Cambria Africa has reported a profit before tax and minorities of $478,000 for the year ended 31 August 2017, which compares to a loss of $325,000 in FY 2016.
The Company confirmed that this figure includes legal fees of $821,000 (2016: $819,000) and the Consilium Settlement of $223,000, as announced 4 October.
Consolidated earnings (EBITDA) for the year increased by 122% to $1.0m from $0.45m 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.
The Company pointed out that this information has been extracted from the unaudited management accounts and could be subject to possible change following the completion of its year-end audit process.
The final audited results are expected to be released in early 2018.
At 1:31pm: (LON:CMB) Cambria Africa share price was 0p at 1.13p