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VERIMARK HOLDINGS LIMITED - Trading Statement

Release Date: 03/05/2016 14:30
Code(s): VMK     PDF:  
Wrap Text
Trading Statement

Verimark Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1998/006957/06
JSE share code: VMK
ISIN number: ZAE000068011
(“the Company”)

TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited,
an issuer is required to publish a trading statement as soon as they are
satisfied that there is a reasonable degree of certainty that the financial
results for the next reporting period will differ by at least 20% from those of
the previous corresponding period.

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.

03 May 2016

Sponsor
Grindrod Bank Limited

Date: 03/05/2016 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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