- Cold chain foods and retail group Zambeef Products said it expected to post a full-year adjusted profit above market expectations amid resilient consumer demand in Zambia, Nigeria and Ghana.

Adjusted pre-tax profit for the year through September would be over 25% ahead of current market expectations, with revenue in line.

Adjusted profit was is defined as excluding any unrealised foreign exchange gains or losses and any losses or gains made from asset disposals.

Earnings before interest, tax, depreciation and amortisation were expected to be in line with market expectations.

'Despite the uncertainty caused by the Covid-19 pandemic, consumer demand for Zambeef's products in-country has, to date, stood up well, and trading performance has been satisfactory,' the company said.

'The Zambian economy has been under significant pressure over the last six months owing to weak macroeconomic fundamentals exacerbated by the onset of the Covid-19 pandemic.'

'This has led to a sharp depreciation of the local currency which has increased certain input costs into the business, and foreign exchange losses on our foreign currency-denominated debt.'

'Despite a convincing performance in the first half of the year, the group saw a slowdown in profitability growth in the second half, mainly because of foreign exchange losses.'

At 9:42am: [LON:ZAM] Zambeef Products PLC share price was -0.25p at 6.38p

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