BOSSES at a data monitoring company say “there is a lot in the market to go at” as an increasingly greater emphasis on technology opens up new opportunities.

Vianet is targeting further growth and has refused to rule out acquiring rivals after progress across its traditional pub and vending sectors paved the way for expansion.

The business, based in Stockton, provides apparatus that gives companies greater insight into machines and their need for maintenance, and has a long-term agreement with premium coffee firm Jacobs Douwe Egberts.

It is also known for iDraught, which seeks to slash pub waste by providing landlords with precise alcohol readings.

However, Stewart Darling, chief executive, said Vianet’s ongoing focus on the Internet of Things, which connects devices in everyday objects by allowing data to be sent and received, will give the business further impetus.

Highlighting how it is already harnessing the rising clamour for contactless payments, revealing a move into soft drink vending telemetry, Mr Darling said the business was well-equipped to push into new sectors.

Although reluctant to confirm where its intentions lie, for fear of tipping off rivals, he said the company wouldn’t be resting on its laurels.

Mr Darling told The Northern Echo: “This demonstrates the evolution of the business and shows where we have come from and what we have now.

“Organically there is a lot in the market to go at and inorganically there are some good opportunities out there.

“We have got a technology we can employ across different markets.

“It is difficult to say (areas we are targeting) but we have done a lot of work in identifying where we think we could be successful.”

Mr Darling was speaking yesterday as Vianet unveiled its annual financial results for the year to March 31, which showed group operating profit was up 9.9 per cent on a year ago to £3.32m.

Pre-tax profit was 5.7 per cent higher at £2.41m and turnover steady at £14.26m, with Mr Darling hailing the impact of the business’ two divisions.

Those operations are now known as Smart Machines and Smart Zones after bosses instigated a re-branding to reflect the business’ technology and the Internet of Things platform.

Capable of allowing operators to stay up-to-date with the performance of equipment, such as vending machines, Smart Machines is complemented by Smart Zones, which is spearheaded by the iDraught system that scrutinises beer volume and flow in an attempt to cut waste.

However, Vianet says the latter division, which has renewed a six-year deal with pub retailer and brewer Greene King, has the potential to expand into areas such as gathering data for gaming machines and electronic sales systems.

According to its results, Smart Machines’ adjusted operating profit was up 19.1 per cent to £890,000 in the year, with equivalent earnings in Smart Zones rising 5.5 per cent to £4.82m.

Reacting to the figures, James Dickson, chairman, reiterated Mr Darling’s positivity, saying the company stands well placed to grow.

He added: “Encouraging progress has been made across our business, which has benefited from the focus on exploiting growth opportunities in both Smart Machines and Smart Zones.

“The group’s financial resources are underpinned by high levels of recurring income and, when combined with our strong cash flow and balance sheet, gives scope for investment in expansion and for selective acquisitions.”