Benchmark Share Discussion Threads

[edmonda] 25/11/2024 13:56

"Disposal of Genetics operation for £260m"

Benchmark Holdings has announced the disposal of its Genetics operation to Starfish Bidco AS for an enterprise value (EV) of £260m, comprising an initial consideration of £230m in cash plus an additional contingent consideration of up to £30m. The disposal indicates an EV/EBITDA multiple of 17.9x (£14.5m E). The contingent consideration is based on the performance of the core salmon sub-segment (salmon eggs production) of the Genetics Business from 1st October 2024 to 30th September 2027. Conclusion of the disposal is expected in Q1 25, subject to shareholder approval and regulatory clearance.

The disposal enables the reduction of debt and operational streamlining, and the transaction concludes the formal strategic review Group announced on 22nd January 2024.

We will review our outlook for the redefined Group and Fair Value with the publication of Group Q4 and full year FY24 earnings which is expected in early December.

Link to research note:

[malnu] 29/10/2024 21:20

What makes you think there is a buyer at all?

[edwardt] 25/10/2024 15:16

Gotta be soon now

[edwardt] 21/10/2024 19:26

Longest sale process in history !

[edmonda] 28/8/2024 14:42

Q3 Results - Investor Presentation video recording - August 2024

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q3 results for the three months ended 30 June 2024.

Watch the full presentation for more details on period highlights, which included a solid performance in Advanced Nutrition and Genetics, and the streamlining of Health towards Ectosan® Vet transition. Management provided a detailed update on operational performance per division, a Financial overview and an update on Outlook. Finally there was a Question & Answers session.

The video has been divided into chapters, as below:
0:00:03 Beginning & Introduction
0:00:47 Overview of Q3 & period highlights
0:05:12 Operational Update - Genetics
0:15:00 Operational Update - Advanced Nutrition
0:22:56 Operational Update - Health
0:26:45 Financial Update
0:33:41 Outlook
0:37:49 Questions & Answers

Link here:

[edmonda] 07/8/2024 12:33

Save the Date! 22nd August - Q3 Results Investor Presentation - sign up below!

Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, will be conducting an investor presentation following publication of their Q3 results for the nine month period ended 30 June 2024.

The online event will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO, and will take place on Thursday 22nd August at 12.00pm (UK time).

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Link to register here:

[edmonda] 23/5/2024 19:53

Investor Presentation video recording (May 2024) - Q2 / Interim Results

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q2 / Interim results for the period to 31 March 2024.

Watch the full presentation for more details on period highlights, which included positive momentum in Genetics and Advanced Nutrition partially offset by Health and forex headwinds. Management provided a detailed update on operational performance per division, a Financial overview and an update on Outlook. Finally there was a Question & Answers session.

The video has been divided into chapters, as below:
0:00:03 Introduction
0:01:44 Overview of Q2 & period highlights
0:05:47 Operational Update - Genetics
0:16:00 Operational Update - Advanced Nutrition
0:20:55 Operational Update - Health
0:26:25 Financial Update
0:33:47 Outlook
0:36:36 Questions & Answers

Link to full video:

[edwardt] 10/4/2024 19:52

Tick tock - where's the bid??

[edmonda] 21/2/2024 16:07

Q1 Results - Investor Presentation video recording - 15 February 2024

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q1 results for the period to 31 Dec 2023. Revenues were £40.5m for the quarter, 26% below a particularly strong Q1 FY23, but 11% above Q4 FY23, maintaining quarterly momentum.

In Genetics, management discussed solid performance in the core salmon business and progress in growth vectors. In Advanced Nutrition, the company posted strong performance in Europe and in the Health division significant steps have been taken to transition to new business model for Ectosan® Vet and CleanTreat®.

Watch the full presentation for more details on period highlights and operational performance per division, including a Financial overview and an update on Outlook. The video has been divided into chapters, as below:
0:00:03 Introduction
0:00:36 Overview of Q1 & period highlights
0:05:40 Operational Update - Genetics
0:13:28 Operational Update - Advanced Nutrition
0:17:47 Operational Update - Health
0:23:46 Financial Update
0:30:26 Outlook
0:33:23 Questions & Answers

Link to video:

[newbold120] 05/12/2023 20:27

I suspect it's worth more than that Ed. JNE is the price setter? Interesting he has joined the board

[edmonda] 05/12/2023 09:42

Investor Presentation video recording - 29 November 2023 (FY Results webinar)

The management of Benchmark Holdings discussed revenue growth and improved profitability for the full year. They touched on the focus they've put into turning around the genetics business in Chile, alongside ameliorating the capital cost of running the CleanTreat boats and driving further take up of Ectosan. The team also provided a detailed financial update, commentary on the 2024 outlook, and answered a range of questions submitted by viewers.

