Benchmark Holdings Plc — Earnings Release 2022

Nov 30, 2022

Full Year Results for the Financial Year ended 30 September 2022 - A year of sustained growth and strategic delivery

Full Year Results for the Financial Year ended 30 September 2022 - A year of sustained growth and strategic delivery

Benchmark, the aquaculture biotechnology company, announces its full year audited results for the year ended 30 September 2022 (the "period").

Financial highlights – strong FY2022 results delivered ahead of original market expectations

• Revenue increase of 27% (+21% CER)

o Advanced Nutrition – excellent performance as the Company continued to capitalise on renewed commercial focus and recovery in the shrimp markets post pandemic; revenues increased by 14% (+7% CER)

o Genetics – strong performance benefitting from high demand for the Company’s salmon eggs delivered from Benchmark’s new incubation centre in Iceland; revenue growth +24% (+21% CER)

o Health – first full year of sales from new sea lice solution Ectosan® Vet and CleanTreat® resulting in revenue growth of 157% (+157% CER)

• Adjusted EBITDA +60% (+54% CER) driven by growth in the three business areas and continued financial discipline

• Adjusted EBITDA margin of 20% (FY21: 16%). Adjusted EBITDA margin excluding fair value uplift from biological assets increased to 19% (FY21: 13%)

• Loss for the period increased to £30.5m as a result of increased depreciation associated with CleanTreat® units and higher net finance expenses

• Disciplined investment in growth areas with tangible capex totalling £10.8m

• Refinancing of NOK 850m bond and post period end refinancing of USD $15m RCF

• Cash and cash equivalents of £36.4m and available liquidity of £45.8m

• At 28 November, cash and cash equivalents of £35m and available liquidity of £51m