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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Benchmark Holdings Plc | LSE:BMK | London | Ordinary Share | GB00BGHPT808 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-3.25 | -6.77% | 44.75 | 44.50 | 45.00 | 46.00 | 44.60 | 44.60 | 143,492 | 16:35:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Pharmaceutical Preparations | 169.74M | -23.15M | -0.0313 | -14.38 | 332.71M |
TIDMBMK
RNS Number : 5326J
Benchmark Holdings PLC
24 August 2021
24 August 2021
Information within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
Q3 Results
(3 months ended 30 June 2021)
Strong quarter with continuing momentum and strong performance across all business areas
Strategic milestone with successful launch of Ectosan(R) Vet and CleanTreat(R) post period
In compliance with the terms of the Company's senior secured bond which requires it to publish quarterly financial information, Benchmark, the aquaculture biotechnology business, announces its unaudited results for the 3 months ended 30 June 2021 (the "period") . All Q3 FY21, Q3 FY20, YTD Q3 2021 and YTD Q3 2020 figures quoted in this announcement are based on unaudited accounts.
Highlights - strong Q3 2021 performance across all business areas and continuing momentum
-- Revenues 17% ahead of the prior year (+25% CER) (continuing operations) with strong performance across all business areas:
o Genetics revenues 21% above Q3 2020 driven by higher sales of salmon eggs
o Advanced Nutrition revenues 15% above the prior year reflecting growth across all product lines and continuing its good performance
o Health revenues 20% above Q3 2020 benefitting from higher Salmosan sales
-- Adjusted EBITDA more than doubled as a result of higher revenues, operational improvements and continuous cost control
-- YTD Q3 2021, Group revenues were 9% higher than the prior year (+15% CER) and Adjusted EBITDA 26% ahead (38% CER) (continuing operations)
-- Liquidity of c.GBP51m (cash and available facility) as at 23 August 2021 GBPm YTD Q3 CER** YTD Q3 2020 YTD Q3 Q3 2020 CER** 2021 Restated* 2021 Q3 2021 Restated* Q3 2021 ------------------------------------ --------- ----------- -------- ---------- ----------- --------- 87.8 92.6 28.3 30.2 Revenue from continuing operations +9% 80.3 +15% +17% 24.1 +25% ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Adjusted ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Adjusted EBITDA(1) from continuing 12.4 13.5 4.4 4.7 operations +27% 9.8 +38% +110% 2.1 +123% ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Adj. EBITDA excluding biological 10.0 11.1 4.1 4.4 asset movements +23% 8.1 +37% +37% 3.0 +47% ------------------------------------ --------- ----------- -------- ---------- ----------- --------- 7.3 8.3 2.9 3.1 Adjusted Operating Profit(2) +40% 5.2 +60% +383% 0.6 +417% ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Statutory ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Operating loss (5.9) (8.1) (1.2) (4.2) ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Loss before tax from continuing operations (5.9) (19.6) (2.7) (6.2) ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Loss for the Period - total incl. discontinued operations (5.9) (23.2) (2.8) (4.4) ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Basic loss per share (p) (1.01) (3.83) (0.44) (0.66) ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Net debt(3) 76.1 54.7 76.1 54.7 ------------------------------------ --------- ----------- -------- ---------- ----------- --------- Net debt excluding lease liabilities 52.7 45.3 52.7 45.3 ------------------------------------ --------- ----------- -------- ---------- ----------- ---------
* YTD Q3 2020 and Q3 2020 numbers have been restated to reflect changes to the ongoing continuing business since the figures were originally reported (note 5).
** Constant exchange rate (CER) figures derived by retranslating current year figures using previous year's foreign exchange rates.
(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items including acquisition related expenditure.
(2) Adjusted Operating Profit is operating loss before exceptional items including acquisition related items and amortisation of intangible assets excluding development costs.
(3) Net debt is cash and cash equivalents less loans and borrowings.
Divisional summary (Continuing operations)
GBPm YTD Q3 CER** CER** YTD Q3 2020 YTD Q3 Q3 2020 Q3 2021 Restated* 2021 Q3 2021 Restated* 2021 -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- Revenue -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 53.4 57.3 18.4 20.6 Advanced Nutrition +13% 47.3 +21% +15% 16.0 +29% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 30.9 31.7 8.7 8.5 Genetics +4% 29.7 +7% +21% 7.2 +18% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 3.6 3.6 1.2 1.2 Health -8% 3.9 -8% +20% 1.0 +20% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- Adjusted EBITDA(1) -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 10.2 11.0 3.9 4.4 Advanced Nutrition +65% 6.2 +77% +39% 2.8 +57% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 8.2 8.5 2.2 2.1 Genetics -16% 9.8 -13% +83% 1.2 +75% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- 5.9 6.2 1.9 1.8 * Net of fair value movements in biological assets -27% 8.1 -23% -10% 2.1 -14% -------------------------------------------------------- ------- ---------- -------- -------- ---------- ------- (3.8) (3.8) (1.2) (1.2) Health +3% (3.9) +3% +8% (1.3) +8% -------------------------------------------------------- ------- ---------- -------- -------- ---------- -------
* YTD Q3 2020 and Q3 2020 numbers have been restated to reflect changes to the ongoing continuing business since the figures were originally reported (note 5).
** Constant exchange rate (CER) figures derived by retranslating current year figures using previous year's foreign exchange rates.
(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items including acquisition related expenditure.
Operational highlights - launch of Ectosan(R) Vet (formerly BMK08) and CleanTreat(R) post period end; first sea lice treatments delivered successfully
-- Post period end, the Group received Marketing Authorisation in Norway for Ectosan(R) Vet and the MRL (Maximum Residue Limit) was adopted into the Agreement of the European Economic Area, completing the regulatory steps for commercialisation. The first treatments were successfully delivered in August 2021. Ectosan(R) Vet is the first new sea lice medicine to come to market in more than a decade
-- Good commercial and operational momentum in Advanced Nutrition continues with strong growth YoY
-- Expansion projects for salmon and shrimp Genetics in Iceland, Fellsmere and Chile are progressing according to plan
-- Continue to win new contracts for future delivery in the emerging land-based salmon segment
Market environment - Reopening of hospitality sector creates positive market outlook
-- The gradual reopening of the hospitality sector creates a positive outlook for our end markets
-- Conditions in the salmon industry are positive with a recovery in prices after a drop related to Covid-19; demand growth continues to exceed global supply
-- The shrimp market is recovering with potential to bounce back to pre-Covid-19 levels despite continued hardships due to the pandemic in certain markets
-- The seabass and seabream market have substantially recovered
Current trading and Outlook
-- The Group is trading in line with market expectations for the full year with good revenue visibility for the remainder of the year
-- Looking forward to FY 2022, consistency in performance is expected to continue in Genetics and Advanced Nutrition, while Health starts benefitting from Ectosan(R) Vet and CleanTreat(R) revenue stream
Trond Williksen, CEO, commented:
"We are very pleased with the results and progress in Q3 2021 and the subsequent period. Our three business areas performed strongly, and we achieved a major strategic milestone with the successful commercial launch of Ectosan(R) Vet and CleanTreat(R). We now have the basis to have three profitable business areas moving the Group closer to overall profitability.
