Challenging market conditions impacted financial performance and we responded with the commencement of restructuring of the Group
Benchmark (LSE:BMK), the aquaculture health, genetics and advanced nutrition business, announces its interim results for the year ended 30 September 2019.
2019 Financial Highlights
During the year the Company made good progress towards the launch of BMK08 which, together with its co-dependent technology CleanTreat®, has the potential to be transformational for the industry, delivering a solution with strong environmental and animal welfare credentials.
Peter George
Executive Chairman
Financial Summary
| £m | 2019 | Restated* 2018 |
|---|---|---|
| Adjusted | ||
| Adjusted EBITDA 2 from continuing operations | 12.1 | 19.1 |
| Total Adjusted EBITDA 2 - incl. discontinued operations | 13.7 | 17.0 |
| Adjusted Operating Profit 3from continuing operations | 3.6 | 14.2 |
| Statutory | ||
| Revenue from continuing operations | 127.3 | 131.6 |
| 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