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VERIMARK HOLDINGS LIMITED - Trading statement for the six months ended 31 August 2018

Release Date: 27/09/2018 17:20
Code(s): VMK     PDF:  
 
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Trading statement for the six months ended 31 August 2018

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

TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2018

The first six months of trading has been difficult given the volatility of the rand against
foreign currencies. The South African economy is in a technical recession and consumer
confidence has suffered as a result.

Although Verimark’s revenue is only marginally down compared to the six months ended 31
August 2017 (“comparative period”), the Company incurred a loss before tax compared to a
profit before tax in the comparative period. This is due to certain costs being incurred to
improve revenue, which will only reflect financial benefits in future months.

Shareholders are advised that a reasonable degree of certainty exists that earnings for the
six months ended 31 August 2018 will be lower than the comparative period, as Verimark:

• is expected to record a loss before taxation of between R4.5 million and R4.0 million,
which is lower than the profit before taxation of R2.2 million reported for the comparative
period;

• headline (loss)/earnings per share is expected to be in the range of (0.13) and 0.07 cents
per share, which is lower than the headline earnings of 1.03 cents per share reported for the
comparative period; and

• earnings/(loss) per share is expected to be in the range of (0.13) and 0.07 cents per share,
which is lower than the headline earnings of 1.03 cents per share reported for the
comparative period.


The financial information on which this trading update was 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 2018 will be published
on or about 22 October 2018.

27 September 2018

Sponsor
Grindrod Bank Limited

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