"There is good momentum in the business following the streamlining exercise conducted in 2020 and the adoption of a new commercial focus. O ur end markets are gradually recovering from the impact of Covid-19, creating a positive environment for our business. All this provides confidence in our ability to deliver full year results in line with market expectations as well as progress in future years."
Details of analyst / investor call today
There will be a call at 9:00am UK time today for analysts and investors. To register for the call please contact MHP Communications on +44 (0)20 3128 8990 or 8742, or by email on benchmark@mhpc.com
Enquiries
For further information, please contact: Benchmark Holdings plc Tel: 020 3696 0630 Trond Williksen, CEO Septima Maguire, CFO Ivonne Cantu, Investor Relations Numis (Broker and NOMAD) Tel: 020 7260 1000 James Black, Freddie Barnfield, Duncan Monteith MHP Communications Tel: 020 3128 8990 / 8742
Katie Hunt, Reg Hoare, Alistair de Kare-Silver benchmark@mhpc.com
About Benchmark
Benchmark is a leading aquaculture biotechnology company. Benchmark's mission is to enable aquaculture producers to improve their sustainability and profitability.
We bring together biology and technology to develop innovative products and solutions which improve yield, quality and animal health and welfare for our customers. We do this by improving the genetic make-up, health and nutrition of their stock - from broodstock and hatchery through to nursery and grow out.
Benchmark has a broad portfolio of products and solutions, including salmon eggs, live feed (Artemia), specialist diets and probiotics and sea lice treatments. Find out more at www.benchmarkplc.com
Management Report
We are very pleased with the Group's performance in Q3 2021. Our three business areas delivered strong results, and we achieved a major strategic milestone post period end with the completion of all the regulatory steps required to commercialise Ectosan(R) Vet (previously code named BMK08) and CleanTreat(R) in Norway, our main target market for our new sea lice solution. The first sea lice treatments were delivered successfully in August 2021 generating the first commercial revenues from our new solution.
Group revenues from continuing operations for the quarter at GBP28.3m were 17% ahead of the prior year (+25% CER) reflecting good performance across all business areas. YTD group revenues from continuing operations were 9% higher than the prior year at GBP87.8m (+15% CER) (YTD Q3 2020 (restated): GBP80.3m). The drivers behind our results are outlined in the business area commentary below.
The continuing good performance in the year highlights the benefits of a streamlined organisation with a clear commercial focus. In addition, we have seen some recovery from Covid-19 in our end markets, particularly in shrimp, as Covid-19 restrictions ease and the hospitality sector reopens. While conditions in some shrimp producing countries including India remain difficult there is positive momentum and significant upside potential to reach pre Covid-19 levels. The salmon market remains stable with price recovery after a drop relating to Covid-19 and the Mediterranean sea bass/sea bream market has substantially recovered.
We maintain our disciplined approach to cost control, cash management and investment. Our goal is to maintain or improve the margins in our established business, while investing in the launch of new products including SPR shrimp, and in the expansion of our core areas such as salmon genetics. Operating expenses in Q3 2021 of GBP9.3m were 25% above the prior year and R&D expenses of GBP1.6m were up 27%. This expected increase is against a backdrop of significant savings in Q3 2020 when, in response to the Covid-19 pandemic, we implemented cost containment and temporary salary reductions for senior management and utilised government support schemes. Total R&D investment including capitalised development costs was GBP2.9m (Q3 2020: GBP2.6m). Total capex investment in the period of GBP7.8m (Q3 2020: GBP3.7m) and GBP17.1m YTD (YTD Q3 2020: GBP9.8m) includes investment in CleanTreat (R), in our Advanced Nutrition facilities in Thailand and in the new incubation facility in Iceland .
Adjusted EBITDA from continuing operations for the quarter was 110% up at GBP4.4m against GBP2.1m in Q3 2020 as a result of higher revenues and ongoing cost control, partially offset by an increase in operating costs as activity normalises post Covid-19. YTD adjusted EBITDA at GBP12.4m was GBP2.6m, 27% up on the prior year (YTD Q3 2020 (restated): GBP9.8m).
We continued to make good progress in our strategic priorities which are aligned towards our goal of becoming the leading aquaculture biotechnology company delivering sustainable profitability.
Advanced Nutrition
Advanced Nutrition performed strongly in the quarter with growth across all product areas - Artemia, diets and health. The good performance is the result of a successful commercial programme to regain market share in Artemia and strengthen our position in diets and health, as well as recovering shrimp and seabass/seabream markets. Revenues of GBP18.4m in Q3 were 15% above the prior year (Q3 2020: GBP16.0m). YTD Q3 revenues of GBP53.4m were 13% above the prior year (YTD Q3 2020: GBP47.3m). Adjusted EBITDA in Q3 2021 was GBP3.9m (Q3 2020: GBP2.8m) and YTD Q3 Adjusted EBITDA was GBP10.2m, 64% above the prior year YTD (YTD Q3 2020: GBP6.2m). The increase in Adjusted EBITDA margin reflects higher sales, as well as growth in diets which have a higher margin and ongoing cost control.
By product, Artemia revenues were up 21%, Diets were up 27% and Health was up 56% in the quarter. YTD Q3, Artemia revenues were up 19% versus prior year despite a strategic drop in price to regain market share. Diets were up 26% and Health was up 7%. By region, Asia performed strongly while the Americas remain challenging partly because of the ongoing Covid-19 pandemic and logistical difficulties.
Genetics
Genetics performed well in the period with revenues of GBP8.7m, 21% above the prior year (Q3 2020: GBP7.2m) driven by higher sales of salmon eggs primarily from the Salten facility in Norway. Current capacity from our Salten facility is sold out and we continue to work on the operational optimisation and ramp up of Salten to reach its full 150m egg capacity. Harvest income was lower than the prior year due to lower salmon prices. YTD Q3 revenues at GBP30.9m were 4% ahead of the prior year (YTD Q3 2020: GBP29.7m) reflecting the same drivers as in Q3.
Adjusted EBITDA for Q3 2021 of GBP2.2m was 83% higher than prior year (Q3 2020: GBP1.2m) as a result of higher sales offsetting an increase in operating costs as operations normalise post Covid-19. Adjusted EBITDA for YTD Q3 of GBP8.2m was 16% below the prior year (YTD Q3 2020: GBP9.8m) due to lower harvest income and lower JV revenues.
Biological asset increase of GBP1.2m in the quarter (Q3 FY20: GBP1.5m) was impacted by adverse foreign exchange movements of GBP0.5m (Q3 FY20: favourable GBP1.0m) and includes a fair value increase of GBP0.4m (Q3 2020: GBP0.9m decrease) as a result of higher salmon egg sales and higher price. YTD Q3 increase in biological assets of GBP5.3m (YTD Q3 2020: GBP1.3m) reflects a favourable foreign exchange movement of GBP0.8m (YTD Q3 FY20: adverse GBP2.6m) and includes a fair value increase of GBP2.3m (YTD Q3 2020: GBP1.7m) as salmon egg production, sales and prices increase.
