Q1 Results (Three months ended 31 December 2024)

28 Feb 2025 08:00 CET

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)
• 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)
• 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
• Operating costs for the continuing business were 15% below the prior year;
they reflect the corporate costs for the whole Group including those previously
allocated to Genetics, and before the planned streamlining to be conducted post
completion of the Genetics disposal
• Cash, liquidity and net debt:
o Cash of £13.8m (30 September 2024: £23.1m) and liquidity (cash and available
facility) of £21.1m (30 September 2024: £34.3m)
o Net debt3 of £62.0m (30 September 2024: £49.0m)
Operational highlights
• Advanced Nutrition – Focus on operational efficiency, product range expansion
and innovation to mitigate soft markets
o Successful expansion of product portfolio through continuous innovation
 Increasing adoption of recently launched products and technologies including
SnappArt® and Snapp360®
 Successful launch of a new shrimp diet specifically tailored to the Ecuadorian
market
o Strong performance in the European marine fish sector driven by growing
product portfolio and expansion into the nursery segment
o Steps taken to strengthen the high margin diets and health segments through
the integration of the technical services and product management teams
o 2025 Great Salt Lakes Artemia harvest completed delivering high quality
Artemia for the second year in a row; this will benefit future margins as the
higher-grade product goes through inventory
• Health – Progress towards the development of an alternative business model for
Ectosan® Vet and CleanTreat®
o Progress made towards the introduction of a new land-based configuration and
business model for Ectosan® Vet and CleanTreat® through a new JV with Water AS;
confirmed customer interest in the new capital-light solution
• Group – Progress towards completion of Genetics disposal and return of capital
announced in November 2024
o Regulatory clearances well advanced with completion expected by end of March
2025
o Plans for delivery of transition services agreement are in place
o Post completion of the Genetics disposal, the Company will make a separate
announcement regarding use of proceeds and plans for the continuing business.
 As previously announced proceeds will be used to return capital to
shareholders and to reduce the Company’s leverage, by repaying the Group’s
unsecured listed green bond and drawn amounts under the Group’s revolving credit
facility, thereby strengthening the balance sheet of the continuing business

Current trading and outlook – trading in line with management’s expectations for
the full year
The Group is trading in line with management’s expectations for the full year
underpinned by improving performance in Advanced Nutrition since the latter part
of Q1 FY25. Health is now a profitable, cash positive business focusing on
Salmosan® Vet.

Financial Summary – continuing operations
£m Q1 FY25 Q1 FY24
Restated % AER % CER** FY24
(full year)
Revenue 17.7 25.3 -30% -25% 90.4
Adjusted
Adjusted EBITDA1 (0.2) 3.5 -107% -116% 11.9
Adjusted Operating loss2 (1.1) (2.1) 46% 29% (16.6)
Statutory
Operating loss (6.0) (5.6) -9% -15% (35.5)
Loss before tax (7.1) (9.1) 22% 18% (45.9)
Loss for the period (7.3) (8.5) 14% 10% (44.3)
Basic loss per share (p) (including discontinued
operations) (1.34) (1.03) (5.34)
Net debt3 62.0 74.6 49.0
Business Area summary

£m Q1 FY25 Q1 FY24 % AER % CER** FY24
(full year)
Revenue
Advanced Nutrition 16.1 19.3 -16% -11% 75.9
Health 1.6 6.1 -73% -71% 14.5
Adjusted EBITDA1
Advanced Nutrition 0.8 4.6 -82% -89% 14.4
Health 0.3 0.6 -43% -41% 2.1
*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,
amortisation, and impairment), before exceptional items
(2) Adjusted operating loss is operating gain or loss before exceptional items
and amortisation of intangible assets excluding development costs
(3) Net debt is cash and cash equivalents less loans and borrowings

The Genetics business which is the subject of a disposal process has been
treated as held for sale and discontinued.

Trond Williksen, CEO, commented:

“Q1 FY25 has been a stepping-stone quarter for us representing a period of
transition for Benchmark ahead of completion of the Genetics disposal and
streamlining of the continuing business. Our reported performance reflects
ongoing weakness in the global shrimp markets for Advanced Nutrition coupled
with a temporary change in product mix and a solid performance in Health.

“Looking forward we expect an improvement in trading conditions and margins, and
we have two well positioned businesses capable of delivering attractive
shareholder returns. Our restructured Health business performs well as a cash
generative business and is advancing towards a relaunch of a new land-based
business model for Ectosan® Vet and CleanTreat®.”

Analyst / investor webcast at 08:00 am UK time (09:00 CET) today

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial
Officer will host a webcast today starting at 09:00 CET time (08:00 UK time).

To attend the live webcast and for the opportunity to ask questions, please
register and join at the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250228_5



Equity Development webcast for retail investors at 12:00pm UK time today

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial
Officer will host a second webcast for retail investors and wealth managers at
12.00pm UK time today. The webcast is open to all existing and potential
shareholders.

To register please visit:
https://www.equitydevelopment.co.uk/news-and-events/benchmark-q1-investor-presen
tation-28february2025

Enquiries

For further information, please contact:
Benchmark Holdings plc benchmark@mphc.com
Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations


Deutsche Numis (Broker and NOMAD) Tel: 020 7260 1000
Freddie Barnfield, Duncan Monteith, Sher Shah


MHP Communications Tel: +44(0)7884 494112
Katie Hunt, Reg Hoare benchmark@mhpgroup.com

More information:
Access the news on Oslo Bors NewsWeb site

640084_Presentation Q1 FY25 final.pdf
640084_BMK Q1 FY25 RNS final.pdf