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03-Aug-2018
(Official Notice)
At the Annual General Meeting of the shareholders of Verimark held on Thursday 2 August 2018, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes by shareholders present in person or represented by proxy.
25-May-2018
(Official Notice)
Shareholders are advised that the annual financial statements for the year ended 28 February 2018 and the integrated annual report will be distributed to shareholders, and is available on the Company?s website at www.verimark.co.za on Friday, 25 May 2018.



No change statement

The annual financial statements, on which the Company?s external auditors, KPMG expressed an unqualified audit opinion, contain no modifications to the summarised audited consolidated financial statements published on SENS on Tuesday 22 May 2018.



The audited annual financial statements and the auditor?s report thereon are available for inspection at the Company?s registered office



Notice of annual general meeting

Notice is hereby given that the annual general meeting of the Company will be held at Verimark, in the Boardroom, 50 Clairwood Avenue, Hoogland Ext 55, Randburg on Thursday 2 August 2018 at 10h00 to transact business as stated in the Notice of the Annual General Meeting.



Salient dates

The record date in terms of section 59(1) (b) of the Companies Act for shareholders to participate in, attend and vote at the annual general meeting is set as at the close of business on Friday 27 July 2018 (?voting record date?).



Accordingly, the last date to trade in the Company?s shares on the JSE Ltd. in order to be recorded in the share register on the voting record date is Tuesday 24 July 2018.
22-May-2018
(C)
15-May-2018
(Official Notice)
Shareholders are referred to the announcement released on Tuesday 8 May 2018 notifying that Ms Noluthando Gosa and Ms Mahlatse Kabi were appointed as Independent Non-Executive Directors with effect from Monday 7 May 2018. In accordance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, the Board of Directors of Verimark is pleased to announce that Ms Noluthando Gosa has been appointed as Independent Non-Executive Chairman of the Verimark Board with effect from Friday 18 May 2018.



08-May-2018
(Official Notice)
The board of directors of Verimark (?board?) is pleased to announce that Ms Noluthando Primrose Gosa and Ms Mahlatse Kabi have been appointed as Independent Non-Executive Directors and members of the Audit Committee with effect from Monday 7 May 2018.
12-Apr-2018
(Official Notice)
Despite a challenging retail environment as a result of economic instability due to cabinet reshuffles, downgrade to ?junk status? from credit agencies and a declining Gross Domestic Product, the Group expects improved profits for the financial year ended 28 February 2018(?the 2018 financial year?).



The tough economic environment resulted in a volatile rand against foreign currencies. Although the rand has strengthened significantly over the last few months, the average rand dollar exchange rate only strengthened by 8.27%. This strengthening of the rand together with the introduction of a greater number of exceptional products contributed to improved sales and profits.



Review of stock levels as well as improved ranging of more products within core retailers contributed to improved sales during the festive season and the second half of the financial year. Improved stock management assisted in meeting stock requirements.



Focus on reduction and containment of costs, helped to produce favourable results. This was achieved through a renewed cost benefit analysis, managing variable costs and elimination of wasteful expenditure, which led to cost increases being contained to below sales growth levels and improved profitability.



Shareholders are advised that the board of directors of the Company is reasonably certain that, when compared to the audited results for the year ended 28 February 2017(?comparative period?):

- The Group will record a profit before taxation of between R43.0 million and R50.4 million, an increase of between 15.1% and 35.1% on the R37.3 million for the comparative period;

- headline earnings per share is expected to be in the range of 29.5 and 34.3 cents per share being an increase of between 22.8% and 42.8% compared to the 24.0 cents per share for the comparative period; and

- earnings per share is expected to be in the range of 29.5 and 34.3 cents per share being an increase of between 22.8% and 42.8% compared to the 24.0 cents per share for the comparative period.



Shareholders are advised that the Company is currently finalising its financial results for the 2018 financial year which will be released on the Stock Exchange News Service on or about 22 May 2018.
03-Apr-2018
(Official Notice)
The Board of Directors of Verimark wish to advise that notice has been received from Mr Mitesh Patel expressing his intention to resign as a Independent Non-Executive Director and Chairman of the Board of Directors of Verimark, with effect from 2 April 2018 due to time pressure and other constraints.



An announcement informing shareholders of the appointment of the new Chairman will be made as soon as possible.
28-Feb-2018
(Official Notice)
The Board of Directors of Verimark announced that Ms Simone van Straaten has been appointed Alternate Director to the Chief Executive Officer, Mr Michael van Straaten and Chief Operating Officer with effect from Thursday 1 March 2018.
30-Nov-2017
(Official Notice)
The board of directors of the Company (the ?Board?) hereby advises shareholders that Verimark has cumulatively repurchased 3 389 640 ordinary shares, representing 2.97% of the company?s issued share capital at an average purchase price of 80 cents per share, in terms of the general authority granted by shareholders at the Annual General Meeting held on Thursday 3 August 2017.



Details of the general repurchase are as follows:

*Dates of the repurchases: 24/28 November 2017

*Number of shares purchased: 3 389 640

*Lowest repurchase price per share: 79 cents per share

*Highest repurchase price per share: 80 cents per share

*Total value of shares repurchased: R 2 710 207



The shares are held as treasury shares by subsidiary companies.



The repurchases were effected through the order book operated by the JSE and done without any prior understanding or arrangement between the Company and the counter parties.



Verimark holds 10 741 599 shares as treasury shares, representing 9.4% of its issued share capital.



Following the repurchase, the extent of the general authority to repurchase shares outstanding is 685 634 ordinary shares, representing 0.4% of the total issued share capital of the Company, at the time the authority was granted.



Opinion of the Board

The Board has considered the effect of the repurchase and are of the opinion that, for a period of 12 months following the date of this

announcement:

*the Company and the group will be able, in the ordinary course of business, to repay their debts;

*the assets of the Company and the group will be in excess of the liabilities of the Company and the group;

*the Company and the group?s ordinary capital and reserves will be adequate for ordinary business purposes; and

*the Company and the group will have adequate working capital for ordinary business purposes.



Source of funds

The general repurchase were funded from Verimark?s available cash resources.



Financial information

Cash balances decreased by R 2 710 207 as a result of the general repurchase. The impact on other areas of the Company?s financial information is immaterial.



12-Oct-2017
(C)
Revenue for the interim period increased to R209.7 million (2016: R184.4 million), gross profit rose to R88.6 million (2016: R80.2 million), profit for the period lowered to R1.1 million (2016: R2.3 million), while headline earnings per share fell to 1 cents per share (2016: 2.2 cents per share).



Interim dividend

No dividends were declared for the six months ended 31 August 2017. Dividend payments will be reconsidered in accordance with the existing pay-out policy on completion of the current financial year.



Company prospects

With the recent downgrade to ?Junk Status? business confidence in South Africa continues to decline, resulting in lower consumer spend, which, is affecting all consumer related retailers. This trend is expected to continue, resulting in tougher retail trading environment for the remainder of the 2017 year.



Even though the trading environment will remain difficult, Verimark is confident that the increase in number of new products tested and introduced will have a positive effect on growth moving forward. As in the past, Verimark will continue to bring the best in innovation through new product introductions. As with all importers Verimark?s growth and profitability continues to be dependent on the rand dollar exchange rate. To reduce the impact of currency risk, Verimark will continue to grow its international division which was re- activated a year ago.



Verimark has increased its inventory levels and its product mix to ensure maximum revenue growth over the festive season. In the past six months, necessary costs were incurred through higher inventory levels, increased advertising costs, store setup costs, which has positioned the company well to deliver an improved second half year performance.
10-Oct-2017
(Official Notice)
Verimark is currently finalising its results for the six months ended 31 August 2017.The first six months trading has been tough for most consumer related retailers given tough economic conditions and heightened political instability, both of which have resulted in lower consumer confidence. Notwithstanding the downturn in the South African economy, Verimark has achieved positive revenue growth. This was achieved through price decreases as well as additional advertising spend, which increased by 43.6% in comparison to the prior year.



Although Verimark achieved positive revenue growth, profits are down in comparison to the prior year?s six months trading. This is due to increased products roll out which resulted in higher advertising spend. The financial benefits of this increase in new product rollouts will be seen in coming months.



Shareholders are advised that a reasonable degree of certainty exists that earnings for the year ended 31 August 2017 will be lower than for the year ended 31 August 2016 (?comparative period?), as Verimark:

*will record a profit before taxation of between R1,9 million and R2,4 million, which is between 38% and 51%, lower than the profit before taxation of R3,9 million reported for the comparative period;

*headline earnings per share is expected to be in the range of 0,92 and 1,12 cents per share, which is between 48% and 58% lower than the headline earnings of 2,18 cents per share reported for the comparative period; and

*earnings per share is expected to be in the range of 0,93 and 1,14 cents per share, which is between 48% and 57% lower than the earnings of 2,18 cents per share reported for the comparative period.



