- Zambeef has warned that adjusted pre-tax profits for the year to the end of September will be substantially lower than current market estimates.

The company said the financial impact from allegations over contamination of imported beef products, lower than forecast global wheat prices and some additional cost pressures, was significantly worse than originally anticipated.

Chief executive Francis Grogan said: "This has been an extremely difficult year for Zambeef.

"The allegations of importing contaminated beef have had a considerable impact on our business, despite timely and decisive action to address the causes of concern and reassure our customers. We have also had to manage sharply increasing and unforeseen costs, coupled with weak wheat prices.

"On the positive side the continued good performance from Mpongwe and the commissioning of Zamanita's expanded crushing plant means Zambeef is well positioned to meet the challenge of an increasing demand for food in the region."

At 3:24pm: [LON:ZAM] share price was -5.12p at 40.13p

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