TIDMBMK
RNS Number : 2698K
Benchmark Holdings PLC
24 August 2023
24 August 2023
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")
Q3 & Year to Date Results
(Three months and nine months ended 30 June 2023)
Strong performance YTD Q3
Q3 reflects anticipated seasonality in Health and conditions in
the global shrimp market
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 30 June 2023 (the
"Period"), which constitutes the third quarter for the fiscal year
("FY") 2023, and its year to date unaudited results for the nine
months ended 30 June 2023 . All Q3 FY23, Q3 FY22, Q3 YTD FY23 and
Q3 YTD FY22 figures quoted in this announcement are based on
unaudited accounts.
Financial highlights
Q3 FY23
-- Q3 FY23 revenues 6% below the prior year (-1% CER) with
growth in Genetics offset by lower revenues in Advanced Nutrition
due to ongoing softness in shrimp markets. Health revenues broadly
in line with the prior year.
-- Q3 FY23 Adjusted EBITDA excluding fair value movements from
biological assets 29% below the prior year (-19% CER) as a result
of lower revenues, adverse forex and quarter specific factors
including an increase in third party production costs for our
salmon harvest income, partially offset by ongoing cost
control.
-- Adjusted Operating Loss excluding FV movement in biological
assets of GBP1.7m (Q3 FY22: GBP0.7m loss).
-- Loss before tax reduced substantially GBP4.7m (Q3 FY22:
GBP11.2m loss) due to a material reduction in net finance costs as
a result of forex movements and mark to market movements in the
value of financial derivatives.
Q3 YTD FY23 - Significant year on year growth and improved
profitability
-- Q3 YTD FY23 revenues 15% ahead of the prior year (+13% CER),
driven by growth in Genetics and Health; Advanced Nutrition
revenues in line with prior year.
-- Adjusted EBITDA excluding fair value movements from
biological assets 27% ahead of the prior year (+27% CER) driven
primarily by growth in Health and resilience in Advanced Nutrition.
Adjusted EBITDA margin (excluding fair value movements from
biological assets) of 19% (Q3 YTD FY22: 17%).
-- Adjusted Operating Profit excluding FV movement in biological
assets more than triple to GBP9.7m (Q3 YTD FY22: GBP3.2m).
-- Loss before tax significantly reduced to GBP6.6m (Q3 YTD FY22: GBP16.4m).
-- Operating cash significantly improved to GBP11.2m inflow
versus prior year (Q3 YTD FY22: cash outflow of GBP2.2m).
-- Cash of GBP32.9m and liquidity of GBP45.1m (cash and available facility) as at 30 June 2023.
-- Net debt (excluding lease liabilities) continues to reduce
year on year to GBP45.7m as at 30 June 2023 (31 March 2023:
GBP44.5m; 30 September 2022: GBP47.5m).
Business Area Highlights
-- Advanced Nutrition - commercial focus and cost control
mitigate impact of shrimp market conditions
o Q3 revenues 17% below the prior year (-18% CER) reflecting
global shrimp market. YTD Q3 23 revenues in line with prior
year.
o Despite drop in revenue, Q3 Adjusted EBITDA 20% above Q3 2022
as a result of product mix, lower freight costs, and ongoing
efficiency programme. YTD Q3 Adjusted EBITDA 4% ahead of the prior
year.
o Conditions in global shrimp markets affecting demand for our
nutritional solutions
-- Genetics - revenue growth offset by quarter specific factors
o Q3 revenues 10% above Q3 2022 (+21% CER) driven by higher
sales of salmon eggs and harvest revenues
-- Growth in salmon egg sales: 68.5m eggs sold in Q3 FY23 (Q3
FY22: 59.4m eggs)
o YTD Q3 revenues 23% (+28% CER) ahead of prior year
o Q3 Adjusted EBITDA excluding FV movement in biological assets
44% below the prior year (-29% CER) due to a number of factors
including:
-- higher third-party production costs related to harvest
income
-- lower capitalisation of biological asset production costs,
and
-- forex headwinds
o YTD Q3 Adjusted EBITDA excluding FV movements 5% below the
prior year (CER +7% higher).
-- Health - results reflective of seasonality in sea lice treatments
o Q3 revenues broadly in line with Q3 2022 at 1% below (+5%
CER)
o YTD Q3 revenues 57% ahead of prior year (+59% CER)
o Q3 Adjusted EBITDA loss of GBP1.0m (Q3 FY22 loss GBP0.6m) due
to low utilisation of CleanTreat(R) vessels during low season for
sea lice treatments
o YTD Q3 Adjusted EBITDA of GBP5.6m (YTD Q3 2022: GBP0.5m
loss).
o The Company is making progress in the development of the new
configuration and business model for CleanTreat(R) with partners
MMC and SALT
-- Group integration initiatives - steps taken to realise
synergies and strengthen commercial focus by combining Health and
Genetics activities within Salmon under common leadership with a
combined commercial offering.
Current trading and outlook
-- Trading within market expectations for FY23:
o Good visibility in Genetics for the remainder of the year
o Advanced Nutrition will continue to be influenced by weak
global shrimp market conditions
o Health expected to benefit from seasonal increase in sea lice
treatments during Q4
o Efforts continue to focus on profitability and cash generation
driven by commercial success and integration synergies
GBPm % CER
Q3 YTD Q3 YTD Q3 YTD % CER
FY23 FY22 FY23 Q3 FY23 Q3 FY22 Q3 FY23
----------------------------- ------- ------- -------- ---------- -------- ---------
133.1 34.3
Revenue +15% 115.5 +13% -6% 36.3 -1%
----------------------------- ------- ------- -------- ---------- -------- ---------
Adjusted
----------------------------- ------- ------- -------- ---------- -------- ---------
27.1 5.1
Adjusted EBITDA(1) +21% 22.4 +21% -23% 6.6 -13%
----------------------------- ------- ------- -------- ---------- -------- ---------
Adj. EBITDA excluding
biological asset fair 25.4 3.6
value movements +27% 20.0 +27% -29% 5.1 -19%
----------------------------- ------- ------- -------- ---------- -------- ---------
Adjusted Operating
Profit/(Loss)(2) 11.4 5.6 107% (0.2) 0.8 -58%
104% -129%
----------------------------- ------- ------- -------- ---------- -------- ---------
Adj. Operating profit
excluding biological
asset fair value movements 9.7 3.2 206% (1.7) (0.7) -83%
207% - 149%
----------------------------- ------- ------- -------- ---------- -------- ---------
Statutory
----------------------------- ------- ------- -------- ---------- -------- ---------
Operating loss (4.2) (6.1) 35% (4.5) (4.0) 1%
32% -13%
----------------------------- ------- ------- -------- ---------- -------- ---------
Loss before tax (6.6) (16.4) 64% (4.7) (11.2) 63%
60% 58%
----------------------------- ------- ------- -------- ---------- -------- ---------
Basic loss per share
(p) (1.27) (3.24) (0.70) (1.90)
----------------------------- ------- ------- -------- ---------- -------- ---------
Net debt(3) (66.9) (89.1) (66.9) (89.1)
----------------------------- ------- ------- -------- ---------- -------- ---------
Net debt(3) excluding
lease liabilities (45.7) (59.3) (45.7) (59.3)
----------------------------- ------- ------- -------- ---------- -------- ---------
Business Area summary
GBPm % CER
Q3 YTD Q3 YTD Q3 YTD % CER
FY23 FY22 FY23 Q3 FY23 Q3 FY22 Q3 FY23
Revenue
--------- ------- -------- --------- -------- ---------
Advanced Nutrition 61.4 61.4 -8% 16.1 19.4 -18%
0% -17%
--------- ------- -------- --------- -------- ---------
48.9 14.4
Genetics +23% 39.7 +28% +10% 13.1 +21%
--------- ------- -------- --------- -------- ---------
22.9 3.8
Health +57% 14.5 +59% -1% 3.8 +5%
--------- ------- -------- --------- -------- ---------
Adjusted EBITDA(1)
--------- ------- -------- --------- -------- ---------
14.9 3.4
Advanced Nutrition +4% 14.3 -4% +20% 2.8 +20%
--------- ------- -------- --------- -------- ---------
9.3 3.4
Genetics -11% 10.5 0% -30% 4.8 -18%
--------- ------- -------- --------- -------- ---------
7.6 1.9
* Net of fair value movements in biological assets -5% 8.1 +7% -44% 3.4 -29%
--------- ------- -------- --------- -------- ---------
5.6 (1.0)
Health +1,188% (0.5) 1,186% -67% (0.6) -57%
--------- ------- -------- --------- -------- ---------
*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
Trond Williksen, CEO, commented:
"Our Q3 trading reflects the anticipated low season for our
Health solutions in the salmon industry, as well as the continuing
adverse market conditions in the global shrimp market. Despite
these headwinds we have delivered strong year to date results, with
double digit growth in revenues and earnings compared to the prior
year.