The financial information on which this trading update has been based has not been reviewed or reported on by the Company?s external auditors. The Company`s financial results for the six months ended 31 August 2017 will be published on or about 12 October 2017.

04-Aug-2017
(Official Notice)
At the Annual General Meeting of the shareholders of Verimark held on Thursday 3 August 2017, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes by shareholders present in person or represented by proxy.
23-May-2017
(C)
03-Apr-2017
(Official Notice)
Despite a tough retail environment due to a weaker consumer demand, higher interest rates and negligible economic growth in South Africa, the Group expects improved profits for the financial year ended 28 February 2017(?the 2017 financial year?).



As a result of the ongoing depreciation of the Rand against the US Dollar (?USD?) in the prior financial year, it became necessary for Verimark to increase selling prices in mid-February 2016. Although these price increases were greater than the increases in the prior years, they still do not reflect the total depreciation of the Rand against the companies import currencies over the last five and a half years.



As in the past, the price increases impacted negatively on sales and resulted in lower than expected sales growth. The subsequent strengthening of the Rand to the USD and other currencies in the 2017 financial year resulted in improved buying power of our imports. The combination of the sales price increases and the strengthening of the Rand resulted in an increase in gross profits.



A major focus on reduction and containment of costs helped to produce favourable results. This was achieved through a renewed cost benefit analysis and elimination of wasteful expenditure. The on-going improvement resulted in cost increase being contained to below inflationary levels.



Shareholders are advised that the board of directors of the Company is reasonably certain that, when compared to the audited results for the year ended 28 February 2016(?comparative period?):

- the Company will record a profit before taxation of between R33.7 million and R41.2 million, an increase of between 157% and 214% on the R13.1 million for the comparative period;

- headline earnings per share is expected to be in the range of 22.1 and 27 cents per share being an increase of between 176% and 238% compared to the 8.0 cents for the comparative period; and

- earnings per share is expected to be in the range of 22.0 and 27.0 cents per share, an increase of between 183% and 246% compared to the 7.8 cents for the comparative period.



The Company`s financial results for the 2017 financial year are expected to be published on or about 23 May 2017.
31-Oct-2016
(Official Notice)
The board of directors of Verimark announce that Ms Amanda Tandiwe (Tandi) Nzimande has been appointed as an Independent Non-Executive Director of the board with effect from Tuesday 1 November 2016 as well as Chairman of the Social, Ethics and Transformation Committee, member of the Audit Committee, Risk Committee and the Remuneration - Nominations Committee.
12-Oct-2016
(C)
Revenue for the period increased to R184.4 million (2015: R183.5 million). Gross profit rose to R80.2 million (2015: R70.8 million), operating profit before net finance expense turned around to R3.5 million (2015: loss of R3 million), while profit for the period came in at R2.5 million (2015: loss of R3.6 million). Furthermore, headline earnings per share was 2.2 cents per share (2015: loss of 3.6 cents per share).



Dividend

The Board has considered it prudent not to declare a dividend. Dividend payments will be reconsidered in accordance with the existing pay-out policy on completion of the current financial year.



Prospects

The declining business confidence in South Africa is expected to continue beyond 2016. There are numerous negative domestic and external economic as well as political issues impacting the economy, leading in part to continued weakness in the Rand. There remains a real danger that South Africa?s economy could enter a recession, which is extremely concerning considering this may well precede an economic downgrade.



Verimark will continue to place emphasis on increasing the pace of new products introduced; normalising margins that were eroded due to the weakening of the Rand; maximising operational efficiencies; as well as ongoing cost containment in the 6 months ahead. Given the economic challenges and the uncertainty around the Rand exchange rate, Verimark is exploring a number of diversification strategies locally, as well as internationally. In addition Verimark is also testing the sourcing of locally produced products.



The group remains? confident that the resilience of its business model and the overall talent of its people will bode well for the future.
06-Oct-2016
(Official Notice)
Notification is hereby given that Dr James Motlatsi has retired as independent non-executive chairman of the board with effect from Thursday 6 October 2016. The board expressed their gratitude for Dr Motlatsi?s valuable contribution during his tenure as chairman of the board.



The board announces that Mr Mitesh Patel has been appointed as independent non-executive chairman of the board with effect from Thursday 6 October 2016.
23-Sep-2016
(Official Notice)
Verimark is currently finalising its results for the six months ended 31 August 2016.



Despite a tough retail environment due to a weaker consumer demand, higher interest rates and negligible economic growth in South Africa, the Verimark group expects improved profits for the first half of 2016.



As a result of the ongoing depreciation of the Rand against the US Dollar, it became necessary for Verimark to increase selling prices in mid-February 2016. These price increases were greater than the prior year?s increase, in February, which impacted on sales but resulted in improved gross profit margins.



In terms of the JSE Listings Requirements, the board of directors of the company wishes to advise shareholders that it is reasonably certain that, when compared with the published results for the period ended 31 August 2015 (?comparative period?), Verimark:

*will record a profit before taxation of between R3.4 million and R4.1 million, an increase of between 170% and 185%, as compared to the loss before taxation of R4.8 million for the comparative period;

*headline profit per share is expected to be in the range of 1.9 and 2.4 cents per share, an increase of between 153% and 167% compared to the headline loss of 3.6 cents per share for the comparative period; and

*profit per share is expected to be in the range of 1.9 and 2.4 cents per share, an increase of between 151% and 165% compared to loss per share of 3.7 cents per share for the comparative period.



The information on which this trading update has been based has not been reviewed or reported on by the company?s auditors.



The company`s financial results for the six months ended 31 August 2016 will be released on SENS on or about 13 October 2016.





10-Aug-2016
(Official Notice)
Notification is hereby given that, following Mr Shaun Beecroft?s resignation as Executive Director and Financial Director on 23 March 2016 and appointment of Mr Bryan Groome as Executive Director and Acting Financial Director with effect from 23 March 2016, the board announced the appointment of Mr Bryan Groome as the Financial Director of Verimark with effect from 8 August 2016.
05-Aug-2016
(Official Notice)
At the Annual General Meeting of the shareholders of Verimark held on Thursday 4 August 2016, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes by shareholders present in person or represented by proxy.



Retirement of board Chairman

Shareholders are hereby advised that the Chairman has informed the board of his intention to retire at the last Board Meeting of the year, being Thursday 13 October 2016. The Nominations Committee will be commencing the process of finding a replacement and will advise shareholders accordingly.
27-May-2016
(Official Notice)
Shareholders are advised that the abridged annual report including the summarised audited consolidated financial statements for the year ended 29 February 2016 and the notice of Annual General Meeting have been posted to shareholders today, Friday 27 May 2016, and will be available on www.verimark.co.za, as well as for inspection at the company?s registered office.



There are no modifications to the summarised audited consolidated financial statements for the year ended 29 February 2016, the dividend announcement and the notice of Annual General Meeting that were in the announcement released on SENS on Monday, 23 May 2016.



The audited consolidated financial statements on which the auditors, KPMG Incorporated have expressed an unqualified audit opinion and a copy of the auditor?s report is available for inspection at the registered office of the company.



Shareholder are reminded of the notice given that the Annual General Meeting of shareholders will be held at 10:00 on Thursday 4 August 2016, at the Company, 50 Clairwood Avenue, Hoogland Ext 55, Randburg, South Africa to transact the business as stated in the notice of the Annual General Meeting.



Shareholders are advised that the last day to trade to be registered in the company?s register in order to be able to attend, participate and vote at the Annual General Meeting is Tuesday, 26 July 2016 and the record date remains as Friday, 29 July 2016, as was stated in the announcement released on SENS on Monday, 23 May 2016.





24-May-2016
(Media Comment)
Business Report highlighted that Verimark plans to start exhibiting in Europe in an effort to boost sales as well as increase profitability. The company planned to start with exhibitions in four weeks. Chief executive Michael van Straaten said Verimark had received calls from distributors in Europe wanting its products. Exhibiting in those markets was an opportunity for the company to re-establish itself internationally. Van Straaten added that the company would place emphasis on increasing the pace of new products introduced, normalise margins that were eroded due to weakening rand, and maximise operational efficiencies, as well cost containment in the year ahead.
23-May-2016
(C)
Revenue for the year increased to R430.8 million (2015: R415.4 million). Gross profit rose to R172.9 million (2015: R168.9 million), operating profit before net finance expense lowered to R17.8 million (2015: R18.1 million), while profit for the year was R9.3 million (2015: R12 million). Furthermore, headline earnings per share came in at 8 cents per share (2015: 10.4 cents per share).



Dividend

The Board of Directors announced that the declaration of a final dividend for the financial year ended 29 February 2016, of R4.23 million or 3.70351 cents per share (2015: R5.6 million or 5.21778 cents per share) has been approved by the Board. This is consistent with the dividend policy of 50% of profit attributable to the shareholders of the Company. This policy will be reassessed by the Board on an ongoing basis.



