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Highlights
- Total Q4 revenues of £36.8m, up 1% from prior year, +7% at constant exchange rate (CER).
- Adjusted EBITDA from continuing operations increased by 20%, reaching £1.6m.
- Strong performance in Advanced Nutrition with 9% revenue growth year-on-year.
Benchmark Holdings plc ("Benchmark" or "the Company"), a leading aquaculture biotechnology business, has announced its unaudited results for the three months ended 30 September 2024. Despite facing trading headwinds, the company delivered resilient performance in a challenging environment, with strong growth in certain business areas.
For Q4 FY24, Benchmark achieved total revenues of £36.8 million, which was a 1% increase compared to the previous year. When adjusting for currency fluctuations, the company reported a 7% increase at constant exchange rates (CER). Revenues from continuing operations reached £19.6 million, a 1% decline from the prior year, but a 6% increase at CER.
Benchmark's Advanced Nutrition business showed strong performance, with revenues rising 9% above the prior year (+17% CER), even in the face of challenging conditions in the global shrimp markets. The Health division experienced a 66% drop in revenues compared to Q4 FY23, primarily due to the pause in activities related to Ectosan® Vet and CleanTreat® following the decommissioning of two CleanTreat® systems. This shift marks Benchmark’s move away from a capital-intensive model.
In terms of profitability, Benchmark reported a total Adjusted EBITDA of £6.9 million, a decrease from £8.9 million in Q4 FY23. The decline was driven by a lower gross margin in Advanced Nutrition and, to a lesser extent, in Genetics. However, the company managed to partially offset this with reduced operating costs and a smaller adjusted EBITDA loss in its Health business. The Adjusted EBITDA from continuing operations stood at £1.6 million, a 20% increase compared to the prior year.
As of 11 December 2024, Benchmark had cash and cash equivalents of £15.2 million and total available liquidity of £26.5 million.
In line with the terms of the company’s unsecured green bond, Benchmark also published its full-year audited results for the 12 months ended 30 September 2024, available for shareholders on their investor website. The company confirmed that the Genetics business, which was subject to a post-period disposal, has been classified as "held for sale" and discontinued for the purposes of this report. Despite this, the 2024 results for Genetics were included in the report to provide a comprehensive view of Benchmark's overall performance before the disposal.
