Veritas trims

Veritas Investments has cut its 2018 guidance after shareholders voted to sell the business and assets of the Mad Butcher franchisor to its chief executive Michael Morton. Veritas’ previous guidance, given at its annual meeting on December 6, was for revenue between $26 million and $29m; earnings before interest, tax, depreciation and amortisation of $7m-$8m; and underlying net profit of $3.5m-$4m for the 2018 financial year, which ends on June 30. Given the expected completion of the Mad Butcher sale by March 23, said the company, “the board wishes to restate the guidance for the full FY18 to revenue of $23m-$24m, ebitda prior to significant items of $4.2m-$4.6m and underlying net profit of $1.5m- $1.7m.” Catch Group, which touts itself as one of the largest e-commerce sites in Australia, is today launching a New Zealand website, catchoftheday.co.nz, offering products including clothing, makeup, homeware, sporting goods and toys. “Expanding into New Zealand was a logical extension,” said chief executive Nati Harpaz. “We already have a good customer base through our online store on Trade Me, and now we look forward to offering New Zealand customers a richer shopping experience.” The company’s expansion into New Zealand follows its recent move into telecommunications with Catch Connect, a partnership with Optus, and the revival of New Zealand childrenswear brand Pumpkin Patch with its online store. It is understood Catch Group bought Pumpkin Patch and its intellectual property, including its customer database, product designs and trademarks, for about A$2m ($2.17m) from receivers.