Late RNS yesterday19 Oct 2016 12:36
Significantly improved financial position...RNS was outstanding Cambria Africa Plc
("Cambria" or the "Company")
Trading Update,
Loan Facility,
and
Change in Cambria's Registered Address
Trading update
The Company is pleased to announce further improvement in operating results for the year ended 31 August 2016, a summary of which is presented below. The financial information presented below has been extracted from unaudited management accounts subject to change following completion of the Company's year-end audit. Final audited results are expected to be released in early 2017.
· Payserv achieved $5.4 million in revenues, an increase of 7.8% from $5.01 million in 2015. Payserv's consolidated EBITDA for the year increased by 44.7% to $1.78 million from $1.23 million in 2015 while profit before tax increased by 85.7% to $1.43 million from $770,000 in 2015. Excluding minority interests, EBITDA increased by 70.7% to $1.4 million from $820,000 in 2015, while profit before tax increased by 197% to $1.1 million (0.5 cents per share) from $370,000 (0.2 cents per share) in 2015.
· Millchem reported positive cash flow from operations following a significant improvement in inventory and trade receivables management. Millchem's EBITDA loss improved by 74% to a loss of $250,000 from an EBITDA loss of $950,000 in 2015, while its loss before tax improved by 72.5% to a loss of $280,000 (0.1 cents per share) from a loss of $1.02 million (0.5 cents per share) in 2015. The reduction in losses is also attributable to discontinuing of unprofitable operations in Malawi and Zambia. As a result of these closures, revenue decreased by 39.7% to $3.19 million from $5.29 million in 2015.
· Cambria's central costs excluding non-recurring legal costs, decreased by 85.5% to $290,000 from $2 million, underscoring the successful turnaround implemented under the Company's new management.
· Interest cost savings - as a result of the repayment of the Nurture and Consilium loans the Company will achieve an estimated annual interest cost saving of $435,000 in the ensuing financial year from lower debt levels [also see "Payserv Loan Facility"].
The overall improvement in results is further demonstrated by the settlement of approximately $1 million in debt using cash flow from operations. This, together with the continued financial support from Ventures Africa Limited ("VAL"), allowed the group to settle the Consilium and Nurture loans resulting in a significantly improved financial position.
Payserv loan facility
Further to the announcement dated 2 August 2016 relating to the settlement in full of the loan due to Cerulean (Mauritius) PPC (Nurture), Cambria is pleased to announce that Payserv Africa Ltd's ("Payserv Africa") wholly owned subsidiary, Paynet Zimbabwe Pvt Limited ("Paynet"),
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