Brief: United Malt Says Co Is Targeting Improvement In Financial Performance In FY23

United Malt

10/02/2023 01:21

Feb 10 (Reuters) - United Malt Group Ltd  UMG.AX :
    * TARGETING IMPROVEMENT IN CO'S FINANCIAL PERFORMANCE IN
FY23 WITH
FURTHER STEP-UP IN EARNINGS IN FY24
    * CONTINUE TO EXPECT UNDERLYING EBITDA (BEFORE SAAS COSTS)
FOR
FY23 TO BE IN RANGE OF A$140 TO A$160 MILLION
    * EXPECT TO RESUME DIVIDEND PAYMENTS IN LINE WITH POLICY TO
DISTRIBUTE ABOUT 60% OF UNDERLYING NPAT AS DIVIDENDS
    * FIRST HALF EARNINGS EXPECTATIONS REMAINING UNCHANGED FROM
PREVIOUS GUIDANCE OF A$58- A$66 MILLION (BEFORE SAAS COSTS)
    * DOES NOT ENVISAGE NEED TO RAISE ANY EQUITY CAPITAL TO MEET
BALANCE SHEET REQUIREMENTS IN FY23
    * EXPECT EARNINGS TO IMPROVE FROM Q2
    * MALT WHISKY PRODUCTION EXPECTED TO CONTINUE ITS UPWARD
TREND
    * HAVE SEEN A SIGNIFICANT IMPROVEMENT IN QUALITY OF BARLEY
CROP IN
NORTH AMERICA
    * THERE WILL BE  SIGNIFICANT STEP DOWN IN CAPEX COMMITMENTS
IN
FY23
    * SEES PROGRESSIVE IMPROVEMENT IN CUSTOMER CONTRACTS,
INCLUDING
PRICING AND COMMERCIAL TERMS TO BETTER CAPTURE TRUE
COST-TO-SERVE OVER YEAR

Source text for Eikon:  ID:nASX1HKSB8 
Further company coverage:  UMG.AX 
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