Benchmark Holdings PLC Trading Update (7927D)
October 24 2022 - 2:00AM
UK Regulatory
TIDMBMK
RNS Number : 7927D
Benchmark Holdings PLC
24 October 2022
24 October 2022
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")
Trading Update
FY22 results ahead of market expectations
Following a strong end to the year across all business areas
Benchmark, the aquaculture biotechnology business, is pleased to
provide an update ahead of its full year results for the year ended
30 September 2022.
Following strong Q3 results and a continued positive performance
throughout FY22, the Company ended the year strongly, delivering
better than expected trading across its three business areas in Q4.
As a result, and subject to audit, the Company expects to report
Adjusted EBITDA in the range of GBP30m-GBP31m ahead of consensus
market expectations of GBP27.7m.
Genetics ended the year above management expectations,
benefitting from strong demand for our salmon eggs in Q4, which we
were able to fulfil through our recent investment in a new
bio-secure incubation centre in Iceland. Advanced Nutrition saw a
continuation of the excellent performance throughout the year,
delivering revenues ahead of plan across all product areas. In
Health, revenues from Ectosan(R) Vet and CleanTreat(R) reflect
increased activity and customer uptake as we move into the main sea
lice treatment season.
As previously announced on 16 September the Company successfully
refinanced the outstanding NOK 850m secured bond through the issue
of an unsecured NOK 750m green bond despite very challenging market
conditions. However, against these positive trends and
developments, heightened volatility in debt and currency markets
have impacted financing costs including the currency revaluation of
debt. In addition to this, we have one off costs associated with
the redemption of the outstanding NOK 850 million bond, which
amount to c. GBP2.5 million. Net debt excluding lease liabilities
at 30 September was GBP47.5m and cash was GBP36.4m following the
refinancing.
The Company has continued to progress towards a listing on
Euronext Growth Oslo by the end of calendar year 2022. The Company
intends to uplist to the Oslo Børs, the leading seafood and
aquaculture market globally, in H1 of calendar year 2023. The
timing of both the listing on Euronext Growth Oslo and intended
uplist to the Oslo Børs are subject to market conditions.
On Tuesday 20 September, the Group held a Capital Markets Day
and site visit which was attended by a broad range of analysts and
investors and received positive feedback. During the event,
Benchmark's management presented key elements and relevant details
of Benchmark's investment case, its business areas and growth
opportunities and reiterated the Group's financial guidance. A
recording of the event is available on the Group's website
https://www.benchmarkplc.com .
Outlook
The Company has had a good start to FY23, with trading over the
first few weeks of the new financial year remaining strong across
all three of our business areas. The Board is confident about the
Group's prospects for FY23 and beyond, delivering significant
operational and financial progress and substantially improving our
reported performance and cash generation.
Trond Williksen, CEO, commented:
"We are pleased by the strong end to the year, which is a
continuation of the consistent performance in the business over the
last eight quarters. Looking ahead, we have had a good start to
FY23 and the outlook for the business remains positive.
"Benchmark is a well-positioned, diversified business able to
take advantage of commercial opportunities in the main aquaculture
species across the world and to benefit from the underlying
megatrends in the industry, which will support the Group's
sustainable growth over the medium and long term."
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 Communications Tel: 020 3128 8990 / 8742
Katie Hunt, Reg Hoare benchmark@mhpc.com
About Benchmark
Benchmark is a leading aquaculture biotechnology company.
Benchmark's mission is to enable aquaculture producers to improve
their sustainability and profitability.
We bring together biology and technology to develop innovative
products and solutions which improve yield, quality and animal
health and welfare for our customers. We do this by improving the
genetic make-up, health and nutrition of their stock - from
broodstock and hatchery through to nursery and grow out.
Benchmark has a broad portfolio of products and solutions,
including salmon eggs, live feed (Artemia), specialist diets and
probiotics and sea lice treatments. Find out more at
www.benchmarkplc.com
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