By species, salmon performed well maintaining a strong market position in the northern hemisphere. We also continue to win new contracts for future delivery in the emerging land-based segment where we have established a leading position which will support future growth. Delivery of land-based contracts will commence as the new land-based facilities come on stream which we expect to be gradual in the years to come. The expansion of the incubation facility in Iceland will support future demand across all production paradigms and is progressing according to plan. In Chile, we continued our efforts to penetrate the market in a disciplined manner, achieving first sales in the period. The Chilean market is well established and we expect to build a market position gradually over time.
In shrimp, test market sales of our SPR shrimp continued in the period and the expansion of the Fellsmere facility in Florida progressed according to plan. The additional capacity is expected to come onstream by the end of the year. We are planning a phased entry into the Asian markets ensuring that we have an optimised product in each region. During Q3 we capitalised GBP0.4m from development costs (YTD Q3 2021: GBP1.3m) and incurred operating costs of GBP0.2m (YTD Q3 2021: GBP1.2m).
In Tilapia, our focus is on achieving profitability seeking new commercial opportunities and establishing the optimal scale for a sustainably profitable business. During the period we incurred GBP0.2m operating costs (YTD Q3 2021: GBP0.7m).
Health
Post period-end the Health business area achieved a very significant strategic milestone when marketing authorisation was obtained in Norway for its new sea lice treatment, Ectosan(R) Vet and CleanTreat(R), as well as ratification of the MRL (Maximum Residue Limit) in Norway. Having concluded these steps, Benchmark is now able to commercialise its novel sea lice solution in Norway. Benchmark's solution which is highly efficacious, is good for animal welfare and protects the environment from discharge of medicine into the ocean is the first sea lice medicine to be introduced in the market in more than a decade. We have two CleanTreat(R) units in operation and have successfully delivered the first sea lice treatments to our customers during August.
Revenues in Q3 2021 from continuing operations of GBP1.2m were 20% above the prior year (Q3 2020 (restated): GBP1.0m) due to higher sales of Salmosan in Norway and the Faroes. YTD Q3 2021 revenues were GBP3.6m, 8% behind prior year (YTD Q3 2020 (restated): GBP3.9m).
Adjusted EBITDA from continuing operations in Q3 2021 was a loss of GBP1.2m (Q3 2020 (restated): loss GBP1.3m) reflecting higher revenues offset by continued investment in Ectosan(R) Vet and CleanTreat(R). YTD Q3 Adjusted EBITDA was a loss of GBP3.8m (Q3 YTD 2020 (restated): loss GBP3.9m).
Operating costs associated with Ectosan(R) Vet and CleanTreat(R) were GBP3.4m YTD Q3 2021, of which GBP1.7m have been capitalised and capex investment in CleanTreat(R) YTD Q3 2021 was GBP3m.
Finance costs, cashflow and net debt
Net finance cost for the quarter of GBP1.4m is GBP0.6m lower than the prior year (Q3 2020: GBP2.0m). Q3 2021 had forex gains of GBP0.7m (Q3 2020: GBP1.4m loss) and no movement on the fair value of the financial instrument used to hedge the currency and interest risk on the NOK bond financing (Q3 2020: GBP1.6m gain). Interest charge (including interest expense on right-of-use assets) of GBP2.1m (Q3 2020: GBP2.2m) was slightly lower due to favourable exchange rate movements, offset by GBP0.1m increase in interest on right-of-use assets.
Net finance cost for the YTD Q3 at GBP0.1m is GBP11.4m lower than the prior year (YTD 2020: GBP11.5m). The main reasons for the lower net cost are a YTD gain of GBP2.4m on revaluation of financial instruments mentioned above (YTD Q3 2020: GBP2.1m loss) and forex gains of GBP4.0m (YTD Q3 2020: GBP3.2m loss). Interest charge (including interest expense on right-of-use assets) of GBP6.5m (Q3 2020: GBP6.4m) is broadly in line with the previous year.
Net debt at the quarter end was GBP76.1m (30 June 2020: GBP54.7m; 30 Sept 2020: GBP37.6m) and net debt excluding lease liabilities was GBP52.7m (30 June 2020: GBP45.3m; 30 Sept 2020: GBP27.1m). This is a result of a cash outflow from operations of GBP0.1m (cash inflow YTD 2020: GBP0.5m) and capex of GBP13.5m. The main areas of capex investment in the period include CleanTreat(R), the fire prevention equipment in our facility in Thailand and the new incubation centre in Iceland. Capitalised development costs totalled GBP3.6m, mainly related to Ectosan(R) Vet and CleanTreat(R) and SPR shrimp.
We continue to maintain tight control of costs and working capital across the Group. Our priority is to maintain a strong balance sheet in the business to maintain momentum and support the execution of our growth opportunities. Liquidity at the end of the period was GBP54.1m providing GBP44.1m of headroom against our minimum liquidity covenant.
Current Trading and Outlook
The Group is performing well across its three business areas and is trading in line with market expectations for the full year.
Looking forward, our end markets are gradually recovering from the impact of Covid-19 as restrictions ease in certain territories, creating a more positive trading environment for our businesses. This, together with the successful commercial launch of Ectosan(R) Vet and CleanTreat(R), the continuing good performance in Genetics and Advanced Nutrition and our ongoing cost and cash management discipline, are expected to benefit our financial performance going forward.
Longer term, the opportunities in our end markets remain significant with an increasing need for sustainable solutions in the aquaculture industry. As a focused aquaculture biotechnology company and proactive industry leader, with a clear commercial focus and capital allocation priorities, we are well positioned to improve sustainability across the aquaculture and deliver profitable growth in future years.
