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Trading Update and Notice of Results

5th December 2017
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 benchmark@mhpc.com.

"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."

Malcolm Pye, Benchmark CEO

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