Half year results for the six months ended 31 March 2025

12 Jun 2025 08:00 CEST

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
• 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
• 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
• 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
• 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
• 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
• 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
• Operating loss from continuing operations was £8.4m (H1 FY24: loss of £7.2m)
• 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
• 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; post period end the
new US tariff regime has caused some uncertainty
o Conditions in Mediterranean fish market are positive with improved end pricing
and benefits of industry consolidation coming through

• Health – Solid performance of core Salmosan® Vet business post restructuring
in FY24
o Salmosan® Vet business performing well with sales in line with management
expectations and continued cost discipline.
o Positioned for relaunch of Ectosan® Vet and CleanTreat® with new land-based
configuration subject to customer interest in the new capital-light solution

• Group – Genetics disposal complete. Repayment of Green Bond and RCF post
period end. Proposals to return capital to shareholders and delist from AIM and
Euronext Growth Oslo announced post period end
o Genetics disposal completed on 31 March 2025 realising gross cash proceeds of
c. £194m
 Streamlining of corporate structure resulting from disposal of Genetics
business well advanced post period end
 Obligations under transaction services agreement are substantially complete
and expect to be fulfilled by 30 June 2025
o Repayment of Green Bond, revolving credit facilities and associated hedging
instruments post period end which in total amounted to approximately £87m
o Proposals for return of capital and future of the continuing business
announced on 23 May 2025*. Proposals include:
 Cancellation of the admissions to trading of the Company's Ordinary Shares on
AIM and Euronext Growth Oslo
 Re-registration of the Company as a private limited company
 Opportunity for Qualifying Shareholders to realise all or some of their
investment in the Company by accepting a Tender Offer at a Tender Offer Price of
25 pence per Ordinary Share
 A planned special dividend for Shareholders that do not participate in the
Tender Offer to be paid following the successful implementation of the Tender
Offer and the De-Listings
 Implementation of the Tender Offer, the De-Listings and the Re-Registration,
is conditional, inter alia, upon the applicable Resolutions being passed at the
forthcoming General Meeting to be held at 12.00 noon on 18 June 2025 and on the
Norwegian Approval
 Expected last day of dealings in the Ordinary Shares on AIM and Euronext
Growth Oslo expected to be within 2 - 3 months of the date of the Norwegian
Approval
* Unless otherwise defined, capitalised terms used in this announcement have the
same meanings as ascribed to them in the circular found in this link
http://www.rns-pdf.londonstockexchange.com/rns/9520J_1-2025-5-23.pdf
Current trading and outlook – trading in line with expectations for the full
year
The Group is trading in line with expectations for the full year underpinned by
improving performance in Advanced Nutrition since the latter part of Q1 FY25
albeit with some uncertainty caused by the new US tariff regime. Health is now a
profitable, cash positive business focusing on Salmosan® Vet.
Financial Summary
£m H1 FY25 H1 FY24
Restated* % AER % CER** FY24
(full year)
Revenue 40.6 51.8 -22% -17% 90.4
Adjusted
Adjusted EBITDA1 4.2 9.6 -56% -56% 11.9
Adjusted Operating profit2 2.4 1.6 57% 55% (16.6)
Statutory
Operating loss continuing operations (8.4) (7.2) -16% -17% (35.5)
Loss before tax continuing operations (12.6) (11.6) -9% -9% (45.9)
Loss for the period from continuing operations (13.1) (11.4) -15% -16% (44.3)
Profit from discontinued operations 89.1 2.6 5.2
Basic earnings per share (p) (including discontinued
operations) 10.33 (1.21) (5.34)
Net cash/(debt)3 125.9 (72.7) (49.0)

* H1 2024 numbers were restated to reflect the results of the Genetics business
being classified as a discontinued operation in FY24 in line with IFRS5
following the decision to sell the business area
**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 – restructuring,
acquisition and disposal 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 cash/(debt) is cash and cash equivalents less loans and borrowings

 
Business Area summary

£m H1 FY25 H1 FY24 % AER % CER* FY24
(full year)
Revenue
Advanced Nutrition 37.7 40.4 -7% -1% 75.9
Health 3.0 11.5 -74% -73% 14.5
Adjusted EBITDA1
Advanced Nutrition 6.5 9.9 -35% -35% 14.4
Health 0.5 2.2 -78% -77% 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 and
amortisation and impairment), before exceptional items – restructuring,
acquisition and disposal related expenditure

Trond Williksen, CEO of Benchmark, commented:

“The streamlining of Benchmark following the sale of the Genetics business is
well underway and the performance in the remaining business has developed
positively and in line with our expectations in the last quarter.

“The announced decision to delist the Company from AIM and from Euronext Growth
Oslo is driven by strong commercial rationale, reducing costs and rightsizing
the remaining business for the next phase.”

Webcast for analysts and institutional investors at 8.00 a.m. UK time (9.00 a.m.
CET)

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial
Officer will host a webcast for analysts and institutional investors today at
08.00 a.m. UK time (9.00 a.m. CET) available at
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250612_2

Equity Development webcast for retail investors at 10.00 a.m. UK time (11.00
a.m. CET)

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial
Officer will host a second webcast for retail investors and wealth managers
today at 10.00 a.m. UK time (11.00 a.m. CET). The webcast is open to all
existing and potential shareholders. To register please visit:
https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentat
ion-12june2025

 
Enquiries


Benchmark Holdings plc benchmark@mphgroup.com

Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations
Strand Hanson Limited (Nominated Adviser and Broker) Tel: 020 7409 3494
Christopher Raggett, James Dance, Rob Patrick

MHP Group Tel: +44 7884 494112
Katie Hunt, Reg Hoare benchmark@mhpgroup.com

More information:
Access the news on Oslo Bors NewsWeb site

648929_Final H1 FY25 RNS clean.pdf
648929_Presentation H1 FY25 final AA.pdf