Press Release (AIM) – 2018 Full Year Results and Presentation

November 21st, 2018


Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, today announces its audited results for the year ended 30 September 2018.

Commenting on these results, Chairman Dr. Jacob Mwanza said:
“Zambia’s economy remained relatively stable for the majority of the financial year to September 30, 2018. However, September saw the Kwacha suffer significant depreciation as economic conditions weakened amid wide concerns for emerging markets. Notwithstanding this downturn the Group’s results were encouraging, with revenue in Zambian Kwacha increasing by 14.2% year-on-year. The Group experienced robust volume and margin growth in the Retail and Cold Chain Food Products division and Stockfeed division, which together underpinned revenue growth.”

“Despite these temporary macro concerns, which are now abating, the new financial year has started well for Zambeef with continued revenue, margin and volume growth. The Group expects to continue to grow US$ earnings in 2019, and generate positive free cash in the financial year. It remains committed to employing EBITDA to fund working capital, capital expenditure for financially viable projects, and to service debt and, as a result, the Group does not intend to raise further debt in the near future. In line with its stated strategic objectives, it plans to continue to reduce its debt levels in the medium term, which will help to mitigate foreign exchange and interest rate risk exposures.”

For further information, please contact:

Zambeef Products plc
Francis Grogan, Chief Executive Officer
Craig Harris
Tel: +260 (0) 211 369003
Strand Hanson Limited
James Spinney
Ritchie Balmer
Frederick Twist
Tel: +44 (0) 20 7409 3494
Chris Raggett
Tel: +44 (0) 20 7220 0500
Nick Dibden
Jana Tsiligiannis
Tel: +44 (0)20 7250 1446

Notes to Editors
The Zambeef Group is one of the largest integrated cold chain food producers in Zambia, involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed. The Group also has large cereal row cropping operations (principally maize, soya beans and wheat), with approximately 7,971 hectares of row crops under irrigation, which are planted twice a year and a further 8,623 hectares of rain-fed/dry-land crops available for planting each year.

Further information can be found on

Related Downloads
ZAMBEEF | 2018 September FY Financial Results (AIM).pdf
ZAMBEEF | 2018 September FY Financial Results Presentation.pdf

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