Cambria Africa PLC Trading Statement (3313U)
23 October 2017 - 8:33PM
UK Regulatory
TIDMCMB
RNS Number : 3313U
Cambria Africa PLC
23 October 2017
Cambria Africa Plc
("Cambria" or the "Company")
Trading Update FY 2017
Group EBITDA $1.0 million Up 122%
PBT $478,000
The Company is pleased to announce that for the year ended 31
August 2017 it has achieved profitability from continuing
operations. The financial information presented below has been
extracted from the unaudited management accounts and could be
subject to possible change following the completion of the
Company's year-end audit process. The final audited results are
expected to be released in early 2018.
Results highlights for the period:
12 months ended 31 August 2017 FY 2017 FY 2016 Change
(US$000's)
Group
Consolidated EBITDA 1,001 451 122%
Profit Before Tax and Minorities 478 (325) $803
Excluding Non-Recurring Legal and
Settlement:
Group consolidated EBITDA - 2,045 1,270 61%
Group Central costs 243 277 -12%
Divisional
Payserv EBITDA before Minorities 2,482 1,730 44%
Payserv PBT before minorities 2,242 1,374 63%
Payserv PBT after minorities 1,902 1,026 85%
Millchem EBITDA (194) (183) -6%
Millchem PBT (218) (214) -2%
-- Profit Before Tax and Minorities increased by $803,000 to
$478,000 in FY 2017 from a loss of $325,000 in FY 2016. This
pre-tax profit includes legal fees of $821,000 (2016: $819,000) and
the Consilium Settlement of $223,000 announced 4 October 2017 and
accounted for in FY 2017. This is the Company's first operating
profit from continuing operations excluding the Lonrho Settlement
windfall of $4.752 million in August 2015.
-- Profit before Tax and minorities increased by 209% to $1.52
million in FY 2017 compared to $494,000 in FY 2016 after excluding
legal fees and the Consilium Settlement (as detailed above).
-- Consolidated EBITDA increased 122% to $1.0 million from $0.45
million in FY 2016. The Company increased its EBITDA by 61% to
$2.05 million before legal expenses and settlement costs from $1.27
million in FY 2016.
-- Payserv's consolidated EBITDA increased by 44% to $2.48
million in FY 2017 from $1.73 million in FY 2016. Revenues
increased by 20% in FY 2017 to $6.40 million from $5.34 million in
FY 2016. Payserv's profit before tax & minorities increased 63%
to $2.24 million, up from $1.37 million in 2016. After minority
interests, PBT increased 85% to $1.90 million from $1.03 million.
The increase in profitability is directly attributable to a 37%
jump in EDI volumes resulting from the movement to cashless banking
in Zimbabwe.
-- Millchem's revenues declined 30% from $3.19 million in 2016
to $2.23 million in 2017. However, due to an improvement in gross
margins and overhead savings of 13%, the EBITDA loss only increased
marginally to $194,000 from $183,000 in 2016. The Board expects
cost cutting measures and margin improvements implemented in late
FY 2017 to be fully realized in FY 2018.
-- Cambria's central costs, decreased by a further 12% to
$243,000 from $277,000 after excluding non-recurring legal costs
and the Consilium settlement. The CEO and Directors of the company
have been providing their services to Cambria without compensation
since their appointment in July 2015.
-- Group interest costs were reduced by $293,000 or 44% after
the partial conversion & partial repayment of loans. Overall,
consolidated debt fell by 25% from $4.43 million to $3. 33
million.
-- Cambria's strategic subsidiaries continue to meet their
license fee and import obligations with the ongoing support of
their commercial bankers and cooperation of the Reserve Bank of
Zimbabwe.
Contacts
Cambria Africa Plc: www.cambriaafrica.com
Samir Shasha CEO: + 44 (0) 207 669 0115
Email: info@cambriaafrica.com
WH Ireland Limited: www.wh-ireland.co.uk
James Joyce / Alex Bond: + 44 (0) 20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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