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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
("Verimark" or "the Company")
TRADING UPDATE
In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement, as soon as
they are satisfied that a reasonable degree of certainty exists, that the
financial results for the next period to be reported on are likely to vary by
more than 20% from the previous corresponding period.
Shareholders are advised that Verimark is in the process of finalising its
unaudited results for the six months ended 31 August 2011, which are expected to
be released on or about Tuesday 11 October 2011.
Headline earnings per share and basic earnings per share for the six months
ended 31 August 2011 are expected to be between 6.4 cents and 7.8 cents,
compared to headline earnings per share and basic earnings per share of 9.8
cents, for the previous comparable period.
The decrease in earnings is a result of:
* A marginal reduction in revenue
* An increase in costs.
As previously stated, the exceptional growth recorded by Verimark in the
previous 2 years brought about huge pressure on the company`s operational
infrastructure. This resulted in some expenses increasing at a higher rate than
sales. Although progress was made on better aligning expenses with sales, some
expenses will take longer to align (e.g. the new single warehouse facility being
developed will only be available in a year`s time).
In addition new product introductions were marginally slower than anticipated
(partly because of the increased focus on addressing the challenges with the
company`s infrastructure). However a number of new products currently being
launched have tested exceptionally well and will benefit turnover growth in the
6 month period ahead.
The financial information on which this trading update is based has not been
reviewed or reported on by the Company`s auditors.
6 October 2011
Johannesburg
Sponsor
Grindrod Bank Limited
Date: 06/10/2011 14:07:01 Produced by the JSE SENS Department.
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