Benchmark Holdings plc
Consolidated Income Statement for the period ended 30 June 2021
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's Notes (unaudited) (unaudited) (unaudited) (unaudited) (audited) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Revenue 4 28,336 24,149 87,801 80,326 105,565 Cost of sales (13,024) (13,131) (41,646) (38,288) (50,603) ------------------------------ ------ Gross profit 15,312 11,018 46,155 42,038 54,962 Research and development costs (1,590) (1,248) (5,172) (5,975) (7,282) Other operating costs (9,329) (7,455) (28,026) (26,427) (33,337) Share of profit/(loss) of equity-accounted investees, net of tax 35 (186) (606) 205 150 ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Adjusted EBITDA(2) 4,428 2,129 12,351 9,841 14,493 Exceptional - restructuring, disposal and acquisition related items 6 (187) (581) (1,055) (759) (2,114) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ EBITDA(1) 4,241 1,548 11,296 9,082 12,379 Depreciation and impairment (1,555) (1,567) (5,050) (4,656) (6,640) Amortisation and impairment (3,931) (4,173) (12,109) (12,506) (16,613) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Operating loss (1,245) (4,192) (5,863) (8,080) (10,874) Finance cost (2,110) (1,999) (6,495) (11,635) (12,779) Finance income 674 11 6,424 90 1,082 ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Loss before taxation (2,681) (6,180) (5,934) (19,625) (22,571) Tax on loss 7 (128) 580 58 223 (204) ------------------------------ ------ -------------- ------------ Loss from continuing operations (2,809) (5,600) (5,876) (19,402) (22,775) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Discontinued operations Profit/(loss) from discontinued operations, net of tax 5 - 1,204 - (3,794) (9,174) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ (2,809) (4,396) (5,876) (23,196) (31,949) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Loss for the period
attributable to: - Owners of the parent (2,972) (4,413) (6,790) (23,383) (32,923) - Non-controlling interest 163 17 914 187 974 ------------------------------ ------ -------------- -------------- (2,809) (4,396) (5,876) (23,196) (31,949) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Earnings per share Basic loss per share (pence) 8 (0.44) (0.66) (1.01) (3.83) (5.26) Diluted loss per share (pence) 8 (0.44) (0.66) (1.01) (3.83) (5.26) Earnings per share - continuing operations Basic loss per share (pence) 8 (0.44) (0.84) (1.01) (3.20) (3.80) Diluted loss per share (pence) 8 (0.44) (0.84) (1.01) (3.20) (3.80) All figures in GBP000's ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Adjusted EBITDA from continuing operations 4,428 2,129 12,351 9,841 14,493 Adjusted EBITDA from discontinued operations 5 - (1,822) - (6,273) (8,726) ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------ Total Adjusted EBITDA 4,428 307 12,351 3,568 5,767 ------------------------------ ------ -------------- -------------- -------------- ---------------- ------------
1 EBITDA - Earnings/loss before interest, tax, depreciation, amortisation and impairment
2 Adjusted EBITDA - EBITDA before exceptional and acquisition related items
* Q3 2020 and YTD Q3 2020 numbers have been restated to reflect changes to the ongoing continuing business since the figures were originally reported (note 5)
Benchmark Holdings plc
Consolidated Statement of Comprehensive Income for the period ended 30 June 2021
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) ------------------------- ---- -------------- -------------- -------------- --------------- ------------ Loss for the period (2,809) (4,396) (5,876) (23,196) (31,949) Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Foreign exchange translation differences (385) 8,886 (14,054) (8,438) (20,327) Cash flow hedges - changes in fair value (514) 4,982 2,306 (4,904) (5,932) Cash flow hedges - reclassified to profit or loss 257 (1) 544 (163) (153) Total comprehensive income for the period (3,451) 9,471 (17,080) (36,701) (58,361) ------------------------------- -------------- -------------- -------------- --------------- ------------ Total comprehensive income for the period attributable to: - Owners of the parent (3,645) 9,169 (18,304) (36,253) (58,532) - Non-controlling interest 194 302 1,224 (448) 171 ------------------------------- --------------- ------------ (3,451) 9,471 (17,080) (36,701) (58,361) ------------------------------ -------------- -------------- -------------- --------------- ------------ Total comprehensive income for the period attributable to owners of the parent: - Continuing operations (3,645) 7,523 (18,304) (33,441) (50,604) - Discontinued operations - 1,646 - (2,812) (7,928) ------------------------------- (3,645) 9,169 (18,304) (36,253) (58,532) ------------------------------ -------------- -------------- -------------- --------------- ------------
* Q3 2020 and YTD Q3 2020 numbers have been restated to reflect changes to the ongoing continuing business since the figures were originally reported (note 5).
Benchmark Holdings plc
Consolidated Balance Sheet as at 30 June 2021
30 June 30 September 2021 30 June 2020 2020 All figures in GBP000's Notes (unaudited) (unaudited) (audited) ---------------------------------- ------ ------------ ------------- -------------- Assets Property, plant and equipment 74,995 86,021 65,601 Right-of-use assets 25,306 8,743 10,347 Intangible assets 228,156 260,158 247,003 Equity-accounted investees 3,289 3,884 3,690 Other investments 15 24 23 Biological and agricultural assets 17,119 9,328 16,621 Non-current assets 348,880 368,158 343,285 ---------------------------------- ------ ------------ ------------- -------------- Inventories 20,260 23,323 18,926 Biological and agricultural assets 20,610 20,435 15,848 Trade and other receivables 34,462 31,505 39,371 Cash and cash equivalents 43,187 54,492 71,605 ---------------------------------- ------ ------------ ------------- -------------- 118,519 129,755 145,750 Assets held for sale - 9,812 - Current assets 118,519 139,567 145,750 ---------------------------------- ------ ------------ ------------- -------------- Total assets 467,399 507,725 489,035 ---------------------------------- ------ ------------ ------------- -------------- Liabilities Trade and other payables (32,798) (37,489) (45,692) Loans and borrowings 9 (10,481) (4,809) (5,339) Corporation tax liability (4,439) (3,553) (4,344) Provisions - (386) - ---------------------------------- ------ ------------ ------------- -------------- (47,718) (46,237) (55,375) Liabilities directly associated - (3,799) - with the assets held for sale ------------ Current liabilities (47,718) (50,036) (55,375) ---------------------------------- ------ ------------ ------------- -------------- Loans and borrowings 9 (108,829) (104,335) (103,819) Other payables (1,803) (2,020) (1,754) Deferred tax (28,582) (34,915) (32,647) Non-current liabilities (139,214) (141,270) (138,220) ---------------------------------- ------ ------------ ------------- -------------- Total liabilities (186,932) (191,306) (193,595) ---------------------------------- ------ ------------ ------------- -------------- Net assets 280,467 316,419 295,440 ---------------------------------- ------ ------------ ------------- -------------- Issued capital and reserves attributable to owners of the parent Share capital 10 670 668 668 Additional paid-in share capital 10 400,622 399,601 399,601 Capital redemption reserve 5 5 5 Retained earnings (147,876) (133,311) (142,170) Hedging reserve (6,800) (8,633) (9,651) Foreign exchange reserve 26,313 52,399 40,678 Equity attributable to owners of the parent 272,934 310,729 289,131 Non-controlling interest 7,533 5,690 6,309 ---------------------------------- ------ Total equity and reserves 280,467 316,419 295,440 ---------------------------------- ------ ------------ ------------- --------------
The accompanying notes are an integral part of this consolidated financial information.
