Beston Global Food announced an FY23 trading update with downgraded EBITDA guidance

Beston Global Food Company Limited (ASX: BFC) provides the following updated full-year guidance as follows:

• According to the updated guidance's revenue measurements, milk supply, and revenue per litre, the company's underlying performance is still strong. The company's sales projection has been raised to a new range of AU$170 - AU$190 million from AU$150 - AU$180 million.
• The performance of EBITDA in 2HFY23 is being impacted by unprecedented inflationary cost pressures brought about by external causes, particularly with utilities (gas, electricity, chemicals) and insurance. Due to these constraints, BFC is lowering its EBITDA projection and revising its trade performance guidance.
• The company has started work on a series of high-returning, short-pay-back capex projects projected to result in cost savings and increased manufacturing efficiency by the end of Q4 FY23 and into FY24 after its successful capital raise in November 2022.

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