Zambeef has reported FY2019 results for the twelve-month period ending 30 September 2019. In what is a tough macro environment in Zambia, we believe that the company has delivered a very creditable performance, with underlying growth in revenue of +12.7% y-o-y and +10.0% y-o-y underlying growth in gross profit. The underlying gross margin slipped 80bps in the period, reflecting the lack of pricing power given the tough economic environment and customers gravitating to lower-margin products, p ....