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

Feb 10 (Reuters) - United Malt Group Ltd (UMG) :

• 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