Full Year Results for the Financial Year ended 30 September 2022 - A year of sustained growth and strategic delivery

30 Nov 2022 08:00 CET

Benchmark, the aquaculture biotechnology company, announces its full year
audited results for the year ended 30 September 2022 (the "period").

Financial highlights – strong FY2022 results delivered ahead of original market
expectations

• Revenue increase of 27% (+21% CER)
o Advanced Nutrition – excellent performance as the Company continued to
capitalise on renewed commercial focus and recovery in the shrimp markets post
pandemic; revenues increased by 14% (+7% CER)
o Genetics – strong performance benefitting from high demand for the Company’s
salmon eggs delivered from Benchmark’s new incubation centre in Iceland; revenue
growth +24% (+21% CER)
o Health – first full year of sales from new sea lice solution Ectosan® Vet and
CleanTreat® resulting in revenue growth of 157% (+157% CER)
• Adjusted EBITDA +60% (+54% CER) driven by growth in the three business areas
and continued financial discipline
• Adjusted EBITDA margin of 20% (FY21: 16%). Adjusted EBITDA margin excluding
fair value uplift from biological assets increased to 19% (FY21: 13%)
• Loss for the period increased to £30.5m as a result of increased depreciation
associated with CleanTreat® units and higher net finance expenses
• Disciplined investment in growth areas with tangible capex totalling £10.8m
• Refinancing of NOK 850m bond and post period end refinancing of USD $15m RCF
• Cash and cash equivalents of £36.4m and available liquidity of £45.8m
• At 28 November, cash and cash equivalents of £35m and available liquidity of
£51m

More information:
Access the news on Oslo Bors NewsWeb site

577001_Full RNS 2022 final.pdf