Prospects

The declining business confidence in South Africa is expected to continue beyond 2016. There are numerous negative domestic and external economic as well as political issues impacting the economy, leading in part to continued weakness in the Rand. There remains a real danger that South Africa?s economy could enter a recession, which is an extremely concerning factor considering this may well precede an economic downgrade.



Verimark will continue to place emphasis on increasing the pace of new products introduced; normalizing margins that were eroded due to the weakening of the Rand; maximising operational efficiencies; as well as cost containment in the year ahead. Given the economic challenges and the uncertainty around the Rand exchange rate, Verimark is exploring a number of diversification strategies locally, as well as internationally.



The group remains confident that the resilience of its business model and the overall talent of its people will bode well for the future.
03-May-2016
(Official Notice)
The macroeconomic environment in South Africa remained challenging, given the continued slowdown in local spending, the disruptions caused by erratic power supply and slow disposable income growth. The continued depreciation of the Rand, at a much higher rate than the prior year, impacted negatively on the group?s financial results. In addition to the increase in cost of goods, this has resulted in a foreign currency loss of R3 789 599 compared to a prior year gain of R430 022.



Headline earnings per share and earnings per share for the year ended 29 February 2016 are expected to be in the range of 7,16 and 8,75 cents per share for headline earnings and 7,06 and 8,63 for earnings per share. This is a decrease of between 31.17% and 15.87% compared to the headline earnings per share of 10,4 cents per share and a decrease of between 32.11% and 17.02% compared to the earnings per share of 10,4 cents per share respectively, as reported on in the previous corresponding period.



The information on which this trading update has been based has not been reviewed or reported on by the group?s auditors.



The group?s financial results for the year ended 29 February 2016 will be released on SENS on or about 23 May 2016.



23-Mar-2016
(Official Notice)
Following Mr Shaun Beecroft?s resignation as Executive Director and Financial Director on 23 March 2016, the Board of Directors (?Board?) have appointed Mr Bryan Groome as Executive Director and Acting Financial Director with effect from 23 March 2016.
25-Feb-2016
(Official Notice)
Notification is hereby given that Mr Shaun Beecroft has resigned as Financial Director with effect from 23 March 2016. A further announcement informing shareholders of the appointment of the new Financial Director will be made as soon as possible.
12-Oct-2015
(C)
Revenue from continuing operations increased slightly to R183.5 million (2014: R182.6 million). Operating loss before net finance expense and taxation narrowed to R3 million (2014: loss of R4 million), loss for the period widened slightly to R4.009 million (2014: loss of R4 million), while headline loss) per share from continuing operations was higher at 3.3cps (2014: loss of 3.1cps).



Dividend

In light of the overall trading results for the six months ended 31 August 2015 the Board has considered it prudent not to declare a dividend. Dividend payments will be reconsidered in accordance with the existing pay-out policy on completion of the current financial year.



Prospects

While the economic environment is expected to remain challenging over the next 18 months, Verimark?s continued focus and proven record of expanding its innovative product range should benefit its sales growth. Efforts to improve the Group?s performance are becoming evident with the increased rate of new product introductions, containment of supply chain and operating costs, strengthening in the cash position and focus on making the business more efficient. The Board is therefore confident that the medium- and long-term prospects of Verimark remain positive.
06-Aug-2015
(Official Notice)
At the Annual General Meeting of the shareholders of Verimark held on Thursday 6 August 2015, all the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes by shareholders present in person or represented by proxy. The total number of shares present/represented, including proxies, at the meeting was 83 671 908 which is 77.55% of the total number of shares that could vote at the meeting as at the Voting Record Date.
25-May-2015
(C)
Revenue for the year lowered to R415.4 million (2014: R427 million). Gross profit decreased to R168.9 million (2014: R172.2 million), profit for the year fell to R12 million (2014: R18.6 million), while headline earnings per share weakened to 10.4 cents per share (2014: 16.9 cents per share).



Dividend

The Board of Directors announced that a final cash dividend payable from retained earnings for the financial year ended 28 February 2015, of R5.6 million or 5.21778 cents per share (2014: R0 million or 0 cents per share) has been approved by the Board. This is consistent with the dividend policy of 50% of profit attributable to owners of the Company. This policy will be reassessed by the Board on an ongoing basis.



Prospects

Economic conditions are expected to remain challenging in the coming year and South Africa?s GDP growth is likely to remain subdued due to the infrastructure challenges faced. The South African consumer environment seems mildly positive but remains quite fragile. Verimark will continue to place emphasis on increasing the pace of new products introduced; improving margins that were eroded due to the weakening of the Rand over the last three years; maximising operational efficiencies; as well as cost containment in the year ahead.



Verimark remain fully committed to their strategy as described on pages 6 and 7 of the Annual Report, which is summarised as follows:

* Remaining a product-focused and a leading innovative business

* Assessing potential international opportunities whilst ensuring growth in the local operations and increasing overall profitability

* Recruiting the best talent to complement Verimark's existing staff

* Focus on improving the customer experience

* Ensure operational efficiencies and cost containment



Verimark remain confident that the resilience of their business model and the overall talent of their people will allow them to produce an improved trading performance going forward.
04-May-2015
(Official Notice)
As a result of the unwinding of the Verimark BEE structure, in the prior year, as noted in the announcement released on 4 March 2014, the results for the year ended 28 February 2014 included a gain in the settlement of the preference share liability of R 7 293 397. This gain was due to the fact that the preference share liability, which included accumulated interest, exceeded the value of the treasury shares that were used to settle the preference share liability. The gain was of a non-recurring nature and a similar gain would therefore not be reflected in the results for the year ended 28 February 2015. This gain, equivalent to 7.02 cents per share, was recognised in both the earnings and headline earnings per share of the company in the previous corresponding period.



Headline earnings per share and earnings per share for the year ended 28 February 2015 are both expected to be in the range of 8.5 and 10.5 cents per share, which is a decrease of between 37.8% and 49.7% compared to the headline earnings per share of 16.9 cents per shares and a decrease of between 38.2% and 50% compared to the earnings per share of 17 cents per share respectively, as reported on in the previous corresponding period.



Both headline earnings per share and earnings per share, excluding the impact of the once off gain reported in the prior year, are therefore expected to remain within the 20% range of that reported upon the previous corresponding period. The Company`s financial results for the year ended 28 February 2015 will be released on SENS on 25 May 2015.
09-Oct-2014
(C)
Revenue decreased to R183.8 million (R195.3 million). Operating loss before net finance expense plummeted to R4.7 million (profit of R3.2 million). The net attributable loss increased to R3.9 million (loss of R1.2 million). In addition, the headline loss per share increased to 3.7cps (loss of 1.2cps).



Prospects

Although the financial performance reported for the first six months was worse than expected, management believes that the corrective actions taken should result in an improved performance in the future.



An increased number of successfully tested new products are to be launched ahead of the 2014 peak season and are anticipated to contribute to an improved revenue performance.



Despite the tough environment, Verimark has been through worse periods in its thirty seven year history and remains committed to further entrench its position as the leading innovator, improving operational efficiencies, increasing product development and management capability and expanding internationally.



The Board is confident that the medium- and long-term prospects of Verimark remain positive.
03-Oct-2014
(Official Notice)
The first half of the year has been characterised by a tough retail environment due to a weaker consumer demand, higher interest rates and negligible economic growth in South Africa.



As a result of the ongoing depreciation of the Rand against the US Dollar, it became necessary for Verimark to increase selling prices in mid-February 2014, the second time since June 2013. Never before, has Verimark, had two price increases within twelve months. These price increases were the main reason for the negative impact on the group's sales volumes, revenue and profitability in the six months ended 31 August 2014. Despite strict cost control measures, cost containment was unable to offset the reduction in gross profit generated.



Shareholders are advised that it is anticipated that the Group will record a loss before taxation for the six months ended 31 August 2014, of between R4.7 million and R5 million, an increase of between 292% and 317%, compared to the loss before taxation of R1.2 million reported on in the previous corresponding period.

Headline loss per share for the six months ended 31 August 2014 is expected to be in the range of 3.5 and 4 cents, an increase of between 192% and 233% compared to the headline loss per share of 1.2 cents, as reported on in the previous corresponding period. Loss per share for the six months ended 31 August 2014 is expected to be in the range of 3.5 and 4 cents, an increase of between 218% and 264% compared to loss per share of 1.1 cents, as reported on in the previous corresponding period.



Funding

The anticipated loss together with higher inventories on hand has resulted in negative cash generation for the six months ended 31 August 2014. Management is confident that the inventory levels will return back to their normal operating levels during the second half of the year. The company remains favourably geared and adequately funded to continue on Verimark's growth path.



