There’s a certain bittersweet flavour to Zambeef’s FY23 trading update: revenue, gross profit and EBITDA (Adj.) will be 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 also will take 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 upgrade FY23E revenues by c.5% and EBIT by c ....
