Update: External factors in H114 obscure progress
Zambeef continues to make progress towards becoming one of the largest food producers focusing on sub-Saharan Africa rather than only Zambia. This progress was slowed down by several adverse externally-driven effects that blighted H114 performance, resulting in a small pre-tax loss (after adjusting for unrealised forex losses) for the full year. Noting improved H2 profitability as the adverse effects have passed, we expect a return to pre-tax profit in FY15, although at lower levels than our previous estimates. We retain our valuation range of 17-37p.Zamanco Minerals Limited is an Australia-based company, which continues to seek a transaction of merit capable of becoming the primary undertaking of the Company. The Company focuses on identifying and evaluating a business opportunity. It has undertaken evaluation of a range of prospects in various industries.
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