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VMK
VMK
VMK - Verimark Holdings Limited - Trading Statement
VERIMARK HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/006957/06)
JSE code: VMK & ISIN: ZAE000068011
("the company")
TRADING STATEMENT
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, companies are required to inform shareholders as soon as there is a
reasonable degree of certainty that the earnings of the company are likely to
vary by more than 20% compared to the previous reporting period. The Board of
Directors therefore wishes to advise shareholders that the Headline Loss per
share attributable to ordinary shareholders will be between 3,1 cents and 3,6
cents per share compared to a Headline Earnings per share of 4.1 cents for the
previous comparable period. The Board has become aware of a potential impairment
of Goodwill which would impact basic earnings per share attributable to ordinary
shareholders and due to the uncertainty regarding this impairment, the matter is
being assessed and a further update will be issued in due course.
The period under review saw the company reacquire a number of franchise stores.
The benefits of dealing directly with the public, which include improved
turnover and margins, were counterbalanced by a corresponding increase in costs
associated with the daily operations of these stores and necessary accounting
costs as a consequence of the transfer of ownership.
Turnover for the year was only marginally lower than the previous year as the
rate of new product introductions continued and in-store space reconfiguration
with some retailers improved. The Company`s overall margins improved during the
period and the favourable forward exchange contracts in place assisted in
reducing the negative impact of the Rands` depreciation during the period.
Whilst every effort continues to be made to reverse the companies` financial
performance, the effects of the depreciation of the Rand, combined with the
bedding down of senior management changes and a difficult economic climate,
continues to impact the timing of the turnaround which is already taking longer
than originally anticipated.
The forecast information included in this trading statement has not been
reviewed or reported on by Verimark`s external auditors.
The Group results for the year ended 28 February 2009 will be released on SENS
on or about 30 April 2009.
Randburg
23 April 2009
SPONSOR
PSG Capital (Proprietary) Limited
Date: 23/04/2009 17:21:01 Produced by the JSE SENS Department.
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