Trading Update and Notice of Results

RNS Number : 3602Y

Benchmark Holdings PLC

05 December 2017

 

5 December 2017

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 and Notice of Results

Benchmark, the aquaculture health, nutrition, and genetics business, provides the following trading update further to the announcement issued on 8 September 2017.

Financial Highlights

·    Revenues of £138m, in line with market expectations (unaudited)

·    Adjusted EBITDA of £10m (unaudited), ahead of the Company's guidance of £8.7m-£9.3m provided in the announcement of 8 September

·     Improved result from previous guidance driven by positive trading in Genetics and Advanced Nutrition, and lower bonus accruals, partially offset by forex movements, Animal Health and lumpfish sales

·     Net debt at year end of £24m

Divisional Highlights

Advanced Nutrition

·    Overall, like for like revenues for the division grew by 21% (or by 8% on a constant currency basis over the prior year). Continued signs of recovery in key shrimp markets resulting in strong growth in sales of compound hatchery diets and health products, with Artemia sales similar to last year

Genetics

·    Strong sales growth with a 49% increase (up 23% on a constant currency basis), driven by increasing demand for salmon products with sales in salmon eggs up on prior year in every major market

Animal Health (medicines and vaccines)

·    Continued progress in pipeline of 46 products, of which five are in regulatory phase, and ten are in pre-regulatory development trials

Notice of Results

Benchmark will announce its full year results for the year ended 30 September 2017 on Tuesday 23 January 2018.  An analyst meeting will be held on that day at 9.30am at the offices of MHP Communications, 6 Agar Street, London WC2N 4HN.  To register your interest, please contact [e-mail].

Malcolm Pye, CEO, commented

"Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year. These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future."

-ENDS-

Enquiries:

Benchmark Holdings plc                                                                              Tel: [phone]

Malcolm Pye, CEO

Ivonne Cantu, Investor Relations Director

Rachel Aninakwah, Communications

Numis                                                                                                        Tel: [phone]

Michael Meade / Freddie Barnfield (NOMAD)

James Black (Corporate Broking)

MHP                                                                                                          Tel: [phone]

Katie Hunt                                                                                         Email: [e-mail]

Reg Hoare

Alistair de Kare-Silver

Notes to Editors:

Benchmark challenges the status quo in aquaculture.

Since 2000, Benchmark has consistently worked to build a platform to serve its customers, helping food producers take control of their biological environment through the combination of genetics, nutrition, health and knowledge services. Through its in-depth knowledge of animal biology Benchmark is able to tackle the key issues facing producers primarily in the aquaculture sector.

The Company has proven distribution capabilities in high growth markets and operates internationally with R&D facilities, commercial farms, diagnostic laboratories, manufacturing sites, production facilities and commercial offices across 27 countries in five continents. As at 30 September 2017, Benchmark employed 952 people.

For further information on Benchmark please visit www.benchmarkplc.com.

 

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