28 February 2025
Information within this announcement is deemed by the Company to constitute
inside information under the Market Abuse Regulations (EU) No. 596/2014
Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
Q1 Results
(Three months ended 31 December 2024)
Stepping stone quarter -
Progress towards completion of Genetics disposal
and transition towards streamlined organisation
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 31 December 2024 (the "Period"), which constitute the first
quarter for the fiscal year ("FY") 2025. All Q1 FY24 and Q1 FY25 figures quoted
in this announcement are based on unaudited accounts.
Following the decision to sell the Genetics business in FY24, it has been
classified as discontinued operations and the figures for Q1 FY24 have been
restated. The figures shown for the continuing business exclude Genetics and
include Group corporate costs previously allocated to Genetics.
Financial highlights (continuing business)
o Q1 FY25 revenues from continuing operations were £17.7m, 30% below the prior
year (-25% CER) resulting from:
o Advanced Nutrition revenues of £16.1m, 16% below Q1 FY24 (-11% CER) reflecting
continuing soft shrimp markets as well as a change in product mix compared to
the prior year
o Health revenues of £1.6m reflect the restructured Health business area
currently focused on Salmosan® Vet (Q1 FY24 revenues which included Ectosan® Vet
and CleanTreat® were £6.1m)
o Q1 FY25 Adjusted EBITDA from continuing operations was a loss of £0.2m (Q1
FY24: profit £3.5m) due to lower revenues and lower gross profit margin in
Advanced Nutrition, partially offset by a reduction in operating costs
o Operating costs for the continuing business were 15% below the prior year