Verimark's loss of 1.2c compared with 5.2c loss last year

Verimark Holdings has reported a narrower headline loss per share for the six months to August of 1.2c having lost 5.2c a share a year ago. No interim dividend was declared.

10 Oct 2013

Verimark's loss of 1.2c compared with 5.2c loss last year

Revenue was 0.4% higher at R195.2m‚ as price increases in key products hit sales volumes‚ the company said on Thursday.

The group reported an operating profit of R3.2m compared with a loss of R5.1m a year ago.

The company said the period was characterised by "challenging" trading conditions‚ with sales and product margins adversely affected by the weaker rand.

Despite the selling price increases‚ which were implemented during the second half of the previous year‚ the cost of imports of new products and components rose as a result of the ongoing depreciation of the rand against the US dollar‚ resulting in a fall in product margins.

Nonetheless‚ operating profit improved as the consolidation of the head office and warehousing operations into a single premises began to bear fruit.

Verimark's chief executive Michael van Straaten said in February Verimark would focus on three core areas of growth: improving operating efficiencies‚ product development and marketing capabilities. The company has also been exploring international opportunities and new markets.

"I believe we have made good progress on all of these fronts and will continue to do so‚" he said.

Source: I-Net Bridge

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