Results 28th nov25 Nov 2014 18:56
re:
it is pleasing to report that an expected good wheat harvest and higher prices in the second half has meant the cropping division is likely to perform above expectations for the year as a whole. In addition, retail sales are now higher than prior to the imported beef products issue.
With the majority of sales made in Zambian Kwacha, the Group expects reported revenues for the year to 30 September 2014 to be slightly lower than market expectations on translation into US dollars; however, the relatively stable exchange rate in the second half has curtailed the previously notified escalation in Zambeef's dollar-denominated cost base and this has resulted in improved gross profit margins versus market expectations. This will, in turn, result in the Group's expected adjusted loss before tax (excluding unrealised exchange gains/losses) to be better than market consensus.