Benchmark Holdings plc
Consolidated Statement of Changes in Equity for the period ended 30 June 2021
Total attributable Additional to equity paid-in holders Non- Share share Other Hedging Retained of controlling Total capital capital reserves* reserve earnings parent interest equity GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 1 October 2020 (audited) 668 399,601 40,683 (9,651) (142,170) 289,131 6,309 295,440 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Comprehensive income for the period (Loss)/profit for the period - - - - (6,790) (6,790) 914 (5,876) Other comprehensive income - - (14,365) 2,851 - (11,514) 310 (11,204) Total comprehensive income for the period - - (14,365) 2,851 (6,790) (18,304) 1,224 (17,080) --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Contributions by and distributions to owners Share issue 2 1,021 - - - 1,023 - 1,023 Share-based payment - - - - 1,084 1,084 - 1,084 Total contributions by and distributions to owners 2 1,021 - - 1,084 2,107 - 2,107 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Total transactions with owners of the Company 2 1,021 - - 1,084 2,107 - 2,107 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 30 June 2021 (unaudited) 670 400,622 26,318 (6,800) (147,876) 272,934 7,533 280,467 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 1 October 2019 (audited) 559 358,044 60,207 (3,566) (110,916) 304,328 6,138 310,466 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Comprehensive income for the period (Loss)/profit for the period - - - - (23,383) (23,383) 187 (23,196) Other comprehensive income - - (7,803) (5,067) - (12,870) (635) (13,505) Total comprehensive income for the period - - (7,803) (5,067) (23,383) (36,253) (448) (36,701) --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Contributions by and distributions to owners Share issue 109 42,869 - - - 42,978 - 42,978 Share issue costs recognised through equity - (1,312) - - - (1,312) - (1,312) Share-based payment - - - - 988 988 - 988 Total contributions by and distributions to owners 109 41,557 - - 988 42,654 - 42,654 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Total transactions with owners of the Company 109 41,557 - - 988 42,654 - 42,654 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 30 June 2020 (unaudited) 668 399,601 52,404 (8,633) (133,311) 310,729 5,690 316,419 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 1 October 2019 (audited) 559 358,044 60,207 (3,566) (110,916) 304,328 6,138 310,466 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Comprehensive income for the period (Loss)/profit for the period - - - - (32,923) (32,923) 974 (31,949) Other comprehensive income - - (19,524) (6,085) - (25,609) (803) (26,412) Total comprehensive income for the period - - (19,524) (6,085) (32,923) (58,532) 171 (58,361) --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Contributions by and distributions to owners Share issue 109 42,869 - - - 42,978 - 42,978 Share issue costs recognised through equity - (1,312) - - - (1,312) - (1,312) Share-based payment - - - - 1,669 1,669 - 1,669 Total contributions by and distributions to owners 109 41,557 - - 1,669 43,335 - 43,335 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- Total transactions with owners of the Company 109 41,557 - - 1,669 43,335 - 43,335 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- --------- As at 30 September 2020 (audited) 668 399,601 40,683 (9,651) (142,170) 289,131 6,309 295,440 --------------- --------- ------------ ----------- --------- ---------- -------------- ------------- ---------
*Other reserves in this statement is an aggregation of Capital redemption reserve and Foreign exchange reserve.
Benchmark Holdings plc
Consolidated Statement of Cash Flows for the period ended 30 June 2021
YTD Q3 YTD Q3 2021 2020 FY 2020 (unaudited) (unaudited) (audited) GBP000 GBP000 GBP000 --------------------------------------------- -------------- -------------- ------------ Cash flows from operating activities Loss for the period (5,876) (23,196) (31,949) Adjustments for: Depreciation and impairment of property, plant and equipment 5,050 6,353 9,138 Amortisation and impairment of intangible fixed assets 12,109 13,259 19,402 (Loss)/gain on sale of property, plant and equipment 47 75 (1,140) Gain on sale of subsidiaries - (5,564) (14,120) Gain on sale of other investments (91) - - Finance income (2,460) (89) (111) Finance costs 6,495 6,394 9,695 Other adjustments for non-cash items - (1,776) 200 Share of loss/(profit) of equity-accounted investees, net of tax 606 (205) (150) Foreign exchange (gains)/losses (4,237) 4,015 (132) Share based payment expense 1,084 988 1,669 Tax (credit)/charge (58) (113) 314 --------------------------------------------- -------------- -------------- ------------ 12,669 141 (7,184) Decrease in trade and other receivables 4,579 9,790 4,202 (Increase)/decrease in inventories (2,559) (648) 3,741 Increase in biological assets (4,418) (3,931) (7,474) (Decrease)/increase in trade and other
payables (7,760) (3,175) 5,006 Decrease in provisions (29) (18) (260) --------------------------------------------- -------------- -------------- ------------ 2,482 2,159 (1,969) Income taxes paid (2,625) (1,667) (2,087) --------------------------------------------- -------------- -------------- ------------ Net cash flows used in operating activities (143) 492 (4,056) --------------------------------------------- -------------- -------------- ------------ Investing activities Proceeds from sale of subsidiaries, net of cash disposed of - 5,025 17,487 Purchases of investments (247) (373) (522) Proceeds from disposal of investments 99 6,932 6,932 Purchases of property, plant and equipment (12,789) (5,235) (5,851) Payments for initial costs of right-of-use assets (586) - - Proceeds from sales of intangible assets - 207 261 Purchases of intangibles (3,629) (3,249) (5,563) Purchases of held for sale assets - - (402) Proceeds from sale of fixed assets 88 123 16,147 Proceeds from sales of other long-term assets - 1,776 1,776 Interest received 48 89 111 --------------------------------------------- -------------- -------------- ------------ Net cash flows used in investing activities (17,016) 5,295 30,376 --------------------------------------------- -------------- -------------- ------------ Financing activities Proceeds of share issues 689 42,978 42,978 Share-issue costs recognised through equity - (1,312) (1,312) Proceeds from bank or other borrowings - 7,925 8,387 Repayments of bank or other borrowings (2,696) (9,614) (10,141) Interest and finance charges paid (5,685) (5,309) (7,659) Repayments of lease liabilities (2,884) (1,914) (2,120) Net cash inflow from financing activities (10,576) 32,754 30,133 --------------------------------------------- -------------- -------------- ------------ Net (decrease)/increase in cash and cash equivalents (27,735) 38,541 56,453 Cash and cash equivalents at beginning of period 71,605 16,051 16,051 Effect of movements in exchange rate (683) (100) (899) --------------------------------------------- -------------- -------------- ------------ Cash and cash equivalents at end of period 43,187 54,492 71,605 --------------------------------------------- -------------- -------------- ------------
The Consolidated Statement of Cash Flows presents cash flows from both Continuing and Discontinued operations in the comparatives. There were no Discontinued operations in the current period.
Benchmark Holdings plc
Unaudited notes to the interim financial statements for period ended 30 June 2021
1. Basis of preparation
Benchmark Holdings plc (the 'Company') is a company incorporated domiciled in the United Kingdom. These consolidated interim financial statements as at and for the nine months ended 30 June 2021 represent those of the Company and its subsidiaries (together referred to as the 'Group').
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's consolidated financial statements as at and for the year ended 30 September 2020. They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. Statutory accounts for the year ended 30 September 2020 were approved by the Directors on 27 November 2020 and have been delivered to the Registrar of Companies. The audit report received on those accounts was unqualified and did not make a statement under section 498 of the Companies Act 2006.
Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Management Report.
As at 30 June 2021 the Group had net assets of GBP280.5m (30 September 2020: GBP295.4m), including cash of GBP43.2m (30 September 2020: GBP71.6m) as set out in the consolidated balance sheet. The Group made a loss for the period of GBP5.9m (30 September 2020: GBP31.9m).
As noted in the Management Report, we have seen some recovery in our end markets as the Covid-19 vaccine programmes across the world are rolled out in key markets and the hospitality sector reopens. The ultimate lasting impact of the pandemic on industry, the economy, Benchmark's markets and its businesses remains to some extent uncertain, but strong performance in the quarter and year to date has been positive and has given cause for optimism.
The Directors prepared cash flow projections covering the period to September 2022 as part of the budgeting process for 2021, and these were used to assess the Group's trading and cash flow forecasts and the forecast compliance with the covenants included within the Group's financing arrangements. Year to date performance has been in line with these forecasts. Cash resources were boosted by non-core business disposals during 2020 and the ongoing cost base following these transactions was significantly reduced.