"For the remainder of the year we have good visibility in
Genetics and are moving into the main season for sea lice
treatments in Health. Notwithstanding the prevailing market
conditions for Advanced Nutrition, we continue to demonstrate
momentum in our business and the resilience of our diversified
business model to face cyclical fluctuations in our end markets .
We continue our strong commercial focus to ensure the further
growth and profitable development of the Group."
Presentation for analysts and institutional investors at 08.00
UK time (09.00 CET)
Trond Williksen, Chief Executive Officer and Septima Maguire,
Chief Financial Officer will host a presentation for analysts and
institutional investors on the day at 08.00 UK time.
The presentation will be held in person at DnB's offices in Oslo
at Dronning Eufemias gate 30, 0191 Oslo, Norway. If you would like
to attend in person, please contact Henriette Christensen at
henriette.gjeldvik.christensen@dnb.no
A live webcast of the presentation will be available for
analysts and investors to join remotely at the following link:
Benchmark Holdings Webcast Q3 2023 (royalcast.com)
A copy of the presentation can be found on the Company's website
https://www.benchmarkplc.com/investors/reports-presentations/
Equity Development webcast at 12.00 UK time
Trond Williksen, Chief Executive Officer and Septima Maguire,
Chief Financial Officer will host a second webcast for retail
investors and wealth managers on the day at 12.00 UK time. The
webcast is open to all existing and potential shareholders.
To register please visit:
https://www.equitydevelopment.co.uk/news-and-events/benchmark-q3results-presentation-24aug2023
A recording of the presentation will be available after the
event on the Equity Development website .
Enquiries
For further information, please contact:
Benchmark Holdings plc benchmark@mphc.com
Trond Williksen, CEO
Septima Maguire, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD) Tel: 020 7260 1000
Freddie Barnfield, Duncan Monteith, Sher
Shah
MHP Tel: +44(0) 20 3128 8004
Katie Hunt, Reg Hoare, Veronica Farah benchmark@mhpgroup.com
About Benchmark
Benchmark is a market leading aquaculture biotechnology company.
Benchmark's mission is to drive sustainability in aquaculture by
delivering products and solutions in genetics, advanced nutrition
and health which improve yield, growth and animal health and
welfare.
Through a global footprint in 26 countries and a broad portfolio
of products and solutions, Benchmark addresses many of the major
aquaculture species - salmon, shrimp, sea bass and sea bream, and
tilapia - in all the major aquaculture regions around the world.
Find out more at www.benchmarkplc.com
Management Report
Q3 FY23 commentary
Benchmark reported revenues of GBP34.3m, 6% below the prior year
revenue of GBP36.3m. This resulted from revenue growth in Genetics
of 10% being offset by a 17% drop in Advanced Nutrition as a result
of prevailing conditions in the global shrimp markets during the
period. Revenues in the Health business area broadly in line with
the prior year (-1%). On a constant exchange rate (CER) basis Group
revenues were 1% below the prior year, a reflection of some forex
headwinds in the quarter.
Adjusted EBITDA (excluding fair value uplift from biological
assets) was GBP3.6m, 29% (CER -19%) below the prior year (Q3 FY22:
GBP5.1m). This was mainly due to a reduction in Adjusted EBITDA in
Genetics and Health. Despite lower revenues in Advanced Nutrition,
Adjusted EBITDA showed growth of 20% in Q3 FY23 due to continued
commercial focus and cost control. Further detail on business area
performance is provided below.
Operating costs for the Group of GBP10.6m were 7% below last
year (Q3 FY22: GBP11.5m) with a decrease in all business areas
demonstrating the focus on continued cost control. R&D expenses
of GBP1.5m were broadly in line with the prior year (Q3 FY22:
GBP1.4m). Depreciation and amortisation decreased to GBP9.0m (Q3
FY22: GBP10.1m), taking Group operating loss for the quarter to
GBP4.5m (Q3 FY22: GBP4.0m). The Adjusted Operating loss excluding
fair value movements in biological assets was GBP1.7m (Q3 FY22:
GBP0.7m).
Net finance costs were GBP0.2m, significantly below the
comparative period (Q3 FY22: GBP7.3m), due to a combination of the
portion of the movement in the fair value of the derivative
instrument which is ineffective for hedge accounting purposes and
forex movements. The ineffective portion of the movement in the
fair value of the derivative in the period was a gain of GBP1.1m
(Q3 YTD FY22: GBP2.3m loss) and the Group had net forex gains of
GBP1.3m (Q3 FY22: GBP3.1m). As a result of these year-on-year
movements, the loss before tax in the quarter was GBP4.7m (Q3 FY22:
GBP11.2m). Interest charges, including interest on right of use
assets increased GBP0.9m primarily following increased interest
rates from the refinancing in FY22.
The tax charge in the period was a GBP76,000 credit (Q3 FY22:
GBP1.6m charge) due to lower profits in Advanced Nutrition and
Genetics in the quarter in territories where no loss relief was
available. The resulting loss after tax for the quarter was GBP4.6m
(Q3 FY22: loss GBP12.8m).
We continue our efforts to enhance our commercial focus and
integrate the Group to drive synergies. In the period we brought
together our Health and Genetics operations under common leadership
which drives the synergies from our salmon product portfolio across
the two business areas and results in an integrated
customer-centric offering.
Advanced Nutrition
Advanced Nutrition revenues were down 17% (CER -18%) compared to
Q3 2022, a direct result of conditions in the global shrimp markets
which remained unfavourable throughout the year. In 2023 the global
shrimp markets have been affected by a number of factors including
inflation in the US and in Europe which have reduced consumption,
creating oversupply and driving down farm gate prices for shrimp.
Imports to the US and Europe are estimated to be 20%-30% below the
prior year. At the same time shrimp producers have been faced with
increased costs particularly in aquafeed and have reacted by
reducing pond stocking thus limiting demand for our products. This
environment is expected to continue for the remainder of the year.
By product area, sales of Artemia were -21%, Diets -16% and Health
-8% against Q3 2022.
Against this backdrop our business has demonstrated resilience,
making commercial decisions to maintain and strengthen our market
position, while taking action to align our resources and cost base
to the market environment. As a result of this, and with a shift in
the product mix, our Advanced Nutrition business delivered an
increase in Adjusted EBITDA of 20% to GBP3.4m (Q3 FY22: GBP2.8m)
(CER 20%).
Revenue YTD at GBP61.4m was in line with the prior year (Q3 YTD
FY22: GBP61.4m) with assistance from forex movements (CER -8% below
prior year); Adjusted EBITDA was 4% above (CER -4% below) prior
year at GBP14.9m (Q3 YTD FY22: GBP14.3m) due to continued
commercial focus and cost control.
Genetics
Despite forex headwinds with weak NOK and ISK, Genetics
delivered good revenue growth in Q3 FY23 with revenues of GBP14.4m,
10% above the prior year (Q3 FY22: GBP13.1m) (+21% CER). This was
driven mainly by strong salmon egg sales, together with improved
revenue from harvest income and smolt sales, partially offset by a
reduction in sales of SPR shrimp and lumpfish. Sales of salmon eggs
were 39% higher than the prior year while sales from shrimp were
below the prior year at GBP0.2m (Q3 FY22: GBP0.4m) and revenues
from tilapia were flat.
Our work to refine the shrimp genetics product line is ongoing
and we have lowered our commercial activities during this period.
Prevailing conditions in the shrimp markets have also affected this
area of our business. As previously announced, we are conducting a
strategic review of our tilapia operations and are well advanced.
This has had a bearing on our commercial activities in this area in
the short run.
Adjusted EBITDA for Q3 FY23 excluding fair value movements of
biological assets was down 44% to GBP1.9m (Q3 FY22: GBP3.4m) due to
a number of factors specific to Q3. These included forex pressure
from weak NOK and ISK (-GBP0.6m), a GBP1.2m reduction in the margin
from harvest income where third party production costs have been
significantly higher than the prior year, together with our own
cost inflation, and lower capitalisation of production costs as a
result of lower closing stock levels (-GBP1.2m). Biological assets
were higher in Q3 FY22 in anticipation of higher sales in Q4 FY22
due to supply issues in the market a year ago. On a constant
currency basis Adjusted EBITDA excluding FV movements was down -29%
compared to Q3 FY22.
