Food
By Iain Gilbert
Date: Wednesday 28 Oct 2020
LONDON (ShareCast) - (Sharecast News) - Cold chain foods and retail business Zambeef Products expects full-year revenues and underlying earnings to be in line with current estimates despite significant pressures to the Zambian economy stemming from Covid-19.
Zambeef said despite the uncertainty caused by the Covid-19 pandemic, consumer demand for products in Zambia, Nigeria and Ghana has had "stood up well", with underlying earnings and pre-tax profits both 25% ahead of market expectations.
However, the AIM-listed group said the Zambian economy had been "under significant pressure" over the last six months due to "weak macroeconomic fundamentals exacerbated by the onset of the Covid-19 pandemic".
"This has led to a sharp depreciation of the local currency which has increased certain input costs into the business, and foreign exchange losses on our foreign currency-denominated debt," said Zambeeef, which added that despite a "convincing performance" in the first half, it had seen a slowdown in profitability growth in the second half.
As a result, Zambeef said it had taken "appropriate actions" to rationalise costs and preserve balance sheet flexibility.
As of 1330 GMT, Zambeef shares were down 5.66% at 6.25p.
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Currency | UK Pounds |
Share Price | 5.75p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 7.75p |
52 Week Low | 4.85p |
Volume | 54,099 |
Shares Issued | 247.98m |
Market Cap | £14.26m |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
14:00 | 54,029 @ 5.75p |
14:00 | 54,000 @ 5.75p |
14:00 | 29 @ 5.75p |
10:05 | 70 @ 5.55p |
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