Verimark optimistic on future

Vermimark Holdings (VMK) said Monday that for the year ended February 2010, it expects headline earnings per share and basic earnings per share to be between 10.5c and 12.5 cents respectively, compared with a headline loss per share and a basic loss per share of 3.4c and 3.3c, respectively, for the previous comparable period.

The improvement in the company's profitability is due to better than expected sales, which for the last half of the financial year increased by approximately 47%, when compared to the same period last year.

This increase came about mainly in the last few months of the period under review. The improved sales performance was due to the further introduction of new products and improved space utilisation. In addition, focused cost control further added to the profitability.

"The uncertainties around the ability of the new management team to effect the turnaround is now something of the past given the improved trading results over the last few months. The company remains cautiously optimistic that the long awaited turnaround is firmly on track," it said.

The company's results are expected to be released on or around May 10.

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