Australia's United Malt falls on guidance cut, low sales volume

United Malt

27/04/2023 02:03

** Shares of United Malt Group Ltd  UMG.AX  fall as much as
6.2% to A$4.36, their biggest intraday pct drop since Nov. 16
    ** Commercial maltster expects 1H23 underlying EBITDA of
about A$51 mln ($33.69 mln), below prior guidance of between
A$58 mln and A$66 mln
    ** Guidance cut due to lower volumes and delay in start of
Inverness facility
    ** Also expects SaaS costs for 1H23 to be about A$6.8 mln,
higher than previously anticipated
    ** Says 1Q23 sales were 6-8% lower than expected, reflecting
lower beer demand
    ** UMG at its lowest level since March 24; set to fall for a
second straight day
    ** UMG among top five losers in the ASX 200 benchmark index
 .AXJO 
    ** UMG up 34% this year, as of last close

($1 = 1.5138 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))