Australia's United Malt gains on FY revenue rise, positive outlook

United Malt

15/11/2022 24:36

** Shares of United Malt Group Ltd  UMG.AX  rise as much as
3.9% to A$3.240, their biggest intraday pct gain since Nov 1 
    ** The commercial maltster reports FY revenue from ordinary
activities up 13.9% to A$1,406.7 mln ($941.50 mln)primarily
reflecting higher barley prices urn:newsml:reuters.com:*:nASXCzWQt
    ** Co's revenue beats analysts estimates of UBS and
Jefferies by more than 2% and 3%, respectively  
    ** Co adds anticipates a material increase in earnings in
FY23
    ** Jefferies adds outlook contained no negative signals
around consumer demand or trading down
    ** However, co adds FY net profit after tax attributable
down 20.0% to A$11.6 mln
    ** Co also adds for next few years, expects base Capex to be
in range of about A$55 to A$60 Mln
    ** Stock posts its highest since Nov 2 
    ** Stock has fallen 28.44% this year as of last close
($1 = 1.4941 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))