CASHING IN ON THIRST FOR CRAFT BEER

UNITED Malt Group, the world’s fourth biggest maltster, is buoyed by the growing thirst for craft beer and aged whisky as lockdowns ease and drinkers celebrate a return to pubs and bars, with sales volumes fast approaching levels before Covid-19.

The demand for craft beer in particular is booming which is beneficial to United Malt’s focus on premium barley used to make some of the world’s most popular craft beers while growing enthusiasm for 10year and over aged whisky is driving distillers to the doors of its new whisky facility in Inverness, Scotland, which will soon boost capacity.

Meanwhile, higher international prices for barley combined with resurgent demand across all of its markets reflecting the reopening of venues has poured cash into United Malt’s coffers. United Malt, which was demerged from GrainCorp two years ago, has also pushed through price increases for new customers, as much as doubling prices to cope with the tight market for barley and inflated commodity prices, with plans for older contracts to also take on higher prices as they roll over. United Malt on Tuesday posted a 24 per cent slide in half-year profit to $10.3m as revenue lifted 11 per cent to $651.6m for the six months to March 31.