The world’s fourth-largest supplier of malt to the beer and whisky industries suffered a share price crash after a hefty profit downgrade.
urged investors to look over the horizon on Monday after a profit downgrade triggered by soaring costs caused a 17 per cent slide in its share price, with $188 million in sharemarket value vanishing in a day.of malt to the beer and whisky industry, as he reassured investors there was no need for the company to raise fresh capital to navigate through short-term tougher times.
United Malt shares tumbled 17 per cent to close at $3.04 on Monday after announcing the profit downgrade. The stock was at $4.59 in early January.but has largely been a disappointment. It is searching for a new chief financial officer after announcing on July 20 that Amy Spanik was departing from that role “in order to pursue other opportunities”.
He asked for patience from investors. “We’re really at a window where we can see how we come out of this,” he said.United Malt expects underlying earnings before interest, tax, depreciation and amortisation to be in the range of $100 million to $108 million for the year ended September 30. This compares with the previous forecast of $115 million to $140 million.
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