Benchmark Holdings plc is an aquaculture biotechnology company and the presenters are Trond Williksen, CEO, and Septima Maguire, CFO.

The full video has been divided into chapters, as below:
0:00:42 Highlights of FY / Q4
0:08:44 Operational Update: Genetics
0:15:05 Operational Update: Advanced Nutrition
0:17:33 Operational Update: Health
0:21:31 Financial Update
0:33:00 Outlook 2024 & summary of Benchmark
0:39:39 Questions & Answers

Link to video:

[edmonda] 01/12/2023 12:42

"FY23 results: consolidation and cash generation" (new report now available)

Link to note:


For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m.

The Group reports Genetics operations at normalised levels, early signs of a recovery in shrimp markets positive for Advanced Nutrition, and in the Health segment improved Q1 24 demand visibility with Clean Treat® at improved capacity utilisation. Most significantly, in FY23 the Group exhibited discipline in cost and cash management which establishes a sound platform for growth in FY24.

We revise down our FY24 revenue outlook by -6% and for FY25 by -7% principally due to a 24% reduction in the outlook for Health. For (adj.) EBITDA the adjustments are -4% in FY24 but +3% in FY25, indicative of continued improvements expected in operational efficiency. We maintain our fair value at 63p/share.

[edwardt] 29/11/2023 18:20

Get to cash flow positive and can the Norwegians then buy this off us for 60p please!

[edmonda] 29/8/2023 08:46

Full video here:

Benchmark Holdings plc, the aquaculture biotechnology company, hosted an investor presentation following publication of their Q3 results (period to 30th June 2023).

Trond Williksen, CEO, and Septima Maguire, CFO took investors through details of the key operational and financial highlights in the period, which included continued growth in Genetics, offset by the impact of weak shrimp markets on Advanced Nutrition. The management team answered a wide range of investor questions and discussed the outlook for each business division.

The full video has been divided into chapters as below:
0:00:03 Introduction & Agenda
0:00:31 Highlights
0:06:19 Operational Update (Genetics)
0:16:38 Operational Update (Advanced Nutrition)
0:20:20 Operational Update (Health)
0:24:53 Financial Update
0:32:21 Outlook
0:39:15 Questions & Answers

[edmonda] 29/8/2023 08:44

New note and Investor Presentation recording (see full details below)

For the three months to 30th June 2023, Benchmark Holdings reported revenue of £34.3m, -5.5%YoY (currency-adjusted -1%YoY), as 10%YoY growth in Genetics (42% of total) was offset by the impact of reduced demand in global shrimp markets, resulting in a 17%YoY decline in Advanced Nutrition revenues (47% of total). Adjusted EBITDA1 declined 23%YoY (£5.1m), a 14.8% margin (Q3 22: 18.1%); on a currency-adjusted basis -13%YoY. Net operating cash inflow of £1.7m contrasted with £(1.0)m outflow in Q3 22, with net debt of £45.7m (FY22: £59.3m) and healthy cash reserves of £32.9m.

Q3 under-performance in the Advanced Nutrition business area indicates a revision to our full year FY23 outlook and the basis for FY24 estimates; a 7.2% reduction in our FY23 (adj.) EBITDA outlook and -7.2% for FY24. We maintain our fair value at 63p/share, backed by sound cashflow management, confidence in Genetics salmon eggs demand and production capacity and prospects for Benchmark’s Ectosan®Vet and Clean Treat® treatments.

Link to research report:

[edwardt] 11/8/2023 17:46

Any likely positives at results?

[murdo mcsponge] 16/6/2023 13:09

"Round objects"!!

[badgerbaty] 14/6/2023 19:48

Murdo you have been in denial for years. This company is dead. John Marshall, head of Animal Health has been sacked just last week. CleanTreat is a pig in a poke. They cannot pay their bills. Carry on by all means but you are dreaming

[murdo mcsponge] 24/5/2023 14:39

In the light of the Q figs released, what on earth justifies a 5% drop in the Stock's price, and the sale of over 7 million shares? I presume the sales are by AIM holders which would go to prove that UK investors just don't understand The Company and its products and services, and their position in what might be called a "Sunrise" Industry. No wonder The Board decided to focus on The Oslo Exchange. The Norwegians really understand Aquaculture, and have made fortunes out of it.