12 June 2025
Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
Half year results for the six months ended 31 March 2025
Completion of sale of Genetics business resulting in £76m Group profit
Continuing business performing in line with expectations
Benchmark (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology
company, announces its unaudited interim results for the six months ended 31
March 2025 (the "Period" or "H1 FY25").
Financial Highlights
Overview
o Group profit after tax from continuing and discontinued operations of £76.0m
driven by an £90.9m gain from the sale of the Genetics business, completed on 31
March 2025
o Post period end the Company announced plans to return capital to shareholders
and to delist the Company from AIM and Euronext Growth Oslo
Continuing business
o H1 FY25 results for the continuing business reflect an improvement in Advanced
Nutrition in the second quarter of the year and a continued solid performance in
Health
o Group revenues from continuing activities of £40.6m were 22% below H1 FY24
(-17% assuming constant exchange rates CER) primarily as result of a pause in
sales of Ectosan® Vet and CleanTreat® since the second half of FY24 while the
new land-based model is developed
o Advanced Nutrition revenues were £37.7m (H1 FY24: £40.4m), down 1% CER
reflecting improved trading in Q2 FY25 partially offsetting weak Q1 FY25
performance
o Health revenues were £3.0m (H1 FY24: £11.5m) reflecting pause in Ectosan®Vet
and CleanTreat® and lower Salmosan® Vet sales as a result of timing differences
across financial periods
o Adjusted EBITDA from continuing operations was £4.2m (H1 FY24: £9.6m) driven
by lower revenues as above, whilst cost base is not yet fully reflective of
corporate streamlining underway post Genetics sale
o Group operating costs were £14.2m, 13% below H1 FY24:
o Advanced Nutrition and Health reported a reduction in operating costs
following restructuring in the prior year
o Corporate costs include costs previously allocated to Genetics which will be
eliminated as a result of streamlining underway
o Operating loss from continuing operations was £8.4m (H1 FY24: loss of £7.2m)
o Cash, liquidity and net debt:
o Cash and cash equivalents of £116.9m and liquidity (cash and available
facility) of £131.6m at 10 June 2025
o Net cash of £125.9m at 31 March 2025, with borrowings fully repaid after the
period end in April 2025
Strategic and Operational Highlights
o Advanced Nutrition - Continued commercial and operational progress
o The Company's diversified portfolio of high performing products and solutions
is performing well as producers seek to optimise performance and yield
o Products launched in the last two years including high performing fish diets
are increasingly adopted by customers, resulting in increased sales
o Improved product mix compared to H2 FY24 and Q1 FY25 with increased
availability of high quality Artemia
o Launched new algae product during the period which is generating good traction
o Strategy implemented in key Ecuadorian market to strengthen local presence to
leverage our technical team is delivering results
o Conditions in shrimp market still challenging in Q2 FY25