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01 Feb 2019 | 14:25

Cambria Africa swing to profit; warns of dimmed outlook in Zimbabwe

Cambria Africa swung to an annual profit after it generated higher revenue from its investments in Zimbabwean payments services and industrial solvents companies.

The company, however, noted that recent political unrest in the African nation had dimmed the outlook for foreign investment there.

Net profit for the year through August amounted to $1.9m, compared to a loss of $349k on-year, as revenue rose 10% to $9.4m.

'The outlook for direct foreign investment and balance of payment support for Zimbabwe significantly dimmed following violent protests and the ensuing clampdown by government forces,' Cambria Africa said.

'Historically, companies that have survived such seismic shifts in the country's fortunes have come back stronger and more profitable.'

'Cambria expects to survive the dislocations created by these events.'

'As some investors turn away, Cambria's management feels that it will have an opportunity to capitalize on new opportunities at significantly lower investment costs than before.'

At 2:25pm: (LON:CMB) Cambria Africa share price was +0.05p at 1.03p

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