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
