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”).
H1 2019 Financial Highlights
+3%
Revenue
£78.3m
Revenue
+25%
increase in Adjusted EBITDA
£7.5m
Adjusted EBITDA
9.6%
Adjusted EBITDA Margin
£8.5m
R&D Investment
We have delivered growth in Adjusted EBITDA and made progress against our strategic priorities despite challenging conditions in the shrimp markets. We continue to implement operational and structural efficiency initiatives and we expect the Group to deliver broadly in line with market expectations for the full year.
We are starting to see benefits from the investments we have made into a number of areas including our new facility in Salten, Norway. These investments, combined with the successful completion of our refinancing, leaves us well placed to deliver on our five year strategy to drive future growth and profitability.
Malcolm Pye
Benchmark CEO
Financial Summary
| £m | H1 2019 | H1 2018 | Change % | Constant Currency Change5 % |
|---|---|---|---|---|
| Adjusted | ||||
| Revenue | 78.3 | 75.7 | 3% | 2% |
| Adjusted EBITDA 1 | 7.5 | 6.0 | 25% | 23% |
| Adjusted Operating Profit2 | 2.7 | 2.9 | (7%) | 10% |
| Adjusted Profit Before Tax 3 | 0.7 | 3.6 | (80%) | (86%) |
| Statutory | ||||
| Revenue | 78.3 | 75.7 | 3% | 2% |
| Loss before tax | (8.3) | (5.6) | (48%) | (50%) |
| (Loss)/Profit for the period | (9.1) | 3.6 | (353%) | (355%) |
| Basic loss/earnings per share (pence) | (1.71) | 0.67 | (355%) | |
| Net Debt 4 | (65.5) | (41.3) | (59%) |
2 Adjusted Operating Profit is operating loss before exceptional items including acquisition related items and amortisation of intangible assets excluding development costs as shown in note 16 to the condensed consolidated financial statements
3 Adjusted profit before tax is earnings before tax, amortisation and impairment of acquired intangibles, exceptional items and acquisition related expenditure as shown in note 16 to the condensed consolidated financial statements
4 Net debt is cash and cash equivalents less loans and borrowings as shown in note 16 to the condensed consolidated financial statements
5 Constant Currency change reflects the percentage change after retranslating 2019 figures using the same foreign exchange rates experienced in 2018.