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Veritas shares surge on guidance

NZ NewswireNZ Newswire 26/04/2016 Paul McBeth

Veritas Investments' shares jumped 16 per cent after the food and beverage company affirmed its annual earnings guidance and said its three divisions are all showing signs of improvement.

Stripping out one-off and significant costs, profit from continuing operations is expected to be between $3 million and $3.5 million in the 12 months ending June 30, the Auckland-based company said.

Veritas posted a first-half loss of $4.8m when it took impairment charges and other writedowns totalling $5.3m.

The shares climbed 5 cents to 36 cents, the highest level since February 17.

Veritas reviewed and restructured its operations after cutting its earnings outlook and dropping a first-half dividend payment, and said all three of its businesses - Mad Butcher, Nosh and Better Bar Co - showed signs of improvement in the three months ended March 31.

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