MELBOURNE: Veris Limited has sold Elton Consulting Pty Ltd to WSP Australia Pty Limited for $13million. The sale of Elton will result in a significant reduction in net debt and a cash injection that will significantly strengthen Veris' balance sheet allowing the company to focus on growth opportunities within its core business Veris Australia, and Aqura Technologies. Elton has contributed earnings of approximately $4.3 million to the Group since Veris acquired the business in 2018. The terms of the sale were agreed through an unconditional Share Sale Agreement with WSP Australia Pty Limited which has now settled. Veris confirms that no shareholder approval was required to complete the sale. The cash consideration will be used for retiring debt and improving the Veris balance sheet and cash position. The sale will result in more favourable terms in relation to Veris' finance facilities and associated ongoing interest savings. Veris Managing Director Adam Lamond commented.