Prospects

Management's focus on mitigating the impact of the Rand devaluation, its continued strive towards improvement in the operating margins and the focus on the operating efficiencies are expected to result in earnings improvements in the future. The Board is confident that the medium- and long-term prospects of Verimark remain positive.



The company's financial results for the six months ended 31 August 2014 will be released on SENS on 9 October 2014.
07-Aug-2014
(Official Notice)
The board of directors of Verimark (the board) advises that, at the Annual General Meeting of shareholders held at the registered offices of the Company, all the resolutions as set out in the notice of Annual General Meeting contained in the Company's 2014 Integrated Annual Report, were duly passed by the requisite majority of shareholders present and voting, in person or by proxy.
27-May-2014
(C)
08-May-2014
(Official Notice)
As a result of the unwinding of the Verimark BEE structure as noted in the announcement released on 4 March 2014, the results for the year ended 28 February 2014 will include a gain in the settlement of the preference share liability of R 7 293 397. This gain is due to the fact that the preference share liability, which included accumulated interest, exceeded the value of the treasury shares that were used to settle the preference share liability. In accordance with IFRS, this gain equivalent to 7.02 cents per share, is recognised in both the earnings and headline earnings per share of the company. However, shareholders should note that the gain is of a non-recurring nature.



As a result of the above, headline earnings per share and earnings per share for the year ended 28 February 2014 are both expected to be in the range of 16 and 17.5 cents per share compared to the headline earnings per share and earnings per share of 8.4 cents per share and 8.5 cents per share respectively, as reported on in the previous corresponding period. The Company's financial results for the year ended 28 February 2014 will be released on SENS on 27 May 2014.
04-Mar-2014
(Official Notice)
In terms of Verimark's existing BEE structure as approved by Shareholders in November 2005 ("BEE Structure"), Verimark's strategic partners, being Teba Development and a share ownership trust established for the employees of Verimark (Verimark Employees Empowerment Trust) subscribed for 11 500 000 Shares. At the time of issue, the Current BEE Shares represented 10,1% of the Company's issued Shares. The BEE Structure was funded by the van Straaten Family Trust through the issue of redeemable preference shares, and was to be settled by future dividends to be paid by Verimark.



As the subsequent dividend payments did not cover the outstanding amount due, the above parties have agreed to unwind the Current BEE Structure.



The Current BEE Structure have been unwound by redeeming the Preference Shares for ordinary Verimark shares at the current ruling market price. The ordinary shares have been transferred to the Van Straaten Family Trust as consideration for the redemption of the preference shares.



As a result of the above, Michael van Straaten, will increase his total indirect beneficial interest, in Verimark from 60.5 million shares (52.94%) to 72 million shares (63%). There will be no dilution of existing ordinary shares in issue, nor any impact on Earnings per share as a result of this unwinding transaction.



Going forward, the company will consider its options with regards to putting in place a suitable and sustainable empowerment structure and will keep stakeholders informed should there be any updates in this regard.
10-Oct-2013
(C)
Revenue increased to R195.3 million (R194.6 million). Operating profit before net finance expense rose to R3.2 billion (loss of R5.1 billion). The net attributable loss narrowed to R1.2 billion (loss of R5.3 billion). In addition, the headline loss per share was also smaller at 1.2cps (loss of 5.2cps).



Outlook

Verimark is committed to further entrench its position as the leading innovator, improving operational efficiencies, increasing product development - management capability and expanding internationally. To mitigate the impact of a volatile currency, selling prices will regularly be adjusted to ensure gross margins are better aligned with the continuous increase in product costs over the previous two years. The focus on the operating efficiency and business performance initiatives remain priority and are expected to continue to bear fruit in the future. Based on the actions noted above, the Board is confident that the medium- and long-term prospects of Verimark remain positive.
02-Oct-2013
(Official Notice)
01-Aug-2013
(Official Notice)
Verimark advised that the board of directors have appointed Premium Corporate Consulting Services (Pty) Ltd. as Company Secretary with effect from 1 August 2013.
01-Aug-2013
(Official Notice)
The board of directors advised that, at the Annual General Meeting of shareholders held at the registered offices of the company on 1 August 2013, all the ordinary and special resolutions as set out in the notice of Annual General Meeting contained in the company's 2013 Integrated Annual Report were duly passed by the requisite majority votes.
18-Jul-2013
(Official Notice)
Verimark advised that Mr Siegfried Preller has resigned as Company Secretary to Verimark with effect from 27 July 2013



An announcement will be made once the board of directors has appointed a suitable candidate to serve as Company Secretary.
30-May-2013
(Media Comment)
Business Report noted that Verimark planned to restart its international retailing business. CE Mike Van Straaten commented that Africa would also be included in its international expansion plans. Van Straaten added that its operation in Singapore is being used as a case study for other foreign markets the company might want to enter.
27-May-2013
(Official Notice)
Revenue for the year increased to R454.1 million (2012: R451.2 million). Gross profit fell to R165.2 million (2012: R188.8 million), while total comprehensive income for the year attributable to owners of the company plummeted to R8.9 million (2012: R26.8 million). Furthermore, headline earnings per share dropped to 8.4csp (2012: 25.8cps).



Dividend

In light of the overall trading results for the year ended 28 February 2013, the board has considered it prudent not to declare a dividend.



Prospects

All indications show that consumer spending is unlikely to show significant growth during the year ahead. Given Verimark's "different-to-typical-retailers" business model, the company will be less impacted by macro-economic trends and far more by their ability to innovate and be creative.
14-Mar-2013
(Official Notice)
12-Nov-2012
(C)
Revenue for the period fell to R194.6 million (R196.2 million) whilst operating loss was R5.1 million (profit of R15.6 million). Total comprehensive loss attributable to equity holders was R5.3 million (attributable profit of R7.4 million). Furthermore, headline loss per share was 5.2cps (headline earnings per share of 7.0cps).



Dividend

In light of the overall trading results for the six months ended 31 August 2012 the Board has considered it prudent not to declare a dividend. Dividend payments will be reconsidered in accordance with the existing payout policy on completion of the current financial year.



Prospects

Although the financial performance reported for the first six months was worse than expected, management believes that the corrective actions taken should result in an improved performance in the next six months.



The unexpected delay in the completion of our new, double the size Head Office and Warehouse, will continue to impact negatively on efficiencies and costs until January 2013 when occupation is now expected.



An increased number of successfully tested new products are to be launched in the current six months.



Notwithstanding the challenges experienced over the recent period, the medium and long term prospects of the group remain positive
05-Oct-2012
(Official Notice)
Shareholders were advised that, at the annual general meeting, all the resolutions as set out in the notice of the annual general meeting were passed. The Memorandum of Incorporation will be submitted for registration at the Companies and Intellectual Property Commission in due course.
11-Sep-2012
(Official Notice)
Shareholders were referred to the notice of Annual General Meeting included in the Integrated Annual Report mailed to them by the company on 31 August 2012 and were advised that the notice erroneously states that the record date to participate in and vote at the Annual General Meeting is 'Friday, 20 September 2012'. This should read 'Friday, 21 September 2012'.
31-Aug-2012
(Official Notice)
Shareholders were advised that the company's integrated annual report incorporating its annual financial statements for the year ended 29 February 2012, have been posted to shareholders on 31 August 2012 and are available on the company's website and are unchanged from the audited results which were published on SENS on 28 May 2012.



Notice is given that the annual general meeting of the company will be held in the boardroom at the offices of Verimark, 67 CR Swart Drive, Cnr Freda Road, Bromhof Extension 48, Randburg, on Thursday 4 October 2012 at 14h00, to transact business as stated in the notice of the annual general meeting. The notice of annual general meeting forms part of the integrated annual report.
03-Aug-2012
(Official Notice)
29-May-2012
(Official Notice)
The board of Verimark announced that Mr Mitesh Patel has been appointed as an Independent Non-Executive Director of the board with effect from Monday 28 May 2012. He has further been appointed as Chairman of the Social, Ethics and Transformation Committee and his election as a member of the Audit and Risk Committee will further be proposed at the forthcoming Annual General Meeting.
28-May-2012
(C)
Revenue for the year fell to R451.2 million (2011: R461.7 million). Gross profit decreased to R188.8 million (2011: R200.1 million), operating profit before finance income and finance expense lowered to R49 million (2011: R57.7 million), while total comprehensive income attributable to owners of the company weakened to R26.8 million (2011: R33.5 million). Furthermore, headline earnings per share dropped to 25.8cps (2011: 31.5cps).



Final dividend

In line with the dividend policy of 50% of profit attributable to owners of the company, the board of directors announced, on 30 March 2012, a final dividend, based on the preliminary unaudited results for the financial year ended 29 February 2012, of 13.5cps (2011: 15cps).