The uncertainty relating to the future impact on the Group of the pandemic continues to be considered as part of the Directors' assessment of the going concern assumption, and positive preventative measures implemented by the Directors at an early stage in response to the pandemic continue to be in force where necessary. In the downside scenario analysis performed, the Directors considered severe but plausible impacts of Covid-19 on the Group's trading and cash flow forecasts, modelling reductions in the revenues and cash flows in Advanced Nutrition, being the segment most impacted by Covid-19 because of its exposure to global shrimp markets, alongside modelling delays to new product launches in the Health business area. Key downside sensitivities modelled included assumptions on slower than expected recovery in global shrimp markets, affecting demand for Advanced Nutrition products and a three-month potential delay in the launch of Ectosan(R) Vet (formerly referred to as BMK08) and CleanTreat(R), pushing commercial launch back to September 2021. As noted in the Management Report, the Directors have observed some recovery in the shrimp markets in the performance of the Advanced Nutrition business during the period and also announced receipt of the marketing authorisation for its new sea lice treatment (Ectosan(R) Vet and CleanTreat(R)) as well as and ratification of the MRL in Norway. The latter has allowed Benchmark to commercialise this novel treatment with first sales in August 2021, so the group outperformed the downside sensitivity scenario noted above. Nevertheless, mitigating measures within the control of management were implemented early in the pandemic and remain in place and have been factored into the downside analysis performed. These measures include reductions in areas of discretionary spend, deferral of capital projects and temporary hold on R&D for non-imminent products.
The budgeting process is well underway for 2022, and while this is not yet finalised, the projections show adequate resources and liquidity to continue to support the going concern assertion.
It remains difficult to predict the overall outcome and lasting impact of the pandemic, but under the severe but plausible downside scenarios modelled, which the Group has so far outperformed, the Group has sufficient liquidity and resources throughout the period under review whilst still maintaining adequate headroom against the borrowing covenants. The Directors therefore remain confident that the Group has adequate resources to continue to meet its liabilities as and when they fall due within the period of 12 months from the date of approval of these interim financial statements. Accordingly, these interim financial statements have been prepared on a going concern basis.
2. Accounting policies
The accounting policies adopted are consistent with those used in preparing the consolidated financial statements for the financial year ended 30 September 2020.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total earnings.
Alternative performance measures ('APMs')
The Directors measure the performance of the Group based on a range of financial measures, including measures not recognised by EU-adopted IFRS. These APMs may not be directly comparable with other companies' APMs and the Directors do not intend these as a substitute for, or superior to, IFRS measures.
Directors have presented the performance measures Adjusted EBITDA, Adjusted Operating Profit, Adjusted Profit Before Tax and Adjusted EBITDA excluding fair value movement on biological assets because it monitors performance at a consolidated level using these and believes that these measures are relevant to an understanding of the Group's financial performance (see note 11). F urthermore, the Directors also refer to current period results using constant currency, which are derived by retranslating current period results using prior year's foreign exchange rates.
Use of estimates and judgements
The preparation of quarterly financial information requires management to make certain judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual amounts may differ from these estimates.
In preparing these quarterly financial statements the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 30 September 2020.
3. Segment information
Operating segments are reported in a manner consistent with the reports made to the chief operating decision maker. It is considered that the role of chief operating decision maker is performed by the Board of Directors.
The Group operates globally and for management purposes is organised into reportable segments based on the following business areas:
-- Genetics - harnesses industry leading salmon breeding technologies combined with state-of-the-art production facilities to provide a range of year-round high genetic merit ova;
-- Advanced Nutrition - manufactures and provides technically advanced nutrition and health products to the global aquaculture industry.
-- Health - provided veterinary services, environmental services diagnostics and health products to the global aquaculture market, and manufactures licenced veterinary vaccines and vaccine components; following the divestment programme the segment now focusses on providing health products to the global aquaculture market.
In addition to the above, reported as "all other segments" is the Knowledge Services business area, the operations of which were disposed of or discontinued in the two previous years. The business area provided sustainable food production consultancy, technical consultancy and assurance services and promotes sustainable food production and ethics through online news and technical publications for the international agriculture and food processing sectors and through delivery of training courses to the industries.
In order to reconcile the segmental analysis to the Consolidated Income Statement, Corporate and Inter-segment sales are also shown. C orporate represents revenues earned from recharging certain central costs to the operating divisions, together with unallocated central costs.
Measurement of operating segment profit or loss
Inter-segment sales are priced along the same lines as sales to external customers, with an appropriate discount being applied to encourage use of Group resources at a rate acceptable to local tax authorities. This policy was applied consistently throughout the current and prior period.
3. Segment information (continued) Segmental Revenue YTD Q3 YTD Q3 Q3 2021 Q3 2020 2021 2020 FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------- --------------- --------------- --------------- --------------- ------------- Genetics 8,735 7,168 30,865 29,672 41,504 Advanced Nutrition 18,410 15,972 53,437 47,267 59,362 Health 1,226 2,706 3,563 9,428 10,799 All other segments - 1,953 - 8,874 9,257 Corporate 1,207 1,209 3,611 3,993 4,939 Inter-segment sales (1,242) (1,211) (3,675) (4,480) (5,469) Total 28,336 27,797 87,801 94,754 120,392 --------------------------- --------------- --------------- --------------- --------------- ------------- Segmental Adjusted EBITDA YTD Q3 YTD Q3 Q3 2021 Q3 2020 2021 2020 FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------- --------------- --------------- --------------- --------------- ------------- Genetics 2,232 1,185 8,219 9,794 14,442 Advanced Nutrition 3,919 2,787 10,158 6,086 6,266 Health (1,226) (2,847) (3,789) (10,535) (12,886) All other segments - (299) - 140 244 Corporate (497) (519) (2,237) (1,917) (2,299) Total 4,428 307 12,351 3,568 5,767 --------------------------- --------------- --------------- --------------- --------------- -------------
Reconciliations of segmental information to IFRS measures
Q3 2020 YTD Q3 YTD Q3 FY Q3 2021 Restated* 2021 2020 Restated* 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------------- --------------- --------------- --------------- ----------------- ------------- Total revenue per segmental information 28,336 27,797 87,801 94,754 120,392 Less: revenue from discontinued operations - (3,648) - (14,428) (14,827) --------------------------------- Consolidated revenue 28,336 24,149 87,801 80,326 105,565 --------------------------------- --------------- --------------- --------------- ----------------- ------------- Reconciliation of Reportable Segments Adjusted EBITDA to Loss before taxation from continuing operations ---------------------------------------------------------------------------------------------------------------------- Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------------- --------------- --------------- --------------- ----------------- ------------- Total reportable segment Adjusted EBITDA 4,925 1,125 14,588 5,345 7,822 All other segments and Corporate Adjusted EBITDA (497) (818) (2,237) (1,777) (2,055) --------------------------------- --------------- --------------- --------------- ----------------- ------------- 4,428 307 12,351 3,568 5,767 Less: Adjusted EBITDA from discontinued operations - 1,822 - 6,273 8,726 --------------------------------- --------------- --------------- --------------- ----------------- ------------- Adjusted EBITDA from continuing operations 4,428 2,129 12,351 9,841 14,493 Exceptional - restructuring, disposal and acquisition related items (187) (581) (1,055) (759) (2,114) Depreciation and impairment (1,555) (1,567) (5,050) (4,656) (6,640) Amortisation and impairment (3,931) (4,173) (12,109) (12,506) (16,613) Net finance costs (1,436) (1,988) (71) (11,545) (11,697) Loss before taxation from continuing operations (2,681) (6,180) (5,934) (19,625) (22,571) --------------------------------- --------------- --------------- --------------- ----------------- -------------
*See note 5.
