United Malt eyeing recovery in the wake of COVID

AFTER posting better than anticipated half year results in the wake of a tough period due to the COVID-19 pandemic United Malt is hopeful growing normality in North America, a major area for the company’s revenue, will see sales go up.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was $52.7 million, up slightly from guidance at the company’s annual general meeting in February of $47-50 million.

While this some good news for the fledgling company, formed in March last year following the demerger of GrainCorp’s agribusiness and malt divisions, it has still been a tough year.

EBITDA is down 32 per cent with the company taking a hit as beer consumption plummeted, especially in the draught beer segment, due to lockdowns across the globe.

However United Malt chief executive Mark Palmquist said there was light at the end of the tunnel.

“We’re seeing things open up in North America, which is 60pc of our business, so that is important for us,” Mr Palmquist said.

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