Revenue YTD at GBP48.9m was 23% higher than the prior year (Q3
YTD FY22: GBP39.7m) and Adjusted EBITDA excluding fair value
movements in biological assets was 5% below the prior year at
GBP7.6m (Q3 YTD FY22: GBP8.1m) (+7% CER).
Health
Revenues in Q3 FY23 were GBP3.8m, in line with the prior year
(Q3 FY22: GBP3.8m). Sales from Ectosan(R) Vet and CleanTreat(R)
were GBP2.7m, 25% ahead of the prior year, while Salmosan(R) sales
for the quarter were below prior year at GBP1.1m (Q3 FY22 GBP1.6m)
following strong sales in Q2. Adjusted EBITDA was a loss of GBP1.0m
(Q3 FY22: loss of GBP0.6m) as a result of the low utilisation rate
of the CleanTreat(R) assets in the quarter due to it being the low
season for sea lice treatments. GBP0.9m of the revenue in the
period (Q3 FY22: GBP0.2m) was derived from recharging vessel and
fuel costs associated with the Ectosan(R) Vet and CleanTreat(R)
operations. YTD revenue was significantly ahead of the prior year
at GBP22.9m (Q3 YTD FY22: GBP14.5m) with corresponding YTD Adjusted
EBITDA also higher at GBP5.6m (YTD Q3 FY22 GBP0.5m loss).
Q3 has seasonally been a slow period for sea lice treatments as
anticipated, however going into Q4, we expect increased activity.
We continue to progress the development of a new configuration of
the Group's CleanTreat(R) systems with our partners MMC, a wellboat
equipment provider and SALT, a ship designer. The new configuration
is based on the next generation of large wellboats, which form a
core part of our customers' infrastructure and is of strategic
importance for the ongoing commercial roll-out of Ectosan(R) Vet
and CleanTreat(R).
Q3 YTD FY23 Commentary
Q3 YTD the Group delivered 15% growth (CER +13%) in revenue at
GBP133.1m and 27% growth (CER +27%) in Adjusted EBITDA excluding
fair value movements from biological assets at GBP25.4m. Genetics
and Health reported strong revenue growth of 23% and 57%
respectively while revenues in Advanced Nutrition were in line with
the prior year despite significant headwinds in the shrimp
markets.
Operating costs were GBP34.7m, an 11% increase from the prior
year (Q3 YTD FY22: GBP31.4) due to higher activity levels, cost
inflation and the impact of forex movements, while R&D expenses
of GBP4.5m were 4% lower than the comparative period in the
previous year (Q3 YTD FY22: GBP4.7m). Total R&D investment
including capitalised development costs was GBP4.9m, GBP1.4m below
the prior year (Q3 YTD FY22: GBP6.3m) following the cessation of
capitalisation of SPR shrimp development costs at the end of the
prior year.
Adjusted EBITDA (excluding fair value movement from biological
assets) was GBP25.4m (Q3 YTD FY22: GBP20.0m) driven by higher
revenues, increased asset utilisation and ongoing cost control. As
a result, the Group achieved an Adjusted EBITDA margin (excluding
fair value movement from biological assets) of 19% (Q3 YTD FY22:
17%). Depreciation and amortisation decreased 3% from the
comparative period last year to GBP28.1m (Q3 YTD FY22: GBP29.0m),
leaving the operating loss in the period at GBP4.2m (Q3 YTD FY22:
GBP6.1m).
There was a significant decrease in net finance costs for Q3 YTD
to GBP2.4m (Q3 YTD FY22: GBP10.3m), primarily due to the portion of
the movement in the fair value of the derivative instrument which
is ineffective for hedge accounting purposes and forex movements.
Ineffective movements in the fair value of the derivative
instruments were a gain of GBP3.7m (Q3 YTD FY22: GBP1.7m loss) and
there were net forex gains of GBP0.5m (Q3 YTD FY22: GBP2.6m loss).
Interest costs, including interest on right of use assets, were
GBP1.2m higher than prior year following the refinancing at the end
of FY22. Together this led to a Q3 YTD FY23 loss before tax of
GBP6.6m significantly below the loss in the previous year of
GBP16.4m. There was a lower income tax charge in the period of
GBP1.4m (YTD Q3 FY22: GBP5.2m) due to lower profits in the
territories with no available loss reliefs, leaving loss after tax
of GBP8.0m significantly below the prior year (Q3 YTD FY22: loss
after tax GBP21.6m).
Year to date, the Group reported a net operating cash inflow of
GBP11.2m after an increase in working capital of GBP5.3m mainly due
to a reduction in payables in the nutrition business which has had
low sales in recent months. Net cash outflow from investing
activities was GBP11.3m, GBP8.0m of which was spent in acquiring
the minority interest in Benchmark Genetics Iceland. Capex was
GBP4.2m primarily in Genetics (GBP2.8m) and Health (GBP1.2m) and
capitalised R&D was GBP0.4m mostly incurred in Health, both of
which were offset by receipts of deferred consideration from
earlier year disposals of divested businesses of GBP1.3m. Our cash
position at the end of the period was GBP32.9m and liquidity of
GBP45.1m.
Outlook
YTD Q3 FY23 the Group has delivered double digit revenue growth
of 15% and 27% increase in Adjusted EBITDA excluding FV movement
from biological assets. This demonstrates the momentum in our
business and resilience of our diversified business model to face
cyclical fluctuations in our end markets.
Looking forward conditions in the salmon remain favourable while
the global shrimp markets are expected to remain unchanged for the
rest of the year. We anticipate a seasonal improvement in sales of
our Health solutions and continue to have good visibility of our
Genetics revenues. There is continued commercial focus in the
business, and the Group is trading within market expectations for
the full year.
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's Notes (unaudited) (unaudited) (unaudited) (unaudited) (audited)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Revenue 4 34,267 36,272 133,129 115,519 158,277
Cost of sales (16,990) (16,799) (66,807) (56,524) (75,149)
------------------------------ ------
Gross profit 17,277 19,473 66,322 58,995 83,128
Research and development
costs (1,496) (1,426) (4,494) (4,663) (6,691)
Other operating costs (10,639) (11,464) (34,682) (31,371) (44,661)
Share of (loss)/profit
of equity-accounted
investees, net of
tax (55) (10) 1 (538) (595)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Adjusted EBITDA(2) 5,087 6,573 27,147 22,423 31,181
Exceptional - restructuring,
disposal and acquisition
related items 5 (530) (469) (3,218) 439 16
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
EBITDA(1) 4,557 6,104 23,929 22,862 31,197
Depreciation and impairment (4,702) (5,206) (13,868) (15,258) (19,897)
Amortisation and impairment (4,318) (4,849) (14,230) (13,721) (19,161)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Operating profit/(loss) (4,463) (3,951) (4,169) (6,117) (7,861)
Finance cost 6 (2,981) (7,428) (13,207) (10,674) (20,057)
Finance income 6 2,746 141 10,762 409 4,741
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Loss before taxation (4,698) (11,238) (6,614) (16,382) (23,177)
Tax on loss 7 76 (1,584) (1,407) (5,200) (7,274)
------------------------------ ------ -------------- --------------
Loss for the period (4,622) (12,822) (8,021) (21,582) (30,451)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Loss for the period
attributable to:
- Owners of the parent (5,153) (13,394) (9,294) (22,526) (32,087)
- Non-controlling
interest 531 572 1,273 944 1,636
------------------------------ ------ --------------
(4,622) (12,822) (8,021) (21,582) (30,451)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
Earnings per share
Basic loss per share
(pence) 8 (0.70) (1.90) (1.27) (3.24) (4.60)
Diluted loss per share
(pence) 8 (0.70) (1.90) (1.27) (3.24) (4.60)
------------------------------ ------ -------------- -------------- -------------- -------------- ------------
1 EBITDA - Earnings before interest, tax, depreciation,
amortisation, and impairment
2 Adjusted EBITDA - EBITDA before exceptional items including
acquisition related items
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
--------------------------------- --- -------------- -------------- -------------- -------------- ------------
Loss for the period (4,622) (12,822) (8,021) (21,582) (30,451)
Other comprehensive income
Items that are or may
be reclassified subsequently
to profit or loss
Foreign exchange translation
differences (11,153) 17,180 (35,166) 24,381 47,606
Cash flow hedges - changes
in fair value 2,093 (2,368) 1,794 580 2,627
Cash flow hedges - reclassified
to profit or loss (273) (19) (565) 159 2,546
Total comprehensive income
for the period (13,955) 1,971 (41,958) 3,538 22,328
-------------------------------------- -------------- -------------- -------------- -------------- ------------
Total comprehensive income
for the period attributable
to:
- Owners of the parent (14,204) 1,381 (42,250) 2,217 20,326
- Non-controlling interest 249 590 292 1,321 2,002
--------------------------------------
(13,955) 1,971 (41,958) 3,538 22,328
------------------------------------- -------------- -------------- -------------- -------------- ------------
The accompanying notes are an integral part of this consolidated
financial information.
