Business
Why the Veem (ASX:VEE) share price hit an all-time high today
The Veem Ltd (ASX: VEE) share price hit an all-time high in afternoon trade today after the company released a positive sales update.
The Veem share price climbed to a record high of 88 cents but has since retreated to 84.5 cents as it nears close of trade today.
Based in Perth, Western Australia, Veem designs and manufactures marine propulsion and stabilisation systems for global luxury motor yacht, fast ferry, commercial workboat and defence sectors.
The company’s market leading gyrostabilisers (gyros) significantly reduce the rolling motions of vessels in waves. In turn, this enables sea-time in rough conditions and also helps reduce sea-sickness.
What did Veem announce?
The company has achieved its sales target, with revenue…
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