VMK
VMK
VMK - Verimark Holdings Limited - Trading update
VERIMARK HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/006957/06)
JSE Code: VMK ISIN: ZAE000068011
("the Company")
TRADING UPDATE
In accordance with paragraph 3.4(b) 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 headline
earnings per share and basic earnings per share attributable to ordinary
shareholders for the year ended 28 February 2010 are expected to be at least
9.3 cents and 9.2 cents, respectively, compared to a headline loss per share
and a basic loss per share of 3.4 cents and 3.3 cents, respectively, for the
previous comparable period.
The improvement in the Company`s profitability is due to better than expected
sales, which for the last half of the financial year increased by
approximately 47%, when compared to the same period last year. This increase
came about mainly in the last few months of the period under review. The
improved sales performance was due to the further introduction of new products
and improved space utilisation. In addition, focused cost control further
added to the profitability.
The uncertainties around the ability of the new management team to effect the
turnaround is now something of the past given the improved trading results
over the last few months. The Company remains cautiously optimistic that the
long awaited turnaround is firmly on track.
The information in this trading update has not been reviewed or reported on by
the Company`s auditors.
An updated trading statement will be released once the Company is able to
quantify, with reasonable certainty, the expected range of the profit
improvement.
Randburg
25 February 2010
Sponsor: Grindrod Bank Limited
Date: 25/02/2010 07:05:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