4. Revenue
The Group's operations and main revenue streams are those described in its financial statements to 30 September 2020. The Group's revenue is derived from contracts with customers.
Disaggregation of revenue
In the following tables, revenue is disaggregated by primary geographical market and by sales of goods and services. The table includes a reconciliation of the disaggregated revenue with the Group's reportable segments (see note 3).
Sale of goods and provision of services
3 months ended 30 June 2021 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Sale of goods 6,991 18,371 1,225 - - - 26,587 - 26,587 Provision of services 1,748 - 1 - - - 1,749 - 1,749 Inter-segment sales (4) 39 - - 1,207 (1,242) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 8,735 18,410 1,226 - 1,207 (1,242) 28,336 - 28,336 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 3 months ended 30 June 2020 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment Discontinued Continued in GBP000's Genetics Nutrition Health segments Corporate sales Total Restated* Restated* ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Sale of goods 6,457 15,956 1,983 177 - - 24,573 1,271 23,302 Provision of services 822 - 643 1,759 - - 3,224 2,377 847 Inter-segment sales (111) 16 80 17 1,209 (1,211) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 7,168 15,972 2,706 1,953 1,209 (1,211) 27,797 3,648 24,149 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 9 months ended 30 June 2021 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Sale of goods 27,022 53,381 3,542 - - - 83,945 - 83,945 Provision of services 3,835 - 21 - - - 3,856 - 3,856 Inter-segment sales 8 56 - - 3,611 (3,675) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 30,865 53,437 3,563 - 3,611 (3,675) 87,801 - 87,801 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 9 months ended 30 June 2020 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment Discontinued Continued in GBP000's Genetics Nutrition Health segments Corporate sales Total Restated* Restated* ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Sale of goods 26,407 47,219 5,207 431 - - 79,264 2,310 76,954 Provision of services 3,264 - 3,798 8,406 22 - 15,490 12,118 3,372 Inter-segment sales 1 48 423 37 3,971 (4,480) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 29,672 47,267 9,428 8,874 3,993 (4,480) 94,754 14,428 80,326 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------
*See note 5.
4. Revenue (continued)
Sale of goods and provision of services (continued)
12 months ended 30 September 2020 (audited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- ----------- Sale of goods 37,555 59,301 6,529 547 - - 103,932 2,551 101,381 Provision of services 3,909 - 3,846 8,683 22 - 16,460 12,276 4,184 Inter-segment sales 40 61 424 27 4,917 (5,469) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- ----------- 41,504 59,362 10,799 9,257 4,939 (5,469) 120,392 14,827 105,565 ---------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- -----------
Primary geographical markets
3 months ended 30 June 2021 (unaudited) ---------------- ----------------------------------------------------------------------------------------------------------------- All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- Norway 4,340 178 356 - - - 4,874 - 4,874 UK 911 31 462 - - - 1,404 - 1,404 Faroe Islands 1,094 7 168 - - - 1,269 - 1,269 Ecuador - 1,009 - - - - 1,009 - 1,009 India - 2,870 3 - - - 2,873 - 2,873 Greece - 1,650 - - - - 1,650 - 1,650 Singapore - 2,240 - - - - 2,240 - 2,240 Chile - 2 604 - - - 606 - 606 Turkey - 1,423 - - - - 1,423 - 1,423 Rest of Europe 1,825 645 - - - - 2,470 - 2,470 Rest of World 569 8,316 (367) - - - 8,518 - 8,518 Inter-segment sales (4) 39 - - 1,207 (1,242) - - -
----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- 8,735 18,410 1,226 - 1,207 (1,242) 28,336 - 28,336 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- 3 months ended 30 June 2020 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment Discontinued Continued in GBP000's Genetics Nutrition Health segments Corporate sales Total Restated* Restated* ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Norway 3,098 205 321 - - - 3,624 316 3,308 UK 1,226 21 657 1,341 - - 3,245 1,711 1,534 Faroe Islands 1,598 2 - - - - 1,600 - 1,600 Ecuador - 1,550 - - - - 1,550 - 1,550 India - 2,085 3 - - - 2,088 - 2,088 Greece 20 1,031 - - - - 1,051 - 1,051 Singapore - 2,392 - - - - 2,392 - 2,392 Chile - - 1,084 - - - 1,084 483 601 Turkey - 681 - - - - 681 - 681 Rest of Europe 890 775 537 509 - - 2,711 1,043 1,668 Rest of World 447 7,214 24 86 - - 7,771 95 7,676 Inter-segment sales (111) 16 80 17 1,209 (1,211) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 7,168 15,972 2,706 1,953 1,209 (1,211) 27,797 3,648 24,149 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------
*See note 5.
4. Revenue (continued)
Primary geographical markets (continued)
9 months ended 30 June 2021 (unaudited) ---------------- ----------------------------------------------------------------------------------------------------------------- All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- Norway 16,603 435 791 - - - 17,829 - 17,829 UK 3,567 97 477 - - - 4,141 - 4,141 Faroe Islands 4,465 16 168 - - - 4,649 - 4,649 Ecuador - 3,009 - - - - 3,009 - 3,009 India - 9,137 3 - - - 9,140 - 9,140 Greece 25 5,122 - - - - 5,147 - 5,147 Singapore - 5,590 - - - - 5,590 - 5,590 Chile 37 6 2,039 - - - 2,082 - 2,082 Turkey - 4,868 - - - - 4,868 - 4,868 Rest of Europe 4,575 3,445 26 - - - 8,046 - 8,046 Rest of World 1,585 21,656 59 - - - 23,300 - 23,300 Inter-segment sales 8 56 - - 3,611 (3,675) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- 30,865 53,437 3,563 - 3,611 (3,675) 87,801 - 87,801 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ----------- 9 months ended 30 June 2020 (unaudited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment Discontinued Continued in GBP000's Genetics Nutrition Health segments Corporate sales Total Restated* Restated* ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ Norway 13,974 446 1,428 - - - 15,848 1,145 14,703 UK 5,584 75 1,909 5,795 22 - 13,385 7,150 6,235 Faroe Islands 5,164 3 34 - - - 5,201 - 5,201 Ecuador - 5,412 - - - - 5,412 - 5,412 India - 4,642 6 - - - 4,648 3 4,645 Greece 61 5,025 - - - - 5,086 - 5,086 Singapore - 4,257 7 - - - 4,264 7 4,257 Chile 24 16 3,256 - - - 3,296 1,157 2,139 Turkey - 3,287 - - - - 3,287 - 3,287 Rest of Europe 3,323 3,870 1,549 2,549 - - 11,291 4,071 7,220 Rest of World 1,541 20,186 816 493 - - 23,036 895 22,141 Inter-segment sales 1 48 423 37 3,971 (4,480) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------ 29,672 47,267 9,428 8,874 3,993 (4,480) 94,754 14,428 80,326 ---------------- ---------- ----------- -------- ---------- ----------- --------------- ------- -------------- ------------
*See note 5.
