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United Malt (neutral impact) provided guidance for its earnings in FY-21 (it reports on a calendar year basis).

Operating profit is expected to be lower at $103-108m. The is due to a number of ‘one-off’, largely COVID-related costs, including a grain storage contractor entering administration, a potential bad debt attributable to a key customer and a recent change in accounting standards.

Importantly, the result on an underlying basis looks to be in line with our expectations, with the company indicating malt volumes continuing to be at 95% of pre-covid levels and that higher margin craft revenue is returning to pre-COVID levels.