Prospects

The sales trends experienced towards the end of the previous financial year have continued into the current year. This, and the new product introductions since the year end, have allowed for positive growth to be recorded in the first two months of the current financial year. The anticipated improvement in sales and the realization of better operational efficiencies and cost controls augur well for sustainable earnings growth.
30-Mar-2012
(Official Notice)
Verimark's policy is to pay up to 50% of attributable earnings as an ordinary dividend. The board of Verimark is pleased to announce that they have declared a final dividend in the amount of 13.5 cents per ordinary share (2011:15 cents) in respect of the financial year ended 29 February 2012 ("2012 financial year"). The dividend has been determined based on an estimated consolidated profit before taxation of R42.3 million as per the unaudited consolidated management accounts of the company for the 2012 financial year, which have not been reviewed or reported on by the auditors of the company. The earnings of the company have not been finalised and are subject to the conclusion of the year-end audit. The results for the financial year ended 29 February 2012 are expected to be released on or about 28 May 2012.



The following are the salient dates for the payment of the final dividend:

*Last day to trade cum-dividend -- Friday, 8 June 2012

*Trading ex-dividend commences -- Monday, 11 June 2012

*Record date -- Friday, 15 June 2012

*Payment date -- Monday, 18 June 2012



Share certificates may not be dematerialised or rematerialised between Monday, 11 June 2012 and Friday, 15 June 2012, both days included. With effect from 1 April 2012, Secondary Tax on Companies (STC) will be replaced with a dividend tax. Although the dividend for the period under review is payable after 1 April 2012 it does not fall into the dividend tax regime due to the fact that it was declared prior to this date.
28-Nov-2011
(Official Notice)
Verimark announced that Mr Shaun Beecroft has been appointed as FD with effect from 6 December 2011 in place of Siegfried Preller who assumed the role of interim FD on 23 March 2011. Siegfried will resign as interim FD on 6 December 2011 but will continue to act as the company secretary of Verimark.
11-Oct-2011
(C)
Revenues were down 2.2% to R196.2 million (R200.7 million). Operating profit decreased to R15.6 million (R21.2 million). Net profit for the period decreased to R7.4 million (R10.5 million). In addition, headline EPS dropped to 7cps (9.8cps).



Outlook

Given the phenomenal growth recorded by Verimark over the previous two years, it was not unexpected that the business would experience a period of consolidation. Although the slowdown in sales for the first six months was sharper than expected, the number of new products successfully tested and to be launched over the next six months (which includes the Christmas trading period) should reactivate Verimark's turnover growth. Verimark is also expecting an increase in the number of exciting new products undergoing testing during this period.



In addition, continued focus will be placed on resolving the challenges relating to Verimark's operational infrastructure and the impact thereof on cost control. The group's prospects for the future remain positive and it is expected that growth in revenue and profits will continue given Verimark's growth record over the last 34 years.
06-Oct-2011
(Official Notice)
Verimark's board of directors advises that, at the annual general meeting of shareholders held today, all the ordinary and special resolutions as set out in the notice of annual general meeting contained in the company's 2011 annual financial statements, were duly passed by the requisite majority votes.
06-Oct-2011
(Official Notice)
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.
02-Aug-2011
(Official Notice)
Notice is hereby given that the annual general meeting of Verimark's shareholders will be held on Thursday, 6 October 2011 at 11:00 at Verimark, 67 CR Swart Drive, Cnr Freda Road, Bromhof Extension 48, Randburg, to transact the business as stated in the notice of the annual general meeting. The annual report was posted to shareholders on Tuesday, 2 August 2011. The annual report for the financial year ended 28 February 2011 contains no modifications to the summarised audited group financial results which were published on SENS and in the press on Monday 23 May 2011.
23-May-2011
(C)
Revenue for the year ended 28 February increased to R461.7 million (2010: R347.5 million). Gross profit rose to R200.1 million (2010: R140.7 million), operating profit grew to R57.7 million (2010: R28.3 million), while total comprehensive income attributable to owners of the company more than doubled to R33.5 million (2010: R13.6 million). Furthermore, headline earnings per share improved to 31.5cps (2010: 12.4cps).



Dividend

The board of directors announced that a final dividend for the financial year ended 28 February 2011, of 15cps (2010: 6cps) has been declared.



Prospects

It would be unrealistic to expect that the revenue growth rate over the last two years can be maintained (revenue nearly doubled over this period). While revenue growth in the last six months of the year under review was beyond expectations, growth over the first few months of the current financial year has returned to a more sustainable pattern. However, given Verimark's growth record over the last two years, some retail partners believe that Verimark is still not trading optimally in all their stores and have expressed an interest in extending the company's product range and space allocation. This, in conjunction with a number of new Verimark stores scheduled for opening in the year ahead, should assist to continue growing revenues in excess of that expected for the retail sector in general. This trend together with a greater focus on expense control, should allow for above average earnings growth in the year ahead. Any reference to future financial performance included in this announcement has not been reviewed or reported on by the group's external auditors.
09-May-2011
(Official Notice)
The headline earnings per share and basic earnings per share are expected to be between 30.0 cents and 31.7 cents respectively, compared to a headline earnings per share and a basic earnings per share of 12.4 cents and 12.4 cents, respectively, for the previous comparable period. The positive growth is due to a substantial increase in turnover and the new management team's commitment to return Verimark to its former success record. The final trading results are expected to be released on 23 May 2011.
23-Mar-2011
(Official Notice)
In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, the board of directors announce that Mr Siegfried Preller has been appointed as the interim financial director of the board of Verimark with immediate effect. Siegfried will temporarily assume the role of Financial Director, in addition to his role as the Company Secretary of the Company until such time as a suitable replacement for Mr Jeremy Thomas, who resigned as Financial Director with effect from 28 February 2011, has been appointed.
27-Jan-2011
(Official Notice)
Verimark informed shareholders that Mr Jeremy Thomas has resigned as the financial director with effect from 28 February 2011. A suitable replacement will be appointed in due course.
21 Jan 2011 12:31:24
(Official Notice)
As has been evident from the financial results reported for the last six months of the previous financial year, as well as the first six months of the current financial year, the C\company is firmly back to profitability and this improved trend has continued to date. In addition, the company made a loss for the first six months of the previous financial year, which materially depresses the base on which the growth for the current financial year is expressed. Accordingly, Verimark advised shareholders that the company expects an increase in the earnings per share ("EPS") and the headline earnings per share ("HEPS") for the year ended 28 February 2011, of more than 20% compared to the EPS and HEPS reported on in the prior comparative period. Once the company has obtained a reasonable degree of certainty on the actual range of the increase in EPS and HEPS, a further trading statement will be released.
19 Oct 2010 08:10:42
(C)
Revenue was up 56% to R200.7 million (R129 million) and operating profit amounted to R21.2 million (loss of R4.3 million). The company also returned to profitability, recording a net attributable profit of R10.5 million (loss of R11.2 million). In addition, headline EPS came in at 9.8cps (loss of 10.1cps).



Prospects

The group's prospects for the future look positive and it is expected that the growth in revenue will continue, but at a lower rate. Over the previous twelve month period, the new management team not only successfully turned the business around, but more impressively delivered growth in revenue and profitability at an exceptional level.



The increased number of new innovative product introductions, further increases in trading space and prominence and the opening of a number of new stores; all supported by television advertising and other Verimark promotional activities, should assist the company in achieving its growth projections for the current financial year.



Given the gratifying results of the last twelve months, the group is committed to and confident in its ability to not only sustain its recent performance, but to continue its success record that has been built over the last thirty three years.
14 Oct 2010 14:06:09
(Official Notice)
Verimark is pleased to announce that its headline earnings per share and basic earnings per share for the six months ended 31 August 2010 are expected to be between 8.2 cents and 10.0 cents, compared to a headline loss per share and a basic loss per share of 10.1 cents, for the previous comparable period. The complete turnaround in the Group's results is due to the continuance of the positive trend in trading and profitability reported for the final six months of the previous financial year. This excellent performance is a result of improved operational efficiencies and the re-ignition of Verimark's entrepreneurial spirit, brought about by a complete change in top management over the previous three year period. The main reasons for the significant improvement in sales and profitability are:



*the continued introduction of new innovative products

*significant investment in television, print advertising and other promotional activities

*the continued improvement in prominence and space utilisation within our retail partners stores

