30 November 2022
Benchmark Holdings plc
(“Benchmark”, the “Company” or the “Group”)
Q4 Results
(3 months ended 30 September 2022)
Strong end to FY22 continuing track record of consistent delivery
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 3 months ended 30 September 2022 (the “period”) . All Q4FY22 and Q4FY21 figures quoted in this announcement are based on unaudited accounts.
This morning the Company published its full year audited results for the 12 months ended 30 September 2022 which can be found on https://www.benchmarkplc.com/investors .
Highlights – strong end to the year
· Revenues £42.8m, 15% ahead of the prior year (+6% CER) with growth across all business areas:
o Genetics – revenues 15% above Q4 2021 (+11% CER) driven by higher sales of salmon eggs
o Advanced Nutrition – revenues 10% above the prior year (-6% CER) driven by commercial focus and continued innovation
o Health Рrevenues +31% above Q4 2021 (+31% CER) driven by increased sales of Ectosan ̢ Vet and CleanTreat ̢
· Adjusted EBITDA of £8.8m, 23% ahead of last year driven by higher sales, operational efficiencies and continued financial discipline
· Adjusted EBITDA excluding fair value movements from biological assets 57% ahead
· Refinancing of NOK850m secured bond through the issue of a NOK750m unsecured green bond
· Post period end, refinancing of $15m RCF with a £20m RCF expiring in June 2025
· Cash of £35.1m and Liquidity of c £51.1m (cash and available facility) as at 29th November 2022
| £m | Q4 FY22 | Q4 FY21 | % AER | % CER** | FY22(full year) | FY21 |
| Revenue | 42.8 | 37.3 | 15% | 6% | 158.3 | 125.1 |
| Adjusted | ||||||
| Adjusted EBITDA1 | 8.8 | 7.1 | 23% | 15% | 31.2 | 19.4 |
| Adj. EBITDA excluding biological asset movements | 9.6 | 6.1 | 57% | 48% | 29.6 | 16.1 |
| Adjusted Operating Profit2 | 3.5 | 3.5 | 0% | -9% | 9.1 | 10.8 |
| Statutory | ||||||
| Operating (loss)/profit | (1.7) | 0.5 | -460% | -524% | (7.9) | (5.4) |
| Loss before tax | (6.8) | (3.2) | -109% | -127% | (23.2) | (9.2) |
| Loss for the Period | (8.9) | (5.7) | -56% | -58% | (30.5) | (11.6) |
| Basic loss per share (p) | (1.36) | (0.91) | (4.60) | (1.93) | ||
| Net debt3 | (73.7) | (80.9) | (73.7) | (80.9) | ||
| Net debt excluding lease liabilities | (47.5) | (56.9) | (47.5) | (56.9) |
** Constant exchange rate (CER) figures derived by retranslating current year figures using previous year’s foreign exchange rates
(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items including acquisition related expenditure.
(2) Adjusted Operating Profit is operating loss before exceptional items including acquisition related items and amortisation of intangible assets excluding development costs
(3) Net debt is cash and cash equivalents less loans and borrowings
Business Area Summary
| £m | Q4 FY22 | Q4 FY21 | % AER | % CER** | FY22(full year) | FY21 |
| Revenue | ||||||
| Advanced Nutrition | 18.9 | 17.1 | 10% | -6% | 80.3 | 70.5 |
| Genetics | 18.3 | 15.9 | 15% | 11% | 58.0 | 46.8 |
| Health | 5.6 | 4.3 | 31% | 31% | 20.1 | 7.8 |
| Adjusted EBITDA1 | ||||||
| Advanced Nutrition | 4.7 | 3.6 | 29% | 8% | 19.0 | 13.8 |
| Genetics | 5.5 | 3.3 | 65% | 72% | 16.0 | 11.5 |
| – Net of fair value movements in biological assets | 6.3 | 2.3 | 173% | 183% | 14.4 | 8.2 |
| Health | 0.6 | 1.1 | -43% | -45% | 0.1 | (2.7) |
** Constant exchange rate (CER) figures derived by retranslating current year figures using previous year’s foreign exchange rates
(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items including acquisition related expenditure.
Operational highlights
· Opening of new salmon egg incubation centre in Iceland
· Salmon egg capacity in Norway and Iceland sold out
· Progress in commercialisation of SPR shrimp – client wins in Indonesia and Vietnam
· Continued positive commercial momentum in Advanced Nutrition and focus on operational optimisation
· Increased customer use and adoption of Ectosan® Vet and CleanTreat®
Current trading and outlook – good momentumin line with our expectations
· Good start to the year and positive momentum in the business
· Diversified business and proactive commercial approach create resilience to ongoing macroeconomic pressures
· Recently announced change in tax regime for aquaculture producers in Norway expected to have a marginal direct effect
· Continue to progress towards a dual listing on Euronext Growth Oslo with intention to uplist to the Oslo Børs in H1 2023
Enquiries
| For further information, please contact: | |
| Benchmark Holdings plc | Tel: 020 3696 0630 |
| Trond Williksen, CEO | |
| Septima Maguire, CFO | |
| Ivonne Cantu, Investor Relations | |
| Numis (Broker and NOMAD) | Tel: 020 7260 1000 |
| James Black, Freddie Barnfield, Duncan Monteith | |
| MHP | Tel: 020 3128 8004 |
| Katie Hunt, Reg Hoare, Veronica Farah | benchmark@mhpgroup.com |