30 June 30 June 30 September
2023 2022 2022
All figures in GBP000's Notes (unaudited) (unaudited) (audited)
---------------------------------- ------ ------------ ------------ --------------
Assets
Property, plant and equipment 71,880 81,478 81,900
Right-of-use assets 21,755 29,060 27,034
Intangible assets 205,312 235,175 245,264
Equity-accounted investees 3,028 3,086 3,113
Other investments 13 15 15
Biological and agricultural
assets 21,688 20,927 20,878
Non-current assets 323,676 369,741 378,204
---------------------------------- ------ ------------ ------------ --------------
Inventories 26,244 27,228 29,813
Biological and agricultural
assets 21,301 23,636 25,780
Trade and other receivables 47,858 51,105 56,377
Cash and cash equivalents 32,858 38,179 36,399
---------------------------------- ------ ------------ ------------ --------------
128,261 140,148 148,369
Assets held for sale 9 850 - -
Current assets 129,111 140,148 148,369
---------------------------------- ------
Total assets 452,787 509,889 526,573
---------------------------------- ------ ------------ ------------ --------------
Liabilities
Trade and other payables (32,034) (41,243) (44,324)
Loans and borrowings 10 (21,757) (14,226) (17,091)
Corporation tax liability (6,791) (7,408) (10,211)
Provisions (1,557) (543) (1,631)
---------------------------------- ------ ------------ ------------ --------------
Current liabilities (62,139) (63,420) (73,257)
---------------------------------- ------ ------------ ------------ --------------
Loans and borrowings 10 (77,960) (113,094) (93,045)
Other payables (4,908) (1,055) (8,996)
Deferred tax (22,755) (28,116) (27,990)
------------
Non-current liabilities (105,623) (142,265) (130,031)
---------------------------------- ------ ------------ ------------ --------------
Total liabilities (167,762) (205,685) (203,288)
---------------------------------- ------ ------------ ------------ --------------
Net assets 285,025 304,204 323,285
---------------------------------- ------ ------------ ------------ --------------
Issued capital and reserves
attributable to owners of
the parent
Share capital 11 739 704 704
Additional paid-in share capital 11 37,428 420,824 420,824
Capital redemption reserve 5 5 5
Retained earnings 197,168 (175,866) (185,136)
Hedging reserve 526 (5,137) (703)
Foreign exchange reserve 43,520 54,469 77,705
------------
Equity attributable to owners
of the parent 279,386 294,999 313,399
Non-controlling interest 5,639 9,205 9,886
---------------------------------- ------ ------------
Total equity and reserves 285,025 304,204 323,285
---------------------------------- ------ ------------ ------------ --------------
The accompanying notes are an integral part of this consolidated
financial information.
Total
attributable
Additional to equity
paid-in holders Non-
Share share Other Hedging Retained of controlling Total
capital capital* reserves reserve earnings parent interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 1 October
2022
(audited) 704 420,824 77,710 (703) (185,136) 313,399 9,886 323,285
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Comprehensive
income/(loss)
for the period
Profit/(loss) for
the
period - - - - (9,294) (9,294) 1,273 (8,021)
Other
comprehensive
income/(loss) - - (34,185) 1,229 - (32,956) (981) (33,937)
Total
comprehensive
income/(loss)
for the
period - - (34,185) 1,229 (9,294) (42,250) 292 (41,958)
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Contributions by
and
distributions to
owners
Share issue 35 12,985 - - - 13,020 - 13,020
Share issue costs
recognised
through equity - (2,146) - - - (2,146) - (2,146)
Cancellation of
part
of share premium
account
(note 11) - (394,235) - - 394,235 - - -
Share-based
payment - - - - 833 833 - 833
Total
contributions
by and
distributions
to owners 35 (383,396) - - 395,068 11,707 - 11,707
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Changes in
ownership
Acquisition of
NCI - - - - (3,470) (3,470) (4,539) (8,009)
Total changes in
ownership
interests - - - - (3,470) (3,470) (4,539) (8,009)
Total
transactions
with
owners of the
Company 35 (383,396) - - 391,598 8,237 (4,539) 3,698
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 30 June
2023 (unaudited) 739 37,428 43,525 526 197,168 279,386 5,639 285,025
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 1 October
2021
(audited) 670 400,682 30,470 (5,876) (154,231) 271,715 7,884 279,599
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Comprehensive
income/(loss)for
the period
Profit/(loss) for
the
period - - - - (22,526) (22,526) 944 (21,582)
Other
comprehensive
income/(loss) - - 24,004 739 - 24,743 377 25,120
Total
comprehensive
income/(loss)for
the
period - - 24,004 739 (22,526) 2,217 1,321 3,538
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Contributions by
and
distributions to
owners
Share issue 34 20,704 - - - 20,738 - 20,738
Share issue costs
recognised
through equity - (562) - - - (562) - (562)
Share-based
payment - - - - 891 891 - 891
Total
contributions
by and
distributions
to owners 34 20,142 - - 891 21,067 - 21,067
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Changes in
ownership
Total changes in
ownership
interests - - - - - - - -
Total
transactions
with
owners of the
Company 34 20,142 - - 891 21,067 - 21,067
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 30 June
2022 (unaudited) 704 420,824 54,474 (5,137) (175,866) 294,999 9,205 304,204
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 1 October
2021
(audited) 670 400,682 30,470 (5,876) (154,231) 271,715 7,884 279,599
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Comprehensive
income/(loss)
for the period
Profit/(loss) for
the
period - - - - (32,087) (32,087) 1,636 (30,451)
Other
comprehensive
income/(loss) - - 47,240 5,173 - 52,413 366 52,779
Total
comprehensive
income/(loss)
for the
period - - 47,240 5,173 (32,087) 20,326 2,002 22,328
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Contributions by
and
distributions to
owners
Share issue 34 20,704 - - - 20,738 - 20,738
Share issue costs
recognised
through equity - (562) - - - (562) - (562)
Share-based
payment - - - - 1,182 1,182 - 1,182
Total
contributions
by and
distributions
to owners 34 20,142 - - 1,182 21,358 - 21,358
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
Changes in
ownership
Total changes in
ownership
interests - - - - - - - -
Total
transactions
with
owners of the
Company 34 20,142 - - 1,182 21,358 - 21,358
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
As at 30
September 2022
(audited) 704 420,824 77,710 (703) (185,136) 313,399 9,886 323,285
------------------ --------- ------------ ---------- --------- ---------- -------------- ------------- ---------
*Other reserves in this statement is an aggregation of capital
redemption reserve and foreign exchange reserve
30 June 30 June 30 September
2023 2022 2022
Notes (unaudited) (unaudited) (audited)
--------------------------------------------- ------ ------------ ------------ --------------
Cash flows from operating activities
Loss for the period (8,021) (21,582) (30,451)
Adjustments for:
Depreciation and impairment of property,
plant and equipment 6,363 6,324 8,602
Depreciation and impairment of right-of-use
assets 7,505 8,934 11,295
Amortisation and impairment of intangible
fixed assets 14,230 13,721 19,161
Loss on sale of property, plant and
equipment (36) (43) (43)
Finance income (4,195) (238) (319)
Finance costs 7,173 7,913 18,437
Increase in fair value of contingent
consideration receivable - (1,203) (1,203)
Share of (loss)/profit of equity-accounted
investees, net of tax (1) 538 595
Foreign exchange (losses)/gains (2,443) 5,607 (3,985)
Share-based payment expense 833 891 1,182
Other adjustments for non-cash items - - (276)
Tax charge 1,407 5,200 7,274
Decrease/(increase) in trade and other
receivables 3,772 (4,456) (8,511)
Decrease/(increase) in inventories 2,249 (7,314) (5,406)
Increase in biological and agricultural
assets (403) (4,144) (6,099)
(Decrease)/increase in trade and other
payables (10,862) (6,228) 6,946
(Decrease)/increase in provisions (20) (21) 1,058
--------------------------------------------- ------ ------------ ------------ --------------
17,551 3,899 18,257
Income taxes paid (6,335) (6,100) (7,447)
--------------------------------------------- ------ ------------ ------------ --------------
Net cash flows generated from operating
activities 11,216 (2,201) 10,810
--------------------------------------------- ------ ------------ ------------ --------------
Investing activities
Acquisition of minority interests in
subsidiaries, net of cash acquired 14 (8,009) - -
Acquisition of subsidiaries 14 (48) - -
Purchase of investments (359) (108) (378)
Receipts from disposal of investments 14 1,250 919 1,544
Purchases of property, plant and equipment (4,171) (7,169) (10,808)
Purchase of intangibles (120) (1,757) (205)
Capitalised research and development
costs (380) - (1,708)
Proceeds from sale of fixed assets 99 194 220
Interest received 469 34 119
Net cash flows used in investing activities (11,269) (7,887) (11,216)
--------------------------------------------- ------ ------------ ------------ --------------
Financing activities
Proceeds of share issues 13,020 20,782 20,737
Share-issue costs recognised through
equity (2,146) (607) (562)
Proceeds from bank or other borrowings 21,984 - 67,939
Repayment of bank or other borrowings (17,527) (1,333) (74,874)
Capitalised borrowing costs (1,159) - -
Interest and finance charges paid (6,736) (5,381) (9,629)
Repayments of lease liabilities (7,349) (6,928) (10,533)
--------------------------------------------- ------------ --------------
Net cash inflow/(outflow) from financing
activities 87 6,533 (6,922)
--------------------------------------------- ------ ------------ ------------ --------------
Net increase/(decrease) in cash and
cash equivalents 34 (3,555) (7,328)
Cash and cash equivalents at beginning
of period 36,399 39,460 39,460
Effect of movements in exchange rate (3,575) 2,274 4,267
--------------------------------------------- ------------ --------------
Cash and cash equivalents at end of
period 32,858 38,179 36,399
--------------------------------------------- ------ ------------ ------------ --------------
1. Basis of preparation
Benchmark Holdings plc (the 'Company') is a company incorporated
and domiciled in the United Kingdom. These consolidated quarterly
financial statements as at and for the nine months ended 30 June
2023 comprises those of the Company and its subsidiaries (together
referred to as the 'Group').