*the growth in the company's own Verimark Direct stores

*cost and margin control



The unaudited interim results for the six months ended 31 August 2010 will be released on or about Tuesday 19 October 2010. The financial information on which this trading update is based has not been reviewed or reported on by the company's auditors.
20 Sep 2010 08:56:31
(Media Comment)
According to Business Report, Specialist retailer Verimark was outperforming current retail trends in terms of sales growth, the company's chief executive, Mike van Straaten, said at the weekend. "We are outperforming the retail norm at the moment. Retail sales are growing at about 7 percent, while our sales were boosted by 47 percent in the last financial period. I can tell you with certainty that the turnaround we have seen since last year is continuing, albeit from a low base," he said. According to Straaten, the group, which appeared to be on its last legs a year ago, is the fourth-biggest retailer in terms of advertising on national television, which is one of the firm's growth strategies. He attributes most of the improvements in its fortunes to the "17 changes in management" he made last year.
13 Sep 2010 07:53:47
(Official Notice)
Shareholders are hereby advised that the company is reasonably certain that its unaudited results for the 6 months ended 31 August 2010, will reflect positive earnings per share ("EPS") and headline earnings per share ("HEPS"), compared to the losses of the previous corresponding period. The improvement in the company's results is a continuance of the positive trend in trading and profitability reported for the final 6 months of the last financial year. At this stage, the company is unable to quantify, with reasonable certainty, the expected range of the improved EPS and HEPS for the 6 months ended 31 August 2010 and a further trading statement will be released by the company once it is able to qualify the expected range of EPS and HEPS. The information in this trading update has not been reviewed or reported on by the company's auditors.
08 Jul 2010 14:02:36
(Official Notice)
The board of Verimark advises that, at the annual general meeting of shareholders held on 8 July 2010, all the resolutions as set out in the notice of annual general meeting contained in the company's annual report for the year ended 28 February 2010, were duly approved by the requisite majority of Verimark shareholders. The relevant special resolution will be submitted to the Companies and Intellectual Property Registration Office ("CIPRO") for registration.



At the general meeting, following the annual general meeting on 8 July 2010, the requisite majority of shareholders approved all the resolutions as set out in the notice of general meeting contained in the circular to shareholders dated 14 June 2010. The relevant special resolutions will be lodged for registration with CIPRO.

08 Jun 2010 16:30:31
(Official Notice)
31 May 2010 10:55:30
(Official Notice)
Shareholders are hereby advised that Verimark has posted its audited annual financial statements for the financial year ended 28 February 2010 to shareholders today, 31 May 2010. The company is not publishing an abridged report at this date because the audited financial information published on 10 May 2010 is unchanged. Notice is hereby given that the Annual General Meeting of Verimark will be held at 11:00 on Thursday, 8 July 2010 at the offices of the company, 67 CR Swart Drive, Cnr Freda Road, Bromhof Extension 48, Randburg, South Africa, 2194, to transact the business as set out in the notice of annual general meeting circulated together with the annual financial statements.

10 May 2010 08:55:39
(C)
Revenue increased from R252.5 million to R347.5 million in 2010.Gross profit increased to R140.7 million (2009:R86.6 million) and operating profit increased to R28.3 million (Loss:R2.8 million). Profit attributable to ordinary shareholders increased to R13.6 million (Loss:R3.7 million). Headline earnings on a per share basis increased to 12.40cps (Loss:3.40cps).



Dividends per share

A final dividend of 6cps was declared for the period under review.



Prospects

The group has successfully turned around the business and the board looks forward to an exciting future. The increased level of sales over the last few months of the financial year has continued into the new financial year. The impressive growth in retail has ensured that additional space has been committed to Verimark and further improved trading is expected. This, together with the expansion plans of the Verimark Direct store concept bodes well for the future growth of the business.



The difficult phase experienced after the public listing appears to be a thing of the past. Verimark remains an entrepreneurial business built on successfully overcoming many challenges in its 33 year history. Verimark is cautiously optimistic that it is ready to continue its success into the future.
25 Feb 2010 07:48:21
(Official Notice)
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.
01 Feb 2010 08:50:12
(Official Notice)
Shareholders are hereby advised that Verimark has appointed Grindrod Bank Ltd as sponsor to the company with immediate effect.
09 Nov 2009 07:41:19
(C)
Revenue increased to R129 million (R106.8 million). The operating loss widened to R4.3 million (loss of R2.9 million). The net attributable loss worsened to R11.2 million (loss of R5.7 million). In addition, the headline loss almost doubled to 10.1cps (loss of 5.2cps).



Prospects

The continued focus on the turnaround strategy has resulted in higher sales, improved gross margins and better cost control during the period and it is anticipated that these efforts will gather further momentum during the second half of the financial year. The rate of new product introductions remains high and increased retail space and prominence has been achieved. The board expects that these factors coupled with the re-energised sales and marketing strategy will continue to positively impact on the overall profitability of the business.
29 Oct 2009 11:48:01
(Official Notice)
The board of directors advises shareholders that both the headline loss per share and the basic headline loss per share attributable to ordinary shareholders for the six months ended 31 August 2009 is expected to be between 9.1 cps and 11.1 cps compared to a headline loss per share and a basic headline loss per share of 5.2 cps for the previous comparable period.



The reduction in earnings is predominantly due to the impact of some once off abnormal items which do not relate to the trading results. The impact of these once off items on headline loss per share are expected to result in a "normalised" headline loss per share of between 3.1 cps and 5.1 cps compared to the prior period of 5.2 cps.



The group's results for the six months ended 31 August 2009 will be released on SENS on or about 12 November 2009.
30 Sep 2009 16:36:34
(Official Notice)
The board of directors of Verimark advised that, at the AGM of shareholders held at the registered offices of the company today, all the ordinary resolutions as set out in the notice of AGM contained in the company's 2009 AFS, were duly passed by the requisite majority of shareholders present and voting, in person or by proxy.



The special resolution granting a general mandate to the directors to conduct share buy-backs at the appropriate time and within prescribed limits, was similarly adopted and is in the process of being submitted to the companies and intellectual property registration office for registration.
30 Sep 2009 14:47:39
(Official Notice)
Mr Jeremy Thomas has been appointed as the financial director of the company with effect from 1 October 2009.
31 Aug 2009 16:57:35
(Official Notice)
Shareholders are referred to the announcement released on SENS on 28 August 2009 regarding the fact that the South Gauteng High Court (Johannesburg) ("the court") has ruled against the sanctioning of the scheme of arrangement in terms of section 311 of the Companies Act ("the scheme"), as detailed in the circular issued to Verimark shareholders on 26 June 2009 and in other prior announcements released on SENS on 11 May 2009 and 26 June 2009. Shareholders are hereby advised that, pursuant to consultation with their legal advisors, the Van Straaten Family Trust and Verimark will not lodge an appeal against the court's ruling, and the scheme will therefore not be implemented. Accordingly, those certificated shareholders who have submitted their documents of title in respect of receiving the consideration payable in terms of the scheme, will have same returned to them by the transfer secretaries within five business days by registered post, at the risk of such shareholders.
31 Aug 2009 16:53:25
(Official Notice)
The annual financial statements for the year ended 28 February 2009 have been posted to shareholders, and contain no modifications to the audited results published on SENS on 30 April 2009. The annual general meeting of shareholders will be held at 11h00 on Wednesday, 30 September 2009 at the offices of the company, 67 CR Swart Drive, Cnr Freda Road, Bromhof Extension 48, Randburg.
28 Aug 2009 16:30:17
(Official Notice)
Shareholders are referred to the announcement released on SENS on 22 July 2009 regarding the fact that judgement had been reserved by the South Gauteng High Court in respect of the sanctioning of the scheme of arrangement in terms of section 311 of the Companies Act as detailed in the circular issued to Verimark shareholders on 26 June 2009 and in other prior announcements released on SENS on 11 May 2009 and 26 June 2009. Shareholders are hereby advised that the court has ruled against the sanctioning of the scheme today.
07 Aug 2009 11:34:30
(Official Notice)
Shareholders are referred to the announcement released on SENS on 22 July 2009 regarding the postponement of the court hearing in respect of the sanctioning of the scheme of arrangement, as detailed in the circular issued to Verimark shareholders on 26 June 2009 and in other prior announcements released on SENS on 11 May 2009 and 26 June 2009. Shareholders are hereby advised that judgement in this matter has been reserved by the South Gauteng High Court (Johannesburg). Further announcements in this regard will be released on SENS and published in the press in due course.
07 Aug 2009 08:24:51
(Media Comment)
Brait and the Securities Regulations Panel argued at a court hearing against sanctioning a proposed scheme by Verimark to delist from the JSE. Business Day reported that Verimark CEO Michael van Straaten was accused of illegally voting at a shareholders meeting to sanction the scheme, where he proposed that minority shareholders be bought out.
22 Jul 2009 16:09:06
(Official Notice)
The scheme of arrangement was proposed by The Van Straaten Family Trust between Verimark and the shareholders of Verimark, in terms of which VSFT will acquire all of Verimark's issued shares not already held by it, representing approximately 37% of the ordinary shares, for a cash consideration of R21 136 164, equaling 50 cps. The scheme, if implemented, will be followed by an application by the company for the termination of the listing of the shares in its issued share capital on the JSE Ltd. Details of the scheme are contained in the circular issued to Verimark shareholders on 26 June 2009. As detailed in the results announcement, the voting by VSFT and the excluded members in respect of the scheme was questioned. The Securities Regulation Panel and funds under the control of Brait South Africa Ltd have accordingly made submissions to the South Gauteng High Court to oppose the sanctioning of the scheme.



