Veritas Investments Limited reported unaudited consolidated earnings results for the six months ended December 31, 2016. The company reported net profit after tax for the six months to 31 December 2016 increased to NZD 1,205,546, compared to a net loss of NZD 4,815,958 in the previous corresponding period, an improvement of NZD 6,021,504. The underlying NPAT from continuing operations and before significant items (Underlying NPAT) improved by 29% to NZD 2,513,762 in the reporting period, compared to NZD 1,941,386 in the previous corresponding period. There were no significant losses in the first half of fiscal year 2017 compared to NZD 4,223,033 in the first half of fiscal year 2016. Operating cash flow improved by 128% to NZD 1,833,467, from NZD 804,894 in the previous period. Net revenue for the period was NZD 15,912,862 compared to NZD 19,133,865 in the six months to 31 December 2015, a decrease of 17%, due to the closure of a number of underperforming Mad Butcher stores and the sale of three bars in Hamilton. Earnings per share from continuing operations attributable to equity holders of the parent company during the period was 5.80 cents compared to loss of 5.27 cents a year ago. Loss per share from discontinuing operations attributable to equity holders of the parent company during the period was 3.02 cents compared to loss of 5.85 cents a year ago. Profit before income tax from continuing operations was NZD 3,443,471 compared to loss of NZD 2,049,313 a year ago. Earnings per share were 2.78 cents compared to loss of 11.12 cents a year ago. Net cash inflows from operating activities was NZD 1,833,467 compared to NZD 804,894 a year ago. Purchase of property plant and equipment and other intangibles was NZD 344,446 compared to NZD 222,618 a year ago.

The company revised earnings guidance for the fiscal full year 2017. The company's previous market guidance for fiscal year 2017 on 1 November 2016 was for the group to achieve revenue of NZD 50 million - NZD 55 million, EBITDA of NZD 7.4 million - NZD 8.0 million and underlying NPAT of NZD 3.0 million - NZD 3.6 million for the full fiscal year 2017. Given the reclassification and subsequent sale of Nosh as a discontinued operation, the Board is restating the guidance for the full year to revenue of NZD 26 million - NZD 31 million, EBITDA of NZD 7.9 million - NZD 8.5 million and underlying NPAT of NZD 3.7 million - NZD 4.3 million for the fiscal year 2017.