Zambeef delivered revenue, gross profit and EBITDA (Adj.) 5-15% ahead of market expectations, but it could have been an even better year except for a tough H1 and enduring input cost pressures running into H2. A higher tax charge has taken some of the shine off earnings. The excellent trading performance has been driven by a second-half broad-based recovery demand, especially in Q4. We leave our FY24E EPS (Dil. Adj.) essentially unchanged and introduce a new FY25E of 397c. Management has made go ....
