Zambeef has this morning issued an H1 trading update for the six months ending 31 March 2019. This statement highlights a number of macro and cost pressures currently facing the business which taken together are likely to reduce our Gross Profit margin estimate by c100bps for the current year. Operational gearing magnifies this change such that we downgrade our FY 2019E adjusted EBIT forecast 20% (to US$9.5m) and our adjusted PBT forecast 44% (to US$3.0m). Despite tough trading conditions, we
