29th Aug 2018 16:07
LONDON (Alliance News) - Zambeef Products PLC said Wednesday that it detected the common bacterial disease, Bacteria Leaf Streak, in its winter wheat crop.
The chain foods business with operations in Zambia, Nigeria and Ghana said that the bacteria will result in "lower that budgeted" yields.
However, the company does not anticipate any financial impact as a result of the disease as wheat sales contracts have been concluded at "higher than budgeted prices per ton".
Additionally, the company said that the ban on the movement of live animals in the Chisamba and Chibombo districts, which was a result of the foot and mouth disease, has now been lifted.
The disease resulted in Zambeef losing 175 animals and receiving USD240,000 in compensations from its insurance payout policy.
"Zambeef also confirms that the volume of milk being produced by the dairy herd has fully recovered to levels that existed before the outbreak of the disease," the company added.
Zambeef will publish a trading update during the week starting September 24.
Shares in the company were trading up 2.0% at 12.50 pence each.
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