30th Sep 2016 07:11
LONDON (Alliance News) - Zambeef Products PLC on Friday said US dollar reported profit in its just-ended financial year will be "materially" higher than current market expectations.
The African-based agribusiness said the strong trading performance achieved in the first half of the year continued as the year progressed, with the beef, pork, dairy and stock feed operations showing particularly strong volume growth.
Zambeef said this was largely due to the ongoing roll-out of its macro retail stores.
During the second half, the Zambian kwacha remained relatively stable against the US dollar, Zambeef said, meaning it will incur foreign exchange gains in the full year ended on Friday, and ultimately pushing profit above expectations.
Zambeef will release its full-year results on November 25.
Shares in Zambeef were trading up 9.8% at 16.75 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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