VEE: Propelling Ahead

VEEM (ASX:VEE)  are a Perth based engineering firm specialising in marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial work boat, and defence industries. Although the company is managed as a single business segment, VEE comprises the following sales categories Propulsion and Stabilisation, Defence, and Engineering. In my view and of VEE, their competitive advantage is their continued in-house Ramp;D, allowing them to release and specialise in new and efficient technologies. With their world class gyrostabilisers (gyros) and propeller products receiving ever increasing demand both at home and internationally, this is testament to their Ramp;D abilities (more on this below). VEE are not an engineering services firm, but use their engineering prowess to design and manufacture world-class marine parts, products, and systems which they then market and sell. The last time I personally looked at VEE was in September 2023, where they had righted the ship after COVID impacted their ability to do business and profits had increased from a COVID induced low of $1.2m in FY22 to $4.1m in FY23. It is…