Currency and costs zap Zambeef

Back in November stockbroker WH Ireland, an adviser to foods processor Zambeef (ZAM), said "it will be hard for 2013-14 not to be a better year" for the Zambia-based group. We reckoned much the same when we chose Zambeef's shares as our 'contrarian' tip of the year at 36p (3 January 2014). Shows how little we know because this week Zambeef made a profits warning, saying it will make a pre-tax loss in the first half to end March.