter.
| Market read | Latest data | Comparison |
|---|---|---|
| Vianet shares | 68p, up 3.03% | FTSE AIM All-Share off 1.14% |
| Volume today | 158,962 shares | Roughly 7.4 times normal |
| Range today | 66p to 71p | 7.6% swing on the day |
| Market cap | Around £19.46 mln | Net cash is about 3.6% of cap |
Sources: Google Finance, Barclays, Investing.com and market calculations.
The dividend outlay is the figure to watch. All AGM resolutions passed, including a 2p final dividend, with 100% voting in favor. With 28,425,164 shares outstanding, the dividend costs about £0.57 million. That’s sizable against Vianet’s £0.7 million net cash as of June 30.
| Capital return item | Amount |
|---|---|
| Shares outstanding as of July 6 | 28,425,164 |
| Final payout | 2.0p/share |
| Expected cash out for final payout | £0.57 mln |
| Net cash position at June 30 | £0.7 mln |
| Final payout as % of net cash | About 81% |
This isn’t a cash forecast, just a look at payout versus the balance sheet. Vianet lifted net cash from £0.44 million at March 31 to £0.7 million by June 30, up about 59%. In June’s results, cash conversion was 96% of EBITDA for FY26.
The operating mix is moving quicker than total sales. In FY26, revenue was up 1.5% to £15.50 million. Recurring revenue climbed 3.3% to £13.60 million and accounted for 88% of the group total. In the first quarter of FY27, recurring revenue increased 5.8%, holding at around 88% of turnover.
| Measure | FY26 | Q1 FY27 update |
|---|---|---|
| Group revenue rose 1.5% | +1.5% | +3.1% |
| Recurring revenue climbed 3.3% | +3.3% | +5.8% |
| Recurring revenue accounted for 88% | 88% | About 88% |
| Net cash stood at £0.44 mln on March 31 | £0.44 mln at March 31 | £0.7 mln at June 30 |
Vianet said it finished rolling out its Beverage Metrics inventory system to around 100 U.S. locations for a national full-service restaurant chain. Dickson called the rollout “an important milestone”. In the unattended retail segment, Vianet put in 640 cashless devices in the first quarter and landed 21 multi-year contracts. The company said about 73% of its connected estate now has cashless devices. Investegate
Vianet trades at 68p with a market cap near £19.46 million, which puts the stock at roughly 1.43x FY26 recurring revenue. That drops to about 1.38x when factoring in June net cash. For a micro-cap AIM name where most of the revenue is recurring, that’s the key valuation metric investors watch.
Cavendish analysts Michael Hill and Andrew Darley reiterated their 210p target price in a June 9 note. They said their forecasts “will serve as a floor for future growth.” For FY27, they put revenue at £15.8 million, adjusted EBITDA at £4.4 million, and adjusted EPS at 3.7p. Cavendish is Vianet’s nominated adviser and broker. The note marks the research as non-independent and says Vianet is a corporate client.
The broker target is a little more than three times Tuesday’s close at 68p, though the stock’s trading past adds some doubt. Google Finance lists a 52-week top at 97p and a low at 58p. At 68p, Vianet trades about 30% under that high.
Key dates coming up for the company are the July 31 final dividend payout and Vianet’s planned launch of its inventory platform in the UK, set for September 2026. The AGM update said the UK launch remains on schedule.
