United Malt Group Limited (ASX: UMG), the malt producer and supplier, announced its half-year financial results for the period ended March 31, 2023. The group revenue grew by 16% to AU$756.6 million, reflecting improved contract pricing and higher barley prices. Underlying EBITDA, excluding software-as-a-service costs and one-off items, reached AU$52.7 million, up 1% YoY, and earnings rose significantly in Q2.
However, the group incurred AU$6.8 million in SaaS costs, and one-off restructuring costs worth AU$2.0 million related to the amalgamation of the Company's North American Processing and Warehouse & Distribution sales teams. The group reported EBITDA, including one-off and SaaS costs, of AU$38.3 million and net loss after tax of AU$13.8 million, compared to net profit of AU$6.0 million in the prior corresponding period. The group also maintained its FY23 Underlying EBITDA guidance at AU$140 million- AU$160 million, excluding SaaS costs and one-off items.
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