Shareholders are hereby advised that on 21 July 2009, the company and the opposing parties agreed to a postponement and as such the matter has been placed on the opposed roll for hearing on 4 August 2009 or such later date as the court may decide.Shareholders are hereby advised that on 21 July 2009, the company and the opposing parties agreed to a postponement and as such the matter has been placed on the opposed roll for hearing on 4 August 2009 or such later date as the court may decide.
21 Jul 2009 16:32:16
(Official Notice)
The board of directors of Verimark is pleased to announce that Mr Mike Warwick has been appointed as financial director of the board with immediate effect in place of Mr Siegfried Preller who temporarily assumed the role of financial director on 2 June 2009. Siegfried has resigned as director with immediate effect but will continue to act as the company secretary of Verimark. Mike is a Chartered Accountant with 10 years' post qualifying experience. Mike brings with him a number of years experience in the Fast Moving Consumer Goods and retail sectors, having worked in various senior financial roles within the industry.
17 Jul 2009 09:48:44
(Media Comment)
The head of retailer Verimark yesterday defended his decision to vote in favour of delisting the company at a shareholder meeting on Monday, saying it would help the company to focus on it's turnaround away from public scrutiny."If we have to stay listed, we will do that, but it will take us longer in this environment to turn around the business," said CEO Michael van Straaten.
15 Jul 2009 08:15:59
(Official Notice)
26 Jun 2009 07:59:12
(Official Notice)
02 Jun 2009 17:21:40
(Official Notice)
The board of directors announced that Mr Siegfried Preller had been appointed as a director of the board of Verimark with effect from 2 June 2009. Siegfried qualified as a chartered accounted in 2000, after having completed his articles at PricewaterhouseCoopers Inc. He has experience in the retail and banking industries, and joined Verimark in 2008 as financial manager. Siegfried will temporarily assume the role of financial director, in addition to his role as newly appointed company secretary of the company, as announced on SENS on 12 May 2009, until such time as a suitable replacement for Mr Daniel Reichenberg, who resigned as financial director with effect from 12 May 2009, has been appointed.
12 May 2009 17:22:48
(Official Notice)
Shareholders are advised that Mr Daniel Nathan Reichenberg has resigned as the financial director and company secretary of the group with immediate effect. In view of the proposed implementation of a scheme of arrangement and subsequent delisting of Verimark from the JSE, as announced on SENS on 11 May 2009, Daniel will continue to fulfill his current role until at least such time as the circular to shareholders in respect of the scheme has been approved by the Securities Regulation Panel and the JSE. Mr Siegfried Preller will, in addition to his present duties as financial manager, adopt the role of company secretary of the group with immediate effect.
11 May 2009 11:05:57
(Official Notice)
30 Apr 2009 17:46:14
(C)
Revenue decreased from R253 031 million to R252 511 million in 2009. Gross profit increased to R86 658 million (2008:R83 035 million) and operating profit decreased to -R2 754 million (2008:R13 538 million). Profit attributable to ordinary shareholders decreased to -R3 6 71 million (R4 474 million). Headline earnings on a per share basis decreased to -3.30cps (4.10cps).



Dividends per share

No dividend was declared for the period under review.



Prospects

Whilst every effort continues to be made to reverse the group's financial performance, the effects of the depreciation of the rand combined with the bedding down of senior management changes made over the last two years has delayed the turnaround process. Post balance sheet events No significant events have occurred in the period between the reporting date and the date of this report, but shareholders are referred to the cautionary announcement below that was released on SENS on 23 April 2009.
28 Apr 2009 13:20:25
(Official Notice)
Further to the trading statement released on 23 April 2009, the board of directors of Verimark wishes to inform shareholders that it has concluded that there is no impairment of goodwill and that basic loss per share will be between 3.1c and 3.6c per share compared to a basic earnings per share of 4.1cps attributable to ordinary shareholders for the previous comparable period. The group results for the year ended 28 February 2009 will be released on SENS on or about 30 April 2009.
23 Apr 2009 17:46:55
(Official Notice)
Shareholders are advised that the company has entered into negotiations, which, if successfully concluded, may have a material effect on the price at which the company's securities trade on the JSE Ltd. Shareholders are accordingly advised to exercise caution when dealing in the company's securities until a full announcement is made.
23 Apr 2009 17:23:50
(Official Notice)
The board of directors wishes to advise shareholders that the headline loss per share attributable to ordinary shareholders will be between 3.1c and 3.6c per share compared to a headline earnings per share of 4.1c 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.
13 Nov 2008 16:57:25
(C)
Headline loss per share and loss per share attributable to shareholders for the six months ended 31 August 2008 is 5.18cps compared to a headline profit per share and profit per share attributable to shareholders of 1.24cps for the previous comparable period. Given the lower level of profitability and ongoing recovery strategy, the board considered it prudent not to declare a dividend for the six months ended 31 August 2008.



Prospects

Despite the reduction in sales and profitability, management is pleased with the continued increased rate of new product introductions. The `lag` resulting from the limited new product introductions during the 2007 financial year is still being felt, but will decrease each year as sustained new product introductions continue. Although the `turnaround` strategy currently underway continues to take longer than initially expected, the group is positive about the progress made to date and remain confident that it will result in Verimark's ability to make a full recovery and continue its long-term success track record.
07 Nov 2008 15:14:19
(Official Notice)
03 Jul 2008 12:21:57
(Official Notice)
All the ordinary resolutions as set out in the notice of Annual General Meeting contained in the company?s 2008 Annual Financial Statements, were duly passed by the requisite majority votes. The special resolution granting a general mandate to the directors to conduct share buy-backs at the appropriate time and within prescribed limits was similarly adopted, and is in the process of being submitted to the Registrar of Companies.
26 May 2008 12:31:45
(Official Notice)
Shareholders are advised that the Annual Financial Statements for the year ended 29 February 2008 will be posted to shareholders on, Monday 26 May 2008, and contain no modifications to the audited results published on the SENS on Friday 16 May 2008. The notice of the Annual General Meeting will be posted to shareholders with the Annual Report. Notice is hereby given that the Annual General Meeting of shareholders will be held at 11:00 on Thursday 3 July 2008 at the registered offices of the company, 67 CR Swart Drive, Cnr Freda Road, Bromhof Extension 48, Randburg.
16 May 2008 14:49:43
(C)
Revenue declined to R253 million (R290.3 million) for the year to 29 February 2008. Gross profit and profit for the year attributable to ordinary shareholders declined to R83 million (R102.5 million) and R4.5 million (R13.3 million) respectively. In addition, headline earnings per share and earnings per share attributable to shareholders decreased by 64.7% from 11.6 cents to 4.1 cents.



Dividend

No dividend has been declared for the period under review.



Prospects

Whilst efforts over the last year to reverse the current performance did not show the results we anticipated, Verimark is confident that the essential management changes made will bear fruit. These and other corrective actions and strategies are underway and although it might still take longer than anticipated to show improved financial results, Verimark is committed to do this in the shortest possible time. New products sales have been satisfying and on par with expectations. This improvement will be reinforced by a number of new products that have already tested successfully and will roll out early in the new year. As earlier pointed out, another key challenge for the year ahead is to regain and improve the company's trading footprint and the board believes that the worsening in the general economic climate will open up more and better trading opportunities moving forward.
16 May 2008 09:15:49
(Media Comment)
Business Report noted that Verimark's shares lost 20% to close a 32c after it warned that earnings per share for its current financial year would be between 55% and 75% lower than the prior year's results. This is far cry from its 2005 heyday, when its shares jumped 22% to R3.05 on the company's debut on the JSE, and then climbed above R4.00 the following year. Alistair Lea, a portfolio manager at Coronation Fund Managers said that the company is being priced as if it will be out of business a year from now.
15 May 2008 11:39:57
(Official Notice)
The board of directors wish to advise shareholders that headline earnings per share and earnings per share attributable to shareholders for the year ended 29 February 2008 are expected to be between 55% and 75% lower than those reported for the previous corresponding period. The group?s results for the year ended 29 February 2008 will be released on SENS on or about 16 May 2008.
20 Jul 2006 16:40:47
(Official Notice)
Shareholders are advised that turnover for the 4 months ended 30 June 2006 is down 3% on the comparative period last year, but is expected to be in line with last year for the 6 months ending 31 August 2006. However, both headline earnings and earnings per share for the interim period are expected to be between 55% and 75% lower than that of the comparative period last year. Verimark's results for the six months ending 31 August 2006 are expected to be published on SENS on or before 31 October 2006.
30 Jun 2006 12:37:17
(Official Notice)
Mrs Erica Schubert has resigned as company secretary to Verimark with effect from Friday, 31 July 2006. Pending the appointment of a new company secretary, Mr F P Du T Britz the Financial Director of the company, will, in addition to his present duties, adopt the role of acting company secretary.
22 Jun 2006 12:23:48
(Official Notice)
Shareholders are advised that, at the annual general meeting of the company held in Johannesburg on Thursday, 22 June 2006, all the resolutions contained in the notice of the annual general meeting dated 25 May 2006 were passed by the requisite majority of shareholders.
30 May 2006 15:16:29
(Official Notice)
Shareholders are advised that the companys annual report for the financial year ended was posted to shareholders. Notice of the annual general meeting of shareholders of Verimark will be held at the offices of PSG Capital Ltd.
29 May 2006 09:17:38
(C)
Verimark posted its best trading results since inception 29 years ago. Revenue increased 15% from R281.1 million to R322.2 million, operating profit rose 25% from R45.6 million to R57.1 million and attributable income increased 33% from R29.1 million to R38.7 million. Headline earnings per share increased by 30% to 34.4 cps from 26.5 cps, and the net asset value per share more than doubled to 63.1 cps from 31.0 cps. Cash flow from operations increased by 48% to R49.9 million from R33.8 million.



