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United Malt Group has reported underlying EBITDA of $57 million for the half year ended March 31. The result was in line with recent guidance, but down 5 per cent on the prior corresponding period .
Group revenue increased by 11 per cent to $652 million as customer demand increased in each of the company’s domestic markets and due to the higher barley price. However, this was offset by external factors, predominately affecting the company’s processing segment, including the Canadian drought affecting barley quality, supply chain disruption, and timing of recovery from customer of input cost inflation.
Net profit after tax was $10 million for the period, down from $14 million in the pcp. Earnings per share were 3.4¢ compared with 4.6¢ in the pcp.United Malt confirmed its previous earnings guidance for FY22, with underlying EBITDA expected to be in the range of $115 -140 million .
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