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ASX to rise; United Malt lowers FY22 earnings guidance

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Australian shares to open higher; S&P 500 caps best month since 2020; RBA tipped to lift rates by 0.5 per cent on Tuesday. Follow the latest here.

United Malt Group expects underlying EBITDA for FY22 to be in the range of around $100 million to $108 million.

The company said its processing segment in North America has suffered from the deterioration of the North American barley crop, supply chain disruptions, increased costs of imported barley which could not be fully passed on to customers and general cost inflation. United Malt’s earnings for FY22 are now expected to be below previous guidance as the anticipated improvement in the second half performance of the North American processing segment has been delayed.

Group corporate costs for FY22 are expected to be around $8 million which is less than the guidance provided in its interim results. United Malt anticipates a material increase in earnings in FY23 with underlying EBITDA expected to be in the range of $140 to $160 million.

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