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Cambria Africa PLC (CMB)

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Monday 02 July, 2018

Cambria Africa PLC

Trading Update & Open Offer Reminder

RNS Number : 2262T
Cambria Africa PLC
02 July 2018
 

Cambria Africa Plc

("Cambria" or the "Company")

 

Trading Update - 9 Months Ended 31 May 2018

Open Offer Reminder

 

Trading Update

Cambria is pleased to announce an update on the performance of its core subsidiaries Payserv and Millchem.

The unaudited FY 2018 management accounts for the 9 months ended 31 May 2018 continue to reflect improvements in profitability against the same period in FY 2017 as follows:

Payserv:

·      Despite a marginal increase in Electronic Data Interchange (EDI) volumes of 1.3%, Payserv achieved a:

22% increase in EBITDA before minority interests to $2.37 million from $1.94 million;

19% increase in revenues to $5.52 million from $4.62 million;

21% increase in PBT after minority interests to $1.88 million from $1.55 million.

·      Tradanet loan volumes were up by 14%.

Millchem continued its trajectory of improvements and is trading profitably:

·      $351,000 turnaround in EBITDA to $158,000 from a loss of $193,000;

·      30% gross profit margin - a 70% improvement from 18% gross profit margin;

·      $1.33 million in revenues - a reduction of 25% but achieving a more profitable product mix;

·      $264,000 reduction (50%) in administrative expenses to $261,000 from $525,000;

·      $353,000 turnaround in PBT to $140,000 from a loss of $213,000.

Based on the above results, Cambria is on track to achieve similarly positive results in the second half of FY 2018 to those achieved for the first six months ended 28 February 2018.

Open Offer Reminder

Shareholders of Record at 1 June 2018 should have received applicable Open Offer documentation allowing them to acquire Open Offer Shares at a price of 1.10p per share for up to 2 Open Offer shares for each share held. Shareholders taking up their full Open Offer Entitlement can also apply for additional Open Offer Shares through an Excess Application Facility.

Shareholders are reminded that Open Offer applications and excess applications are to be received by the Company's Registrars before 11:00am on the Open Offer Closing Date set for Friday, 6 July 2018.

The Open Offer Document is available on the Company's website http://www.cambriaafrica.com and is located under the "Investors - Shareholder Documents" - section of the website. The Open Offer Document can also be accessed by typing or copying the following link into your browser:

http://www.cambriaafrica.com/investors/shareholder-documents

Each certificated shareholder should have received a personalised Open Offer Application Form setting out his/her respective Open Offer Entitlement. The Open Offer Application Form also facilitates the application for Excess Shares under the Excess Application Facility. Shareholders who have not received their personalised Open Offer Application Forms, should please contact Cambria's Registrars, Neville Registrars Limited on +44 (0) 121 585 1131 to arrange a replacement copy to be sent.

As announced on 15 May 2018, the Open Offer Price of 1.10 pence represents a discount of 8% to the 30 day volume weighted average price of 1.19p as at 4 May 2018. In the opinion of the Cambria Board, the Open Offer Price at a Price to Earnings ratio of 2.8 times Cambria's annualised earnings based on the six month period ended 28 February 2018, presents Cambria shareholders with an attractive opportunity to increase their shareholding in Cambria through an orderly access to Cambria shares at a fixed price.

 

Contacts




Cambria Africa Plc:

www.cambriaafrica.com

Samir Shasha

+44 (0) 207 669 0115





WH Ireland Limited:

www.wh-ireland.co.uk

James Joyce / Alex Bond

+44 (0) 207 220 1666

 


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