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Zambeef issues financial results warning

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Oscar Rousseau

By Oscar Rousseau+

07-Sep-2017

Zambeef recently opened eight retail outlets across Ghana, Nigeria and Zambia
Zambeef recently opened eight retail outlets across Ghana, Nigeria and Zambia

Zambeef has warned that a fungal disease devastating its cropping division could have an “adverse impact” on its full-year trading figures.

The company, which claims to be Zambia’s largest beef producer, has had its cropping division hit by a virulent form of the fungal disease Septoria.

This has forced the business to begin harvesting the winter crop already, and it expects yields to be well below expectations due to the disease. As a result of this, the business warned it could post a loss of up to $2.5m in trading results for the year to September 2017.

Dr Jacob Mwanza, chairman of Zambeef, gave this update in a short statement: “Whilst it is pleasing to report a good trading performance in the retailing, cold chain food products and stock feed divisions, it is disappointing to report that largely external factors affecting the cropping division are likely to have a material adverse impact on group reported results for the financial year ending 30 September 2017.

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