Zambeef has reported FY2019 interim results for the six-month period ending 31 March 2019. In what is a tough macro environment in Zambia, we believe that the company has delivered a creditable performance, with underlying growth in revenue of 15.5% y-o-y and 4.5% y-o-y underlying growth in gross profit. The underlying gross margin slipped 370bps in the period, reflecting the lack of pricing power given the tough economic environment and customers gravitating to lower-margin products. We had ....