Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
Q3 & Year to Date Results
(Three months and nine months ended 30 June 2023)
Strong performance YTD Q3
Q3 reflects anticipated seasonality in Health and conditions in the global
shrimp market
In compliance with the terms of the Company's unsecured Green bond, which
requires it to publish quarterly financial information, Benchmark, the
aquaculture biotechnology business, announces its unaudited results for the
three months ended 30 June 2023 (the "Period"), which constitutes the third
quarter for the fiscal year ("FY") 2023, and its year to date unaudited results
for the nine months ended 30 June 2023. All Q3 FY23, Q3 FY22, Q3 YTD FY23 and Q3
YTD FY22 figures quoted in this announcement are based on unaudited accounts.
Financial highlights
Q3 FY23
o Q3 FY23 revenues 6% below the prior year (-1% CER) with growth in Genetics
offset by lower revenues in Advanced Nutrition due to ongoing softness in shrimp
markets. Health revenues broadly in line with the prior year.
o Q3 FY23 Adjusted EBITDA excluding fair value movements from biological assets
29% below the prior year (-19% CER) as a result of lower revenues, adverse forex
and quarter specific factors including an increase in third party production
costs for our salmon harvest income, partially offset by ongoing cost control.
o Adjusted Operating Loss excluding FV movement in biological assets of £1.7m
(Q3 FY22: £0.7m loss).
o Loss before tax reduced substantially £4.7m (Q3 FY22: £11.2m loss) due to a
material reduction in net finance costs as a result of forex movements and mark
to market movements in the value of financial derivatives.
Q3 YTD FY23 - Significant year on year growth and improved profitability
o Q3 YTD FY23 revenues 15% ahead of the prior year (+13% CER), driven by growth
in Genetics and Health