Cambria Africa PLC Preliminary Unaudited Results (8049G)
November 08 2018 - 7:17AM
UK Regulatory
TIDMCMB
RNS Number : 8049G
Cambria Africa PLC
08 November 2018
Cambria Africa Plc
("Cambria" or the "Company")
Cambria Achieves record FY 2018 EPS of 0.52 US cents
Cambria Africa Plc (CMB:L) achieved record earnings per share of
0.52 US cents according to preliminary unaudited consolidated
results for FY 2018 ended 31 August 2018. Before once-off legal and
reorganization costs, the Company achieved earnings per share of
0.68 cents. The Company is also announcing that its CEO, Samir
Shasha, will be available to hold informal meetings with interested
shareholders and investors during his upcoming trip to London
between 16 and 22 November 2018.
The financial information presented has been extracted from the
unaudited consolidated management accounts and could be subject to
possible change following the completion of the Company's year-end
audit process. These results follow the announcement of unaudited
divisional accounts announced on 18 September 2018. Audited results
are expected to be announced early in January 2019.
Highlights of FY 2018 Consolidated Results
-- Cambria achieved record Profit after Tax (PAT) of US $1.96
million for FY 2018, a turnaround of $2.31 million from a loss of
$349,000 in FY 2017. This profit was achieved on the back of a 10%
increase in revenues to $9.44 million from $8.60 million in FY
2017.
-- Earnings Per Share ("EPS") increased to 0.52 US cents, an
increase of 0.64 cents from a loss of 0.12 cents per share in FY
2017. Excluding Once-Off Legal and Reorganisation Costs, EPS
increased 88% to 0.68 cents from 0.36 cents in FY 2017.
-- Consolidated EBITDA increased 179% to $3.45 million from
$1.24 million in FY 2017. Before Once-Off Costs, Cambria increased
its EBITDA by 72% to $3.78 million from $2.20 million.
-- Cambria's Central Costs decreased a further 51% to $152,000
from $311,000 in FY 2017. The CEO continued to render services
without compensations in FY 2018.
-- Consolidated debt was reduced by 80% to $619,000 from $3.40
million at the end of FY 2017 after the partial conversion and
repayment of VAL and Zimbabwe-domiciled loans. Of the remaining
debt, $205,000 (33%) is domiciled in Zimbabwe.
Divisional
-- Payserv's Consolidated EBITDA, excluding Reorganisation costs
of $262,000, increased 37% to $3.63 million in FY 2018 from $2.65
million in FY 2017. PAT increased 34% to $2.38 million from $1.78
million in FY 2017, while Revenues increased by 19% to $7.57
million from $6.37 million in FY 2017.
-- Millchem's EBITDA increased to $239,000 from a loss of
$143,000 in FY 2017 as a result of improvement in gross margins and
a 45% reduction in overheads.
Results Highlights for FY 2018
(US$'000) 2018 2017 Change
Group:
- Revenue 9,441 8,598 10%
- Consolidated EBITDA 3,453 1,237 179%
- Operating cash flows 3,422 1,006 240%
* Group Profit/(loss) after tax ("PAT") 1,958 (349) $2,307
- EPS - cents (US) 0.52 (0.12) 0.64
Excluding Once-Off Legal & reorganisation
costs:
- EPS - cents (US) 0.68 0.36 88%
- Consolidated EBITDA 3,779 2,194 72%
- Central costs 152 311 (51%)
- Group PAT 2,567 1,013 153%
- Divisional:
- Payserv - PAT 2,383 1,776 34%
- Payserv - EBITDA 3,628 2,648 37%
- Millchem - EBITDA 239 (143) $382
Outlook
While the Company warned its shareholders of the impact of
shifts in parallel exchange rates in its RNS of 6 October 2018,
parallel premiums have fallen to 250% from 400%. Payserv Zimbabwe
continues to receive funding at 1:1 to the US Dollar for payment of
license fees and the repayment of loans. While Payserv anticipates
a rise in overhead costs, the recent reorganization should save the
company about $400,000 annually in cost-to-company compensation.
This savings should somewhat cushion the Company from expected
inflationary pressures.
Millchem has received a portion of its import requirements at
1:1 to the US Dollar and it anticipates that new Reserve Bank of
Zimbabwe monetary policies will allow Millchem to externally fund
increased imports of raw material and repay this funding. Such
funding will alleviate a significant constraint to Millchem's
business model over the last two years.
The Company reduced its cash position in Zimbabwe to minimal
levels at the end of FY 2018, investing its available cash in the
beneficial ownership of Radar Limited shares. The timing of this
investment prior to current economic turbulence, which commenced in
early October, has preserved significant shareholder value.
Cambria's cash resources outside of Zimbabwe stand at US $1.1
million. The Company is actively considering a number of
acquisitions.
Meet the CEO
Cambria's CEO, Samir Shasha will be available in London from 16
November to 22 November 2018 to hold informal meetings with
shareholders and potential investors. He invites interested parties
to call him directly on his mobile +44-7813-919988 or
+44-207-669-0115 to arrange a mutually convenient meetings.
Contacts
Cambria Africa Plc: www.cambriaafrica.com
Samir Shasha +44 (0) 207 669 0115
WH Ireland Limited: www.wh-ireland.co.uk
James Joyce / Chris Viggor +44 (0) 207 220 1666
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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