Benchmark Holdings plc
(“Benchmark”, the “Company” or the “Group”)
Q4 Results
(3 months ended 30 September 2021)
In compliance with the terms of the Company's senior secured 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 2021 (the “period”) . All Q4FY21 and Q4FY20 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 2020 which can be found on https://www.benchmarkplc.com/investor
Highlights – strong performance
Revenues £37.3m, 48% ahead of the prior year (+51% CER) (continuing operations) with strong performance across all business areas:
- Genetics – revenues 35% above Q4 2020 (+34% CER) driven by higher sales of salmon eggs and harvest income
- Advanced Nutrition – revenues 41% above the prior year (+49% CER) continuing its strong performance
- Health revenues – +207% Q4 2020 (+215% CER) benefitting from first sales of Ectosan â Vet and CleanTreat â
Adjusted EBITDA of £7.1m, 51% ahead driven by higher sales partially offset by higher costs and R&D expenses as activities normalise post Covid-19
Cash of £40.2m and Liquidity of c £51.4m (cash and available facility) as at 26 November 2021
|
£m |
Q4 FY21 |
Q4 FY20 |
% AER |
% CER** |
FY21 (full year) |
FY20 |
|
Revenue from continuing operations |
37.3 |
25.2 |
48% |
51% |
125.1 |
105.6 |
|
Adjusted |
|
|
|
|
|
|
|
Adjusted EBITDA1 from continuing operations |
7.1 |
4.7 |
51% |
55% |
19.4 |
14.5 |
|
Adj. EBITDA excluding biological asset movements |
6.1 |
3.1 |
97% |
98% |
16.1 |
11.2 |
|
Adjusted Operating Profit2 |
3.5 |
2.7 |
30% |
35% |
10.8 |
7.9 |
|
Statutory |
|
|
|
|
|
|
|
Operating profit/(loss) |
0.5 |
(2.8) |
|
|
(5.4) |
(10.9) |
|
Loss before tax from continuing operations |
(3.2) |
(2.9) |
|
|
(9.2) |
(22.6) |
|
Loss for the Period – total incl. discontinued operations |
(5.7) |
(8.8) |
|
|
(11.6) |
(31.9) |
|
Basic loss per share (p) |
(0.91) |
(1.43) |
|
|
(1.93) |
(5.26) |
|
Net debt3 |
(80.9) |
(37.6) |
|
|
(80.9) |
(37.6) |
|
Net debt excluding lease liabilities |
(56.9) |
(27.1) |
|
|
(56.9) |
(27.1) |
** 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 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 (Continuing operations)
|
£m |
Q4 FY21 |
Q4 FY20 |
% AER |
% CER** |
FY21 (full year) |
FY20 |
|
Revenue |
|
|
|
|
|
|
|
Advanced Nutrition |
17.1 |
12.1 |
41% |
49% |
70.5 |
59.4 |
|
Genetics |
15.9 |
11.8 |
35% |
34% |
46.8 |
41.5 |
|
Health |
4.3 |
1.4 |
207% |
215% |
7.8 |
5.2 |
|
Adjusted EBITDA1 |
|
|
|
|
|
|
|
Advanced Nutrition |
3.6 |
0.2 |
1700% |
1781% |
13.8 |
6.4 |
|
Genetics |
3.3 |
4.6 |
-28% |
-33% |
11.5 |
14.4 |
|
– Net of fair value movements in biological assets |
2.3 |
3.0 |
-23% |
-33% |
8.1 |
11.2 |
|
Health |
1.1 |
0.2 |
450% |
633% |
(2.7) |
(3.7) |
** 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
- First Ectosan ® Vet and CleanTreat ® sea lice treatments delivered showing excellent efficacy
- CleanTreat® received the highest level of recognition for environmental protection and sustainability by the Aquaculture Stewardship Council
- Ectosan® Vet patent grant approved giving 20 year protection
- First SPR shrimp stocked at new JV multiplication centre in Thailand
- Post period end, entered long-term strategic cooperation with Regal Springs, the world's No.1 Premium Tilapia company to support its breeding programmes for premium natural grown Tilapi
- Post period end Advanced Nutrition launched Natura pRo and ExL, a new feed protocol to substitute rotifers (live feed)
Market environment – positive outlook
- Recovery in global shrimp markets with potential to bounce back to pre-COVID-19 levels
- Stable salmon markets; demand growth continues to exceed global supply
- The seabass and seabream market have substantially recovered
Current trading and outlook
Trading in line with FY22 expectations
- Consistency in performance continuing in Genetics and Advanced Nutrition
- Health starts benefitting from Ectosan® Vet and CleanTreat® revenue stream
Market environment
- Salmon markets are solid with positive outlook for continuous growth
- Global shrimp markets showing recovery
- Sea bass and sea bream markets recovered and stable