Verimark shares soar after buoyant trading statement
Marketer Verimark’s share price jumped 26% to R1.02 on Thursday after it issued an upbeat trading statement.
Verimark said it expected to report on May 22 that its headline earnings per share (HEPS) for the year to end-February grew between 22.8% and 42.8%, from the prior year’s 24c.
The retailer said its pre-tax profit would be between R43m and R50.4m, an increase of up to 35% from the prior year’s R37.5m.
Verimark said it had benefited from the stronger rand along with the "introduction of a greater number of exceptional products, [which] 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," the company said in the trading statement.