These consolidated quarterly financial statements do not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006 and are unaudited. These financial
statements do not include all the information required for a
complete set of IFRS financial statements. However, selected
explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual
financial statements. The Group's last annual statutory financial
statements as at and for the year ended 30 September 2022 were
prepared in accordance with UK adopted international accounting
standards in conformity with the requirements of the Companies Act
2006 as it applies to companies reporting under those standards
("Adopted IFRS") and are available from the Company's website at
www.benchmarkplc.com .
The prior year comparatives are derived from audited financial
information for Benchmark Holdings PLC Group as set out in the
Annual Report and Accounts for the year ended 30 September 2022 and
the unaudited financial information in the Quarterly Financial
Report for the nine months ended 30 June 2022. The comparative
figures for the financial year ended 30 September 2022 are not the
Company's statutory accounts for that financial year. Those
accounts were approved by the Directors on 30 November 2022 and
have been delivered to the Registrar of Companies. The audit report
received on those accounts was (i) unqualified and (ii) did not
include a reference to any matters to which the external auditor
drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under section 498(2) or (3)
of the Companies Act 2006.
Statement of Compliance
These consolidated quarterly financial statements have been
prepared in accordance with UK and EU adopted IAS 34 'Interim
Financial Reporting'. These financial statements do not include all
of the information required for the full annual financial
statements and should be read in conjunction with the Group's last
annual consolidated financial statements as at and for the year
ended 30 September 2022. These consolidated quarterly financial
statements were approved by the Board of Directors on 24 August
2023.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Management Report.
As at 30 June 2023 the Group had net assets of GBP285.0m (30
September 2022: GBP323.3m), including cash of GBP32.9m (30
September 2022: GBP36.4m) as set out in the consolidated balance
sheet. The Group made a loss for the nine months of GBP8.0m (year
ended 30 September 2022: loss GBP30.5m).
As noted in the Management Report, the business has continued to
perform steadily in the first nine months and has shown resilience
to some tough market conditions in recent months, with results in
line with expectations. The Directors have reviewed forecasts and
cash flow projections for a period of at least 12 months including
downside sensitivity assumptions in relation to trading performance
across the Group to assess the impact on the Group's trading and
cash flow forecasts and on the forecast compliance with the
covenants included within the Group's financing arrangements.
In the downside analysis performed, the Directors considered
severe but plausible scenarios on the Group's trading and cash flow
forecasts, firstly in relation to continued roll out of the
Ectosan(R) Vet and CleanTreat offering. Sensitivities considered
included modelling slower ramp up of the commercialisation of
Ectosan(R) Vet and CleanTreat(R) through delayed roll-out of the
revised operating model for the service, together with reductions
in expected biomass treated and reduced treatment prices. Key
downside sensitivities modelled in other areas included assumptions
on slower commercialisation of SPR shrimp, slower salmon egg sales
growth both in Chile and to land-based farms in Genetics, along
with sensitivities on sales price increases and demand for artemia
feeds in certain territories. Mitigating measures within the
control of management have been identified should they be required
in response to these sensitivities, including reductions in areas
of discretionary spend, tight control over new hires, and deferral
of capital projects.
The refinancing exercise which commenced in FY22 was completed
in Q1 FY23, so that adequate finance facilities are in place, and
with financial instruments in place to fix interest rates and
opportunities available to mitigate globally high inflation rates,
the Group continues to show resilience against current global
economic pressures. The Directors are therefore confident that even
under all of the above sensitivity analysis, the Group has
sufficient liquidity and resources throughout the period u der
review whilst still maintaining adequate headroom against the
borrowing covenants and remain confident that the Group has
adequate resources to continue to meet its liabilities as and when
they fall due within the period of 12 months from the date of
approval of these financial statements. Based on their assessment,
the Directors believe it remains appropriate to prepare the
financial statements on a going concern basis.
2. Accounting policies
The accounting policies adopted are consistent with those used
in preparing the consolidated financial statements for the
financial year ended 30 September 2022.
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total earnings.
Alternative performance measures ('APMs')
The Directors measure the performance of the Group based on a
range of financial measures, including measures not recognised by
EU-adopted IFRS. These APMs may not be directly comparable with
other companies' APMs, and the Directors do not intend these as a
substitute for, or superior to, IFRS measures.
Directors have presented the performance measures Adjusted
EBITDA, Adjusted Operating Profit, Adjusted Profit Before Tax and
Adjusted EBITDA excluding fair value movement on biological assets
because they monitor performance at a consolidated level using
these and believe that these measures are relevant to an
understanding of the Group's financial performance (see note 12).
Furthermore, the Directors also refer to current period results
using constant currency, which are derived by retranslating current
period results using the prior year's foreign exchange rates.
Use of estimates and judgements
The preparation of quarterly financial information requires
management to make certain judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
amounts may differ from these estimates.
In preparing these quarterly financial statements the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the consolidated financial
statements for the year ended 30 September 2022.
3. Segment information
Operating segments are reported in a manner consistent with the
reports made to the chief operating decision maker. It is
considered that the role of chief operating decision maker is
performed by the Board of Directors.
The Group operates globally and for management purposes is
organised into reportable segments based on the following business
areas:
-- Genetics - harnesses industry leading salmon breeding
technologies combined with state-of-the-art production facilities
to provide a range of year-round high genetic merit ova.
-- Advanced Nutrition - manufactures and provides technically
advanced nutrition and health products to the global aquaculture
industry.
-- Health - the segment provides health products and services to
the global aquaculture market.
3. Segment information (continued)
In order to reconcile the segmental analysis to the consolidated
income statement, corporate and inter-segment sales are also shown.
Corporate sales represent revenues earned from recharging certain
central costs to the operating business areas, together with
unallocated central costs.
Measurement of operating segment profit or loss
Inter-segment sales are priced along the same lines as sales to
external customers, with an appropriate discount being applied to
encourage use of Group resources at a rate acceptable to local tax
authorities. This policy was applied consistently throughout the
current and prior period.