Dividend

The board has approved a final dividend of 18 cps as projected in the Pre-listing Statement. This brings the total dividend for the year to 27.9 cps, representing 82% of headline earnings per share and a return of 11% on the listing price of R2.50.



Prospects

The marketing department has already identified a number of new products that will be introduced in the new year, and the company plans to enter at least one new product category. As the market leader in South Africa Verimark is in the fortunate position that, in addition to its own product developments, most new DRTV (Direct Response Television) products are offered to Verimark first, ensuring an unending supply of new products and ideas. The group is also in discussions with several existing retail partners for additional trading space and has already confirmed additional space with one such partner. Verimark is confident in its ability to outperform the market in general over the long term.
11 Jul 2005 15:38:14
(Permanent)
Verimark (Pty) Ltd reverse listed into Creditvision Holdings Ltd and was renamed Verimark Holdings Ltd from the commencement of trade on Monday, 11 July 2005.
08 Nov 2005 15:00:43
(Official Notice)
On 8 November 2005 Verimark announced that it had concluded a black economic empowerment transaction by ensuring that 10.1% of its equity passes to Teba Development, a non-profit company working directly with rural communities in South Africa. The R29 million required to buy the 11.5 million shares valued at R2.50 each involved in the transaction is being advanced to Teba Development by the Verimark MD Michael van Straaten in his personal capacity from the Van Straaten Family Trust. The current share price is R3.30, which gives Teba an effective discount R9 million. The loan to Teba Development is to be repaid out of dividends. The second leg to Verimark's black economic empowerment initiative is that within a year, 4 million of the 11.5 million Verimark shares issued to Teba Development are to be transferred to a Verimark Employees Trust so that Verimark staff members can also share in the benefits of the company's increased prosperity.
07 Nov 2005 15:11:53
(C)
Verimark listed on the JSE on 11 July 2005 through a reverse listing into CreditVision Holdings Ltd. The effective date of the transaction was 1 July 2005. The consolidated results were prepared in terms of IFRS 3 (Business Combinations). Consequently, the consolidated results for the six months ended 31 August 2005 include the trading results of CreditVision Holdings Ltd (now Verimark Holdings Limited) for the two months from 1 July 2005 to 31 August 2005, as well as the trading results of Verimark (Pty) Ltd for the entire period under review. Revenue increased by 13.22% to R137.4 million (R121.3 million) while headline earnings increased 39.33% to 14.63cps (10.50cps).



Prospects

A number of new products will be launched over the Christmas season. New distribution channels are also being tested in an effort to reach niche markets previously not covered. As a result of these efforts, continued focus on controlling operating costs and the natural growth phase Verimark is experiencing, management is confident that the attributable income projection (R38.6 million or 33.79cps) for the year ending 28 February 2006, as disclosed in the Pre-Listing Statement, should be achieved.



Dividend

In view of the effective date of the reverse listing of Verimark of 1 July 2005, and in accordance with the Pre-Listing Statement, no interim dividend has been declared. However, the board confirmed its policy to pay bi-annual dividends in future at the rate of approximately 80% of headline earnings. Verimark's maiden dividend will be for the period ending 28 February 2006, and is expected to be in line with the 18cps forecast in the Pre-Listing Statement.
04 Nov 2005 11:23:16
(Official Notice)
Mr Johann Marthinus Pieterse has been appointed as an independent non-executive director of the company with immediate effect.

08 Aug 2005 14:16:53
(Official Notice)
Verimark shareholders are referred to the circular dated 15 July 2005 and the announcement published on SENS and in the press on 24 June 2005 dealing with the offer by the trustees for the time being of the Van Straaten Family Trust and Prime Rentals Close Corporation (`the sellers`) to shareholders of Verimark to acquire all their shares, or such lesser number as the shareholder wished to sell, for a cash consideration of 250cps (`the offer`). Shareholders holding 4 497 Verimark shares have accepted the offer. The shares acquired in terms of the offer are to be transferred to and held by an existing Verimark shareholder, the Callidus Consortium (`Callidus`) in terms of an underwriting agreement previously entered into between the sellers and Callidus.
05 Aug 2005 11:40:52
(Media Comment)
Verimark is close to concluding a BEE deal. Business Report said that the group would sell a 10% stake to a BEE trust.
12 Jul 2005 10:57:46
(Media Comment)
Business Report noted that, on 11 July 05, Verimark`s share price opened at R3.05, 22% higher than the group`s issue price.
08 Jul 2005 17:14:12
(Official Notice)
Shareholders were advised in announcements released on SENS and published in the press on 18 April 2005, 3 June 2005 and 15 June 2005 and in a circular to Creditvision shareholders dated 1 June 2005 that Creditvision would proceed with an acquisition of the entire issued share capital of and claims on loan account against Verimark Holdings (Pty) Ltd and of various related transactions and corporate actions.



All suspensive conditions to the transactions have been fulfilled and the JSE has formally approved the reverse listing of Verimark (Pty) into Creditvision Holdings Ltd (renamed `Verimark Holdings Ltd`) from the commencement of trade on Monday, 11 July 2005. The shares will trade under the abbreviated name `Verimark`, with share code `VMK` and ISIN ZAE000068011.

07 Jul 2005 17:56:47
(Official Notice)
Creditvision shareholders are referred to the announcement dated 24 June 2005 dealing with the offer by the trustees of the Van Straaten Family Trust and Prime Rentals Close Corporation (`the sellers`) to the shareholders of Creditvision to acquire all or part of their Creditvision shares for a cash consideration of 250cps (`the offer`).



The salient dates in respect of the offer are as follows:



*Last day to trade in Creditvision shares Friday, 8 July

*Creditvision shares trade ex the offer Monday, 11 July

*Record date (i.e. last date to be recorded in the register as a Creditvision shareholder) to participate in the offer Friday, 15 July

*Circular posted to shareholders on Friday, 15 July

*Offer opens at commencement of trade on Friday, 15 July

*Offer closes at 12:00 on Friday, 5 August

*Payment of offer consideration to shareholders who accept the offer by no later than Monday, 8 August

*Announcement regarding the results of the offer released on SENS on Monday, 8 August



A circular containing full details and the procedures for acceptance of the offer will be posted to shareholders on 15 July 2005.

23 Jun 2005 17:35:47
(Official Notice)
Shareholders were advised in announcements released on SENS and published in the press on 18 April 2005, 3 June 2005 and 15 June 2005 and in a circular to Creditvision shareholders dated 1 June 2005 that Creditvision would proceed with an acquisition of the entire issued share capital of and claims on loan account against Verimark and of various related transactions and corporate actions (`the transactions`). At the general meeting of Creditvision shareholders held on Thursday, 23 June 2005, all resolution as detailed in the notice of general meeting were passed by the requisite majority of shareholders.
19-Oct-2017
(X)
Verimark is a retail company that sources, develops and distributes unique superior quality products in the housewares, exercise and fitness, health and beauty, DIY, automotive, educational toys and personal comfort categories, both locally and internationally.



Verimark's passion and success driven business model converges the power of direct marketing with the impressive volume benefits of wide, but focused, retail distribution. The business model evolved over many years and is complemented by Verimark's core management skills, know-how and proven track record.

All Verimark's products are branded distinctively. This, in addition to the fact that most new product categories in the direct response television ('DRTV') market in South Africa were pioneered by Verimark, have resulted in Verimark being the market leader since pioneering DRTV 17 years ago.


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