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 refers to the trading update dated 25 February 2010
and is now able to refine the range of the expected improvement for the year
ended 28 February 2010. The headline earnings per share and basic earnings
per share are expected to be between 10.5 cents and 12.5 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.
As stated before, 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.
The final trading results are expected to be released on or around 10 May
2010.
Randburg
19 April 2010
Sponsor: Grindrod Bank Limited
Date: 19/04/2010 07:05:01 Produced by the JSE SENS Department.
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