Zambeef Products PLC - cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - Reports pretax profit of ZMW55.1 million in the year ended September 30, or around GBP2.6 million. This represents a 68% decline against the ZMW172.0 million profit achieved the year prior. Zambeef books a goodwill impairment of ZMW141.8 million on the fair value of Zamchick Ltd, a chicken abattoir, in the year. Adjusting for this non-cash impairment, Zambeef's pretax profit rose to ZMW197 million. Annual revenue rises 8.5% to ZAR5.39 billion from ZMW4.97 billion.
Zambeef says the year saw its macroeconomic fundamentals "stablise" but notes that constrained consumer spending negatively impacted its volume growth for its Retail and Cold Chain Food products, particularly in the first half of its financial year.
Current stock price: 8.50 pence, up 7.6% in London on Monday afternoon
12-month change: up 11%
By Heather Rydings, Alliance News senior economics reporter
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Zambeef Prod. (ZAM)