Ann: QUARTER: VIL: Veritas provides third quarter market update

• Release Date: 27/04/16 09:28
• Summary: QUARTER: VIL: Veritas provides third quarter market update
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					VIL                                                                           
27/04/2016 09:28                                                              
QUARTER                                                                       
PRICE SENSITIVE                                                               
REL: 0928 HRS Veritas Investments Limited                                     
                                                                              
QUARTER: VIL: Veritas provides third quarter market update                    
                                                                              
NZX Release                                                                   
                                                                              
27 April 2016                                                                 
                                                                              
Veritas provides third quarter market update                                  
                                                                              
The Board of Veritas Investments Limited (NZX:VIL) provides its quarterly     
market update for the 3rd quarter of FY2016 ended 31 March  2016.             
                                                                              
Group Outlook                                                                 
                                                                              
As at 31 March 2016, the Veritas Investments group remains on track to        
achieve the previously stated Underlying NPAT  in the range of $3.0 m - $3.5  
m for the year ending 30 June 2016.                                           
                                                                              
Updates on individual business units are provided as follow                 
                                                                              
Mad Butcher                                                                   
                                                                              
While trading remains competitive, the implementation of a number of          
marketing and cost control initiatives have seen an improvement in underlying 
profitability.                                                                
                                                                              
The review of unprofitable stores has been completed resulting in the closure 
of the Kapiti and Glenfield stores, with a final decision on the third store  
yet to be made depending on the outcome of the commercial discussions that    
are currently under way.                                                      
                                                                              
Nosh                                                                          
                                                                              
The Directors are pleased with the continuing improvement and operating       
efficiencies within Nosh.    Subsequent to the quarter just ended, the Board  
announced the implementation of a programme to franchise the Nosh stores.     
The levels of response have been encouraging with interest shown in both      
current stores and greenfield sites.   A rigorous selection process is now    
under way.                                                                    
                                                                              
Better Bar Company                                                            
                                                                              
During the period under review, The Better Bar Company outlets performed well 
and have traded to expectations.                                              
                                                                              
Kiwi Pacific Foods                                                            
                                                                              
Subsequent to our market announcement on 29 March 2016, we have commenced an  
orderly wind-down programme for Kiwi Pacific Foods with our joint venture     
partner, Antares Restaurant Group.   The programme has a final completion     
date of 30 September 2016.                                                    
                                                                              
For further information, contact:     Tim Cook                                
 Chairman, Veritas Investments Limited                                        
 021 764 401                                                                  
 [email protected]                                                 
                                                                              
About Veritas Investments Limited                                             
Veritas Investments is an NZX Main Board-listed investment company focusing   
in the Food and Beverage, Franchise and Hospitality sectors.  The shell       
company was formed in December 2011 and made its first acquisition of the Mad 
Butcher franchisor business in May 2013 through a reverse acquisition         
transaction.  A further investment was made in December 2013 for 50% of Kiwi  
Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food       
Market business.  In November 2014 Veritas acquired The Better Bar Company    
group business.                                                               
www.veritasinvestments.co.nz                                                  
End CA:00281347 For:VIL    Type:QUARTER    Time:2016-04-27 09:28:51