Segmental Revenue
--------------- --------------- -------------- --------------- -------------
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
---------------------------- --------------- --------------- -------------- --------------- -------------
Genetics 14,426 13,091 48,907 39,694 58,008
Advanced Nutrition 16,067 19,381 61,391 61,414 80,286
Health 3,795 3,840 22,872 14,533 20,135
Corporate 1,426 1,406 4,299 4,218 5,120
Inter-segment sales (1,447) (1,446) (4,340) (4,340) (5,272)
Total 34,267 36,272 133,129 115,519 158,277
---------------------------- --------------- --------------- -------------- --------------- -------------
Segmental Adjusted EBITDA
--------------
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
---------------------------- --------------- --------------- -------------- --------------- -------------
Genetics 3,356 4,816 9,339 10,507 15,980
Advanced Nutrition 3,420 2,837 14,886 14,311 19,017
Health (1,022) (610) 5,628 (517) 108
Corporate (667) (470) (2,706) (1,878) (3,924)
Total 5,087 6,573 27,147 22,423 31,181
---------------------------- --------------- --------------- -------------- --------------- -------------
Reconciliations of segmental information to IFRS measures
Reconciliation of Reportable Segments Adjusted EBITDA to Loss before
taxation
------------------------------------------------------------------------------------------------------------------
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
------------------------------- --------------- --------------- --------------- --------------- -------------
Total reportable segment
Adjusted EBITDA 5,754 7,043 29,853 24,301 35,105
Corporate Adjusted EBITDA (667) (470) (2,706) (1,878) (3,924)
------------------------------- --------------- --------------- --------------- --------------- -------------
Adjusted EBITDA 5,087 6,573 27,147 22,423 31,181
Exceptional - restructuring,
disposal and acquisition
related items (530) (469) (3,218) 439 16
Depreciation and impairment (4,702) (5,206) (13,868) (15,258) (19,897)
Amortisation and impairment (4,318) (4,849) (14,230) (13,721) (19,161)
Net finance costs (235) (7,287) (2,445) (10,265) (15,316)
Loss before taxation (4,698) (11,238) (6,614) (16,382) (23,177)
------------------------------- --------------- --------------- --------------- --------------- -------------
4. Revenue
The Group's operations and main revenue streams are those
described in its financial statements to 30 September 2022. The
Group's revenue is derived from contracts with customers.
Disaggregation of revenue
In the following tables, revenue is disaggregated by primary
geographical market and by sales of goods and services. The table
includes a reconciliation of the disaggregated revenue with the
Group's reportable segments (see note 3).
Sale of goods and provision of services
3 months ended 30 June 2023 (unaudited)
------------------------- ----------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------
Sale of goods 13,523 16,049 2,259 - - 31,831
Provision of services 900 - 1,536 - - 2,436
Inter-segment sales 3 18 - 1,426 (1,447) -
14,426 16,067 3,795 1,426 (1,447) 34,267
------------------------- ---------- ------------ -------- ----------- --------------- --------
3 months ended 30 June 2022 (unaudited)
------------------------- ----------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------
Sale of goods 12,148 19,346 3,598 - - 35,092
Provision of services 938 - 242 - - 1,180
Inter-segment sales 5 35 - 1,406 (1,446) -
------------------------- ---------- ------------ -------- ----------- --------------- --------
13,091 19,381 3,840 1,406 (1,446) 36,272
------------------------- ---------- ------------ -------- ----------- --------------- --------
9 months ended 30 June 2023 (unaudited)
------------------------- ----------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------
Sale of goods 45,727 61,356 15,823 - - 122,906
Provision of services 3,174 - 7,049 - - 10,223
Inter-segment sales 6 35 - 4,299 (4,340) -
48,907 61,391 22,872 4,299 (4,340) 133,129
------------------------- ---------- ------------ -------- ----------- --------------- --------
9 months ended 30 June 2022 (unaudited)
------------------------- ----------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------
Sale of goods 36,529 61,339 9,443 - - 107,311
Provision of services 3,118 - 5,090 - - 8,208
Inter-segment sales 47 75 - 4,218 (4,340) -
------------------------- ---------- ------------ -------- ----------- --------------- --------
39,694 61,414 14,533 4,218 (4,340) 115,519
------------------------- ---------- ------------ -------- ----------- --------------- --------
4. Revenue (continued)
Sale of goods and provision of services (continued)
12 months ended 30 September 2022 (audited)
------------------------- ------------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------------
Sale of goods 53,978 80,191 13,528 - - 147,697
Provision of services 3,973 - 6,607 - - 10,580
Inter-segment sales 57 95 - 5,120 (5,272) -
------------------------- ---------- ------------ -------- ----------- --------------- --------------
58,008 80,286 20,135 5,120 (5,272) 158,277
------------------------- ---------- ------------ -------- ----------- --------------- --------------
Primary geographical markets
3 months ended 30 June 2023 (unaudited)
------------------------- -------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- -------
Norway 7,190 349 3,155 - - 10,694
India - 671 - - - 671
Turkey 54 1,208 - - - 1,262
Greece - 1,698 - - - 1,698
Faroe Islands 1,668 - 116 - - 1,784
Ecuador 9 1,936 - - - 1,945
United Kingdom 783 27 93 - - 903
Chile 332 1 291 - - 624
Vietnam - 2,445 - - - 2,445
Rest of Europe 1,546 767 - - - 2,313
Rest of World 2,841 6,947 140 - - 9,928
Inter-segment sales 3 18 - 1,426 (1,447) -
14,426 16,067 3,795 1,426 (1,447) 34,267
------------------------- ---------- ------------ -------- ----------- --------------- -------
3 months ended 30 June 2022 (unaudited)
------------------------- -------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- -------
Norway 7,721 328 2,411 - - 10,460
India 181 3,208 - - - 3,389
Turkey - 1,173 - - - 1,173
Greece 2 1,795 - - - 1,797
Faroe Islands 1,325 1 101 - - 1,427
Ecuador 18 1,575 - - - 1,593
United Kingdom 363 39 48 - - 450
Chile 429 2 96 - - 527
Vietnam - 4,022 - - - 4,022
Rest of Europe 1,591 631 - - - 2,222
Rest of World 1,456 6,572 1,184 - - 9,212
Inter-segment sales 5 35 - 1,406 (1,446) -
13,091 19,381 3,840 1,406 (1,446) 36,272
------------------------- ---------- ------------ -------- ----------- --------------- -------
4. Revenue (continued)
Primary geographical markets (continued)
9 months ended 30 June 2023 (unaudited)
----------------- --------------------------------------------------------------------------
All figures Advanced Inter-segment
in GBP000's Genetics Nutrition Health Corporate sales Total
----------------- ---------- ------------ -------- ----------- --------------- --------
Norway 30,251 691 17,607 - - 48,549
India - 7,696 - - - 7,696
Turkey 60 5,940 - - - 6,000
Greece - 5,969 - - - 5,969
Faroe Islands 4,987 - 464 - - 5,451
Ecuador 38 5,508 - - - 5,546
United Kingdom 2,334 54 135 - - 2,523
Chile 1,465 12 633 - - 2,110
Vietnam - 7,475 - - - 7,475
Rest of
Europe 5,288 4,105 - - - 9,393
Rest of
World 4,478 23,906 4,033 - - 32,417
Inter-segment
sales 6 35 - 4,299 (4,340) -
48,907 61,391 22,872 4,299 (4,340) 133,129
----------------- ---------- ------------ -------- ----------- --------------- --------
9 months ended 30 June 2022 (unaudited)
----------------- --------------------------------------------------------------------------
All figures Advanced Inter-segment
in GBP000's Genetics Nutrition Health Corporate sales Total
----------------- ---------- ------------ -------- ----------- --------------- --------
Norway 23,515 651 11,367 - - 35,533
India 581 10,927 - - - 11,508
Turkey - 5,105 - - - 5,105
Greece 2 5,266 - - - 5,268
Faroe Islands 3,926 7 378 - - 4,311
Ecuador 18 3,866 - - - 3,884
United Kingdom 3,219 67 166 - - 3,452
Chile 769 7 649 - - 1,425
Vietnam - 10,031 - - - 10,031
Rest of
Europe 4,952 3,212 - - - 8,164
Rest of
World 2,665 22,200 1,973 - - 26,838
Inter-segment
sales 47 75 - 4,218 (4,340) -
39,694 61,414 14,533 4,218 (4,340) 115,519
----------------- ---------- ------------ -------- ----------- --------------- --------
4. Revenue (continued)
Primary geographical markets (continued)
12 months ended 30 September 2022 (audited)
------------------------- --------------------------------------------------------------------------
Advanced Inter-segment
All figures in GBP000's Genetics Nutrition Health Corporate sales Total
------------------------- ---------- ------------ -------- ----------- --------------- --------
Norway 34,666 965 15,571 - - 51,202
India 619 12,001 - - - 12,620
Turkey - 6,419 - - - 6,419
Greece 2 6,197 - - - 6,199
Faroe Islands 5,465 9 587 - - 6,061
Ecuador 18 6,472 - - - 6,490
United Kingdom 4,318 93 199 - - 4,610
Chile 1,006 15 871 - - 1,892
Vietnam - 10,512 - - - 10,512
Rest of Europe 7,110 4,056 - - - 11,166
Rest of World 4,747 33,452 2,907 - - 41,106
Inter-segment sales 57 95 (0) 5,120 (5,272) (0)
58,008 80,286 20,135 5,120 (5,272) 158,277
------------------------- ---------- ------------ -------- ----------- --------------- --------
5. Exceptional - restructuring, disposal, and acquisition related items
Items that are material because of their size or nature,
non-recurring and whose significance is sufficient to warrant
separate disclosure and identification within the consolidated
financial statements are referred to as exceptional items. The
separate reporting of exceptional items helps to provide an
understanding of the Group's underlying performance.
