Progress towards commercialisation of pipeline products and structural efficiencies
Benchmark (LSE:BMK), the aquaculture health, genetics and advanced nutrition business, announces its interim results for the six months ended 31 March 2019 (the “period”).
2019 Financial Highlights
Following these disappointing results, and the management changes announced in August, our priorities for the coming year are to deliver the programme of disposals and restructuring, to obtain regulatory approval and prepare for launch of BMK08 and CleanTreat and to execute our strategy in our core business areas of Genetics and Advanced Nutrition, including the launch of SPR shrimp and the expansion of our health and specialist diets segments in Advanced Nutrition.
There is a growing need in the market for solutions that improve the sustainability of food production in aquaculture. Benchmark’s focus on delivering products and solutions that improve animal health and welfare, and that reduce environmental impact, positions it as a leader in raising the sustainability standards in aquaculture
Peter George
Executive Chairman
Financial Summary
| £m | 2019 | Restated* 2018 | % |
|---|---|---|---|
| Adjusted | |||
| Adjusted EBITDA 2 from continuing operations | 12.1 | 19.1 | -37% |
| Total Adjusted EBITDA 2 - incl. discontinued operations | 13.7 | 17.0 | -19% |
| Adjusted Operating Profit 33from continuing operations | 3.6 | 14.2 | -75% |
| Statutory | |||
| Revenue from continuing operations | 127.3 | 131.6 | -3% |
| Loss before tax from continuing operations | (73.3) | (8.4) | |
| Loss/profit for the period from continuing operations | (73.3) | 0.5 | |
| Loss for the period - total incl. discontinued operations | (83.1) | (4.4) | |
| Basic loss per share (p) | (15.03) | (0.94) | |
| Net debt 4 | (87.1) | (55.7) |
(1) EBITDA is earnings before interest, tax, depreciation and amortisation and impairment.
(2) Adjusted EBITDA is EBITDA1, before exceptional items and acquisition related expenditure.
(3) Adjusted Operating Profit is operating loss before exceptional items including acquisition related items and amortisation of intangible assets excluding development costs
(4) Net debt is cash and cash equivalents less loans and borrowings.
(5) Liquidity is defined as undrawn facilities plus cash balances.
(6) Constant Currency reflects 2019 figures in GBP converted using average foreign exchange rates prevalent in 2018