27th Feb 2014 13:45
LONDON (Alliance News) - Cambria Africa PLC Thursday said its pretax loss narrowed in its full-year on good revenues but that its growth rate has slowed.
The investment company, which has a portfolio of investments primarily in Zimbabwe, said its pretax loss narrows to USD4.8 million for the full-year ending August 31 2013 from USD8.3 million the previous year as revenues increased 10% to USD8.5 million from USD7.7 million in 2012.
The company said its increased sales were particularly down to a 15% revenue growth at its Millchem Holdings operations to USD4.3 million from USD3.8 million in 2012 after the launch of a range of new products during the period.
However, the company said there was a slowdown in the rate of growth when compared to last year when, revenues grew 64% year-on-year which can largely be attributed to a high level of uncertainty in the business environment during the second-half of the financial year in Zimbabwe due to elections.
The company said it is continuing with the disposal of its remaining non-core assets, completion of which will mark its re-alignment away from multiple investments operating in a single country, to a select number of investments operating regionally.
Cambria Africa shares were down 2.8% to 7.05 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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