All figures in GBP000's Q3 2023 Q3 2022 YTD YTD FY 2022
Q3 2023 Q3 2022
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
---------------------------- --- -------------- -------------- -------------- -------------- ------------
Acquisition related items 579 - 579 - -
Exceptional restructuring
costs 153 508 2,826 606 1,229
(Income)/cost in relation
to disposals (201) (39) (186) (1,045) (1,245)
Total exceptional items 530 469 3,218 (439) (16)
--------------------------------- -------------- -------------- -------------- -------------- ------------
Acquisition related items comprise fees incurred in the period
in connection with an aborted acquisition.
Exceptional restructuring costs include GBP43,000 for the
quarter (Q3 2022: GBP331,000) and GBP2,580,000 YTD (Q3 YTD 2022:
GBP371,000) of legal and professional costs in relation to
preparing for listing the Group on the Oslo stock exchange, and
GBP110,000 for the quarter (Q3 2022: GBP177,000) and GBP246,000 YTD
(Q3 YTD 2022: GBP235,000) relating to other restructuring
costs.
(Income)/costs in relation to disposals in the quarter and YTD
relate to a credit of GBP235,000 (Q3 2022: GBP294,000 credit; Q3
YTD 2022: GBP1,202,000) due to higher than anticipated deferred
consideration received from subsidiary company disposals made in
2020 offset by GBP34,000 (Q3 2022: GBP255,000) in Q3 and GBP49,000
in the year to date (Q3 YTD 2022: GBP157,000) of other disposal
costs.
6. Net finance costs
YTD YTD
Q3 2023 Q3 2022 Q3 2023 Q3 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
-------------------------------------- -------------- -------------- -------------- -------------- ------------
Interest received on bank deposits 155 9 472 238 319
Foreign exchange gains on financing
activities 158 - 158 - 4,422
Foreign exchange gains on operating
activities 1,363 114 6,409 171 -
Cash flow hedges - reclassified
from OCI 273 19 565 - -
Cash flow hedges - ineffective
portion of changes in fair value 798 - 3,158 - -
--------------------------------------
Finance income 2,746 141 10,762 409 4,741
-------------------------------------- -------------- -------------- -------------- -------------- ------------
Leases (interest portion) (390) (24) (1,262) (717) (1,744)
Cash flow hedges - reclassified
from OCI - - - (159) (2,546)
Cash flow hedges - ineffective
portion of changes in fair value - (2,318) - (1,562) (4,475)
Foreign exchange gains on financing
activities - (1,542) - (1,984) -
Foreign exchange losses on operating
activities (175) (1,683) (6,034) (777) (1,620)
Interest expense on financial
liabilities measured at amortised
cost (2,416) (1,863) (5,911) (5,475) (9,672)
Finance costs (2,981) (7,428) (13,207) (10,674) (20,057)
-------------------------------------- -------------- -------------- -------------- -------------- ------------
Net finance costs recognised
in profit or loss (235) (7,287) (2,445) (10,265) (15,316)
-------------------------------------- -------------- -------------- -------------- -------------- ------------
7. Taxation
YTD Q3 YTD Q3
Q3 2023 Q3 2022 2023 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
-------------------------------- --- -------------- -------------- -------------- -------------- ------------
Analysis of charge in period
Current tax:
Current income tax expense
on profits for the period 823 2,596 3,658 7,603 11,727
Adjustment in respect of prior
periods - - - - (39)
------------------------------------- -------------- -------------- -------------- -------------- ------------
Total current tax charge 823 2,596 3,658 7,603 11,688
Deferred tax:
Origination and reversal of
temporary differences (899) (1,012) (2,251) (2,403) (4,414)
Deferred tax movements in
respect of prior periods - - - - -
-------------------------------- --- -------------- -------------- -------------- -------------- ------------
Total deferred tax credit (899) (1,012) (2,251) (2,403) (4,414)
- -
-------------------------------- --- -------------- -------------- -------------- -------------- ------------
Total tax (credit)/charge (76) 1,584 1,407 5,200 7,274
------------------------------------- -------------- -------------- -------------- -------------- ------------
8. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares in issue during the
period.
YTD YTD
Q3 2023 Q3 2022 Q3 2023 Q3 2022 FY 2022
(unaudited) (unaudited) (unaudited) (unaudited) (audited)
----------------------------------- -------------- -------------- -------------- -------------- ------------
Loss attributable to equity
holders of the parent (GBP000) (5,153) (13,394) (9,294) (22,526) (32,087)
Weighted average number of shares
in issue (thousands) 739,300 703,961 729,437 696,303 698,233
Basic loss per share (pence) (0.70) (1.90) (1.27) (3.24) (4.60)
----------------------------------- -------------- -------------- -------------- -------------- ------------
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. This is done by
calculating the number of shares that could have been acquired at
fair value (determined as the average market price of the Company's
shares for the period) based on the monetary value of the
subscription rights attached to outstanding share options and
warrants. The number of shares calculated above is compared with
the number of shares that would have been issued assuming the
exercise of the share options and warrants.
Therefore, the Company is required to adjust the earnings per
share calculation in relation to the share options that are in
issue under the Company's share-based incentive schemes, and
outstanding warrants. However, as any potential ordinary shares
would be anti-dilutive due to losses being made there is no
difference between Basic loss per share and Diluted loss per share
for any of the periods being reported.
A total of 5,988,043 potential ordinary shares have not been
included within the calculation of statutory diluted loss per share
for the year (30 September 2022: 6,240,304 and 30 June 2022:
5,066,469). These potential ordinary shares could dilute
earnings/loss per share in the future.
9. Assets held for sale
This property was transferred to assets held for sales at
GBP850,000, which is the book value and market value.
Assets held for sale
------------ ------------ -------------
Transferred Total
to held Fair value assets
All figures in GBP000's for sale adjustment transferred
------------------------------- ------------ ------------ -------------
Property, plant and equipment 850 - 850
Total Assets held for sale 850 - 850
-------------------------------- ------------ ------------ -------------
10. Loans and borrowings
YTD YTD
Q3 2023 Q3 2022 FY 2022
All figures in GBP000's (unaudited) (unaudited) (audited)
---------------------------- ------------ ------------ ----------
Non-Current
2025 750m NOK Loan notes 53,382 - 61,054
2023 850m NOK Loan notes - 78,172 -
Bank borrowings 15,746 17,771 17,226
Lease liabilities 8,832 17,151 14,765
---------------------------- ----------
77,960 113,094 93,045
---------------------------- ------------ ------------ ----------
Current
Bank borrowings 9,439 1,583 5,569
Lease liabilities 12,318 12,643 11,522
---------------------------- ----------
21,757 14,226 17,091
---------------------------- ------------ ------------ ----------
Total loans and borrowings 99,717 127,320 110,136
---------------------------- ------------ ------------ ----------
On 27 September 2022, the Group successfully issued a new
unsecured floating rate listed green bond of NOK 750m. The bond
which matures in September 2025, has a coupon of three-month NIBOR
+ 6.50% p.a. with quarterly interest payments, and is to be listed
on the Oslo Stock Exchange. The proceeds were used to repay its
existing NOK 850m floating rate listed bond, originally raised in
June 2019.
On 21 November 2022, the Group refinanced its USD15m RCF, which
was provided by DNB Bank ASA (50%) and HSBC UK Bank PLC (50%), with
a secured GBP20m RCF provided by DNB Bank ASA, maturing on 27 June
2025. The margin on this facility is a minimum of 2.75% and a
maximum of 3.25%, dependent upon the leverage of the Group above
the relevant risk-free reference or IBOR rates depending on which
currency is drawn.
On 15 February 2023, the Group drew down EUR9,000,000 on the
GBP20,000 RCF. On 16 June 2023 this was repaid by a further draw
down from the RCF of GBP7,750,000, leaving GBP12,250,000 undrawn as
at 30 June 2023.
Additionally on 1 November 2022, the Group's Nordea Bank term
loan of NOK 165.6m, which had a term loan of five years ending in
November 2023 and interest rate of 2.5% above three month NIBOR,
was refinanced together with an existing undrawn overdraft facility
into a new loan facility of NOK 179.5m with a new maturity date in
a further five years no later than 15 January 2028. Other terms of
this facility remain the same.
