A year of transformation and achievements
Benchmark, the aquaculture biotechnology Company, announces its audited full year results for the year ended 30 September 2020.
2020 Financial Highlights
2020 was characterised by the successful delivery of an ambitious and necessary restructuring programme, and by our response and resilience to the challenges brought by the Covid-19 pandemic.
Our results reflect a mixed performance across our business areas with a strong performance in Genetics offset by the effects of the restructuring programme and the impact of Covid-19, especially on the global shrimp markets.
Moving into FY21, our focus is on becoming profitable and cash generative. Following the restructuring we are well-positioned in an exciting aquaculture industry, and we have significant potential to be realised in the years to come.
Trond Williksen
CEO
Financial Summary
| £m | FY20 | FY19 Restated* |
|---|---|---|
| Statutory | ||
| Revenue from continuing operations | 105.6 | 124.0 |
| Loss before tax from continuing operations | (22.6) | (58.5) |
| Loss from continuing operations | (22.8) | (59.1) |
| Loss - total incl. discontinued operations | (31.9) | (83.1) |
| Basic loss per share (p) | (5.26) | (15.03) |
| Net debt3 | (37.6) | (87.1) |
| Adjusted | ||
| Adjusted EBITDA2 from continuing operations | 14.5 | 21.3 |
| Adjusted operating profit from continuing operations | 7.9 | 16.3 |
| Exceptional items | (2.1) | (0.6) |
| EBITDA1 from continuing operations | 12.4 | 20.8 |
(2) Adjusted EBITDA is EBITDA1, before exceptional items and acquisition related expenditure.
(3) Net debt is cash and cash equivalents less loans and borrowings. Net debt includes £9.6m (2019: £nil) relating to lease obligations which are now held on balance sheet following the adoption of IFRS 16.