ZAMBEEF | Update on Current Trading

Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, provides the following update on trading for the six months ended 31 March 2016.

The Group expects turnover, operating profit and adjusted profit before tax to be ahead of market forecasts in both Zambian Kwacha and US Dollars, although foreign exchange movements continue to have an unavoidable impact on the Group’s results in US Dollar terms.

This improvement has been driven by a robust performance in the first six months of the financial year, with the key business divisions of cold chain food product retailing, stock feed and farming all continuing the strong trading seen in 2015.

The Group’s strategic focus remains on expanding and developing the retailing and distribution of the cold chain food product business, as well as looking at opportunities to unlock further capital from within the business.

Carl Irwin, joint CEO of Zambeef, commented: “It is encouraging to see the strong operational performance of the business continuing in the first half of the current financial year. Zambeef remains committed to the expansion of its retailing and distribution operations, and the results of this focus on the core Zambeef business are being seen. Consequently, the Board believes that it will report interim profits that are ahead of current market expectations.”