11. Share capital and additional paid-in share capital
Additional
paid-in
Share share
Number Capital capital
Allotted, called up and fully paid GBP000 GBP000
------------------------------------------- ------------ --------- -----------
Ordinary shares of 0.1 pence each
Balance at 30 September 2022 703,960,798 704 420,824
Shares issued through placing and open
offer 35,189,350 35 10,839
Cancellation of part of the share premium
account (394,235)
Exercise of share options 127,321 - -
Balance at 30 June 2023 739,277,469 739 37,428
------------------------------------------- ------------ --------- -----------
On 15 December 2022, the Company issued 35,189,350 new ordinary
shares of 0.1 pence each by way of a placing and subscriptions at
an issue price of 37.0 pence per share. Gross proceeds of GBP13.0m
were received for the placing and subscription shares.
Non-recurring costs of GBP2.1m were in relation to the share issue
and this has been charged to the share premium account (presented
within additional paid-in share capital).
The share premium account is used to record the aggregate amount
of value of the premiums paid when the Company's shares are
issued/redeemed at a premium. On 20 March 2023, part of the
Company's share premium account was cancelled following the
confirmation of the capital reduction by the High Court of England
and Wales on 14 March 2023 and the subsequent registration of the
court order with the Registrar of Companies. The capital reduction
created additional distributable reserves to the value of
GBP394,235,072.
12. Alternative performance measures and other metrics
Management has presented the performance measures EBITDA,
Adjusted EBITDA, Adjusted EBITDA before fair value movement in
biological assets, Adjusted Operating Profit and Adjusted Profit
Before Tax because it monitors performance at a consolidated level
using these and believes that these measures are relevant to an
understanding of the Group's financial performance.
Adjusted EBITDA which reflects underlying profitability, is
earnings before interest, tax, depreciation, amortisation,
impairment, and exceptional items and is shown on the Income
Statement.
Adjusted EBITDA before fair value movements in biological
assets, which is Adjusted EBITDA before the non-cash fair value
movements in biological assets arising from their revaluation in
line with International Accounting Standards.
Adjusted Operating Profit is operating loss before exceptional
items and amortisation and impairment of intangible assets
excluding development costs as reconciled below.
Adjusted Profit Before Tax is earnings before tax, amortisation
and impairment of intangibles assets excluding development costs,
and exceptional items as reconciled below. These measures are not
defined performance measures in IFRS. The Group's definition of
these measures may not be comparable with similarly titled
performance measures and disclosures by other entities.
12. Alternative performance measures and other metrics
(continued)
Reconciliation of Adjusted Operating Profit to Operating
Loss
YTD Q3 YTD Q3 FY
Q3 2023 Q3 2022 2023 2022 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
----------------------------------- --- -------------- -------------- -------------- -------------- ------------
Revenue 34,267 36,272 133,129 115,519 158,277
Cost of sales (16,990) (16,799) (66,807) (56,524) (75,149)
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Gross profit 17,277 19,473 66,322 58,995 83,128
Research and development costs (1,496) (1,426) (4,494) (4,663) (6,691)
Other operating costs (10,639) (11,464) (34,682) (31,371) (44,661)
Depreciation and impairment (4,702) (5,206) (13,868) (15,258) (19,897)
Amortisation of capitalised
development costs (606) (605) (1,833) (1,550) (2,165)
Share of loss of equity accounted
investees net of tax (55) (10) 1 (538) (595)
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Adjusted operating (loss)/profit (221) 762 11,446 5,615 9,119
Exceptional - restructuring,
disposal and acquisition related
items (530) (469) (3,218) 439 16
Amortisation and impairment
of intangible assets excluding
development costs (3,712) (4,244) (12,397) (12,171) (16,996)
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Operating loss (4,463) (3,951) (4,169) (6,117) (7,861)
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Reconciliation of Loss Before Taxation to Adjusted Profit Before
Tax
YTD Q3 YTD Q3 FY
Q3 2023 Q3 2022 2023 2022 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
----------------------------------- --- -------------- -------------- -------------- -------------- ------------
Loss before taxation (4,698) (11,238) (6,614) (16,382) (23,177)
Exceptional - restructuring,
disposal and acquisition related
items 530 469 3,218 (439) (16)
Amortisation and impairment
of intangible assets excluding
development costs 3,712 4,244 12,397 12,171 16,996
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Adjusted (loss)/profit before
tax (456) (6,525) 9,001 (4,650) (6,197)
---------------------------------------- -------------- -------------- -------------- -------------- ------------
Other Metrics
YTD YTD Q3 FY
Q3 2023 Q3 2022 Q3 2023 2022 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
------------------------------- --- --------------- --------------- -------------- --------------- -------------
Total R&D Investment
Research and development
costs 1,496 1,426 4,494 4,663 6,691
Internal capitalised development
costs 183 192 380 1,596 1,708
--------------- --------------- -------------
Total R&D investment 1,679 1,618 4,874 6,259 8,399
------------------------------------ --------------- --------------- -------------- --------------- -------------
YTD YTD Q3 FY
Q3 2023 Q3 2022 Q3 2023 2022 2022
All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited)
------------------------------- --- --------------- --------------- -------------- --------------- -------------
Adjusted EBITDA excluding
fair value movement in
biological assets
Adjusted EBITDA 5,087 6,573 27,147 22,423 31,181
Exclude fair value movement (1,457) (1,437) (1,704) (2,442) (1,595)
--------------- --------------- -------------- --------------- -------------
Adjusted EBITDA excluding
fair value movement in
biological assets 3,630 5,136 25,443 19,981 29,586
------------------------------------ --------------- --------------- -------------- --------------- -------------
12. Alternative performance measures and other metrics
(continued)
Liquidity
A key financial covenant is a minimum liquidity of GBP10m,
defined as cash plus undrawn facilities.
30 June
2023
All figures in GBP000's (unaudited)
--------------------------- ------------
Cash and cash equivalents 32,858
Undrawn bank facility 12,250
45,108
--------------------------- ------------
The undrawn bank facility relates to the RCF facility. At 30
June 2023, GBP7.8m of the RCF was drawn (30 September 2022: GBP4m
and 31 March 2022: GBPnil), leaving GBP12.3m undrawn (30 September
2022: GBP9.4m and 31 March 2022: GBPnil).
13. Net debt
Net debt is cash and cash equivalents less loans and
borrowings.
30 June 30 June 30 September
2023 2022 2022
All figures in GBP000's (unaudited) (unaudited) (audited)
--------------------------------------- ------------ ------------ --------------
Cash and cash equivalents 32,858 38,179 36,399
Loans and borrowings (excluding lease
liabilities) - current (9,439) (1,583) (5,569)
Loans and borrowings (excluding lease
liabilities) - non-current (69,128) (95,943) (78,280)
Net debt excluding lease liabilities (45,709) (59,347) (47,450)
---------------------------------------- ------------ ------------ --------------
Lease liabilities - current (12,318) (12,643) (11,522)
Lease liabilities - non-current (8,832) (17,151) (14,765)
---------------------------------------- ------------ ------------ --------------
Net debt (66,859) (89,141) (73,737)
---------------------------------------- ------------ ------------ --------------
14. Business combinations and transactions in subsidiary companies
In June, the Group acquired 66% of the issued share capital of
Baggfossen Mikrokraft AS to bring the total owned to 100% for
consideration of GBP48,000. The goodwill has been impaired in the
period. The following table shows the consideration paid and the
fair value of the assets acquired.
Total
GBP000
------------------------------------------- -------
Consideration
Cost of investment 48
Satisfied by:
Cash 48
Total consideration 48
------------------------------------------- -------
Fair value of assets acquired
Fixed assets 307
Accounts Receivable (13)
Other receivables 1
Financial instrument - interest rate swap 10
Accounts payable (1)
Other current liabilities - advance from
customers (3)
Bank loan (235)
Advance from Salten Stamfisk (10)
Advance from BG Salten (12)
Total identifiable net assets 44
------------------------------------------- -------
Goodwill 4
------------------------------------------- -------
On 15 February 2023, the Group purchased the minority interest's
shareholding of 14,981,272 shares in Benchmark Genetics Iceland HF
for EUR9,000,000. Following this acquisition, Benchmark Genetics
Limited, a subsidiary of Benchmark Holdings PLC, now owns 100% of
the share capital of Benchmark Genetics Iceland HF.
On 6 February 2023, the Group exercised the put/call option in
place to purchase the final 20% of Benchmark Genetics USA Inc for 1
NOK.
On 11 May 2023, the Group received GBP1,250,000 as the final
part of the deferred consideration for Improve International
Limited and its subsidiaries which was sold in June 2020.
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END
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August 24, 2023 02:00 ET (06:00 GMT)
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