Zambeef Products plc, the Zambian agribusiness that was co-founded by Irishman Francis Grogan and is listed on the London stock exchange, has announced a pre-tax loss of €4.4m for the first half of the year.

Revenue for the six months to the end of March 2014 was down 2% to €93.6m, while EBITA fell by 45% to €5.7m.

In a trading statement, the company said its financial performance had been adversely impacted by macro-economic challenges, increased competition and external events.

Zambeef, which has operations in Zambia, Nigeria and Ghana, said that export sales grew by 27.8% to €14.6m, which now represents almost 16% of total revenues.

Zambeef Products plc was incorporated in 1994 and is involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, eggs, edible oils, stock feed, flour and bread.

Zambeef is one of the largest beef processors in Zambia, with the capacity to slaughter 100,000 head of cattle per annum.

The group also has a large crop production operation with the capacity to produce 40,000 MT of soya beans, 45,000 MT of wheat and 21,000 MT of maize per annum.

Over the last number of years, Zambeef has created an operational platform that means the group is well placed to become a regional food player in Southern Africa.