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Johannesburg - Retailer Verimark (VMK) on Thursday reported a headline loss per share and loss per share of 3.4c and 3.3c per share respectively for the year ended February.
This is compared to a headline profit per share and profit per share
of 4.1 cents for the previous comparable period.
Michael van Straaten, chief executive officer of Verimark, said: "The
past year has unfortunately not delivered the turnaround that we had
anticipated, however turnovers and margins were maintained. The continued
management changes and the impact of the depreciating Rand during the period
under review added to the challenges."
Given that the group reported a loss for the period under review, no
dividend was declared.
Looking ahead, the group said: "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."
- I-Net Bridge