Zambeef (AIM: ZAM), the integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, today announces its unaudited interim results for the six months ended 31 March 2019.
In a challenging environment, the group has delivered the following financial highlights:
- Revenue for the Group increased by 15.5% in Kwacha terms (down 4% in USD terms)
- Executed on the Group’s strategic focus on stepping up the roll out of new stores across Zambia
- Improved margins and continued revenue growth since 31 March 2019
Commenting on these results, Chairman Dr. Jacob Mwanza said:
“Significant fiscal pressures on the Zambian economy during the period have presented challenges for the market and impacted the disposable income of Zambeef’s customers. Exchange rate movements have not favoured the Group in the period and the depreciation of the currency has led to the Group reporting realized exchange losses.
“Despite the tough trading conditions, the management team have continued to deliver on the Group’s key strategic initiatives throughout the period and the second half of the year is expected to see an improvement in both revenue and margin performance.
“The Group’s strategic focus on the continued roll out of new Macro outlets across Zambia contributed to revenue growth in the period and its retail footprint increased to 216 retail outlets.”
For further information, please contact:
|Zambeef Products plc Tel:|
Francis Grogan, Chief Executive Officer
Walter Roodt, Chief Executive Officer designate
|+260 (0) 211 369003|
|Strand Hanson Limited (Nominated & Financial Adviser)|
|Tel: +44 (0) 20 7409 3494|
|Tel: +44 (0) 20 7220 0500|
|Powerscourt (Financial PR)|
|Tel: +44 (0)20 7250 1446|
Notes to the editors
Information on Zambeef
The Zambeef Group is one of the largest integrated cold chain food producers in Zambia, involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed. The Group also has large cereal row cropping operations (principally maize, soya beans and wheat), with approximately 7,971 hectares of row crops under irrigation, which are planted twice a year and a further 8,623 hectares of rain-fed/dry-land crops available for planting each year.
Further information can be found on www.zambeefplc.com
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.