Zambeef’s H1 results are as expected following its interim pre-close trading update. Soya has been a tricky product versus exceptional prior year performances, but higher maize prices, a switch to wheat in the winter and tight cost control should help to offset the pressure. Recent volatility in the Kwacha leads to an adjustment to our FX assumption which, alongside lower H1 revenue from soya, results in our FY23 revenue forecast decreasing from $329.2m to $314.2m. The resolution of Zambia’s deb ....