4. Revenue (continued)
Primary geographical markets (continued)
12 months ended 30 September 2020 (audited) ---------------- ------------------------------------------------------------------------------------------------------------------ All All figures Advanced other Inter-segment in GBP000's Genetics Nutrition Health segments Corporate sales Total Discontinued Continued ---------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- ----------- Norway 19,709 633 1,608 - - - 21,950 1,145 20,805 UK 6,402 124 1,951 6,149 22 - 14,648 7,506 7,142 Faroe Islands 6,961 3 114 - - - 7,078 - 7,078 Ecuador - 6,822 - - - - 6,822 - 6,822 India - 6,452 6 - - - 6,458 3 6,455
Greece 61 5,666 - - - - 5,727 - 5,727 Singapore - 5,356 7 - - - 5,363 7 5,356 Chile 119 21 4,083 - - - 4,223 1,159 3,064 Turkey - 6,452 6 - - - 6,458 - 6,458 Rest of Europe 5,421 4,554 1,566 2,549 - - 14,090 4,071 10,019 Rest of World 2,791 23,218 1,034 532 - - 27,575 936 26,639 Inter-segment sales 40 61 424 27 4,917 (5,469) - - - ----------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- ----------- 41,504 59,362 10,799 9,257 4,939 (5,469) 120,392 14,827 105,565 ---------------- ---------- ----------- -------- ---------- ----------- --------------- -------- -------------- ----------- 5. Discontinued activities
In June 2019, the Group announced a programme of structural efficiencies which focused on the disposal and discontinuation of non-core activities. This programme primarily included the businesses within Knowledge Services (reported within 'all other segments') and the veterinary services business within Health. These operations were presented as discontinued, and the sales of the disposal group were completed during the previous year and therefore continue to be shown as discontinued. During Q1 of the prior year, as a continuation of the above programme, a small non-core business within Advanced Nutrition was put up for sale and sold and a business within the Corporate category was closed.
During the prior year but after 30 June 2020, a restructuring of the Health business area saw the closure of the research and development operations at two sites, the sale of the Group's vaccine manufacturing facility and exit from non-core vaccine development collaborations. Consequently, these operations have been classified as discontinued with a corresponding restatement of the consolidated income statement and consolidated statement of comprehensive income for the quarter ended 30 June 2020 to reflect these changes.
Results from discontinued operations
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated 2021 2020 Restated FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) -------------------------------- ---- --------------- -------------- -------------- --------------- ------------ Revenue - 3,648 - 14,428 14,827 Cost of sales - (2,964) - (11,081) (13,000) -------------------------------------- Gross profit - 684 - 3,347 1,827 Research and development costs - (385) - (2,462) (2,725) Other operating costs - (2,121) - (7,158) (7,828) -------------------------------------- -------------- -------------- -------------- --------------- ------------ Adjusted EBITDA - (1,822) - (6,273) (8,726) Exceptional items - 4,713 - 5,121 5,086 -------------------------------------- -------------- -------------- -------------- --------------- ------------ EBITDA - 2,891 - (1,152) (3,640) Depreciation and impairment - (951) - (1,697) (2,498) Amortisation and impairment - (685) - (753) (2,789) -------------------------------------- -------------- -------------- -------------- --------------- ------------ Operating profit/(loss) - 1,255 - (3,602) (8,927) Finance costs - (24) - (82) (137) -------------------------------------- -------------- -------------- -------------- --------------- ------------ Profit/(loss) before taxation - 1,231 - (3,684) (9,064) Tax on profit/(loss) - (27) - (110) (110) -------------------------------------- -------------- -------------- -------------- --------------- ------------ Profit/(loss) from discontinued operations - 1,204 - (3,794) (9,174) -------------------------------------- -------------- -------------- -------------- --------------- ------------
Results from discontinued operations by segment
Advanced All other Total Nutrition Health segments Corporate Discontinued Q3 2021 Q3 2021 Q3 2021 Q3 2021 Q3 2021 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) ------------------------- ---- -------------- -------------- -------------- -------------- -------------- Revenue - - - - - Adjusted EBITDA - - - - - Operating loss - - - - - ------------------------- ---- -------------- -------------- -------------- -------------- -------------- Advanced All other Total Nutrition Health segments Corporate Discontinued Q3 2020 Q3 2020 Q3 2020 Restated Q3 2020 Q3 2020 Restated All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) ------------------------- ---- -------------- -------------- -------------- -------------- -------------- Revenue - 1,711 1,937 - 3,648 Adjusted EBITDA - (1,578) (234) (10) (1,822) Operating profit/(loss) 12 (2,421) 3,841 (177) 1,255 ------------------------------- -------------- -------------- -------------- -------------- -------------- 5. Discontinued activities (continued)
Results from discontinued operations by segment (continued)
Advanced All other Total Nutrition Health segments Corporate Discontinued YTD Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3 2021 2021 2021 2021 2021 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) ------------------------- ---- -------------- -------------- -------------- -------------- --------------- Revenue - - - - - Adjusted EBITDA - - - - - Operating loss - - - - - ------------------------- ---- -------------- -------------- -------------- -------------- --------------- Advanced All other Total Nutrition Health segments Corporate Discontinued YTD Q3 YTD Q3 2020 YTD Q3 YTD Q3 YTD Q3 2020 Restated 2020 2020 2020 Restated All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) ------------------------- ---- -------------- -------------- -------------- -------------- --------------- Revenue 2 5,565 8,838 23 14,428
Adjusted EBITDA (118) (6,595) 591 (151) (6,273) Operating (loss)/profit (369) (8,359) 5,532 (406) (3,602) ------------------------------- -------------- -------------- -------------- -------------- --------------- Advanced All other Total Nutrition Health segments Corporate Discontinued FY 2020 FY 2020 FY 2020 FY 2020 FY 2020 All figures in GBP000's (audited) (audited) (audited) (audited) (audited) ------------------------- ---- -------------- -------------- -------------- -------------- --------------- Revenue 2 5,573 9,230 22 14,827 Adjusted EBITDA (143) (9,151) 749 (181) (8,726) Operating (loss)/profit (394) (11,914) 3,818 (437) (8,927) ------------------------------- -------------- -------------- -------------- -------------- --------------- 6. Exceptional - restructuring, disposal, and acquisition related items
Items that are material because of their size or nature, non-recurring and whose significance is sufficient to warrant separate disclosure and identification within the consolidated financial statements are referred to as exceptional items. The separate reporting of exceptional items helps to provide an understanding of the Group's underlying performance.
YTD Q3 YTD Q3 Q3 2021 Q3 2020 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) ---------------------------- ---- -------------- -------------- -------------- ---------------- ------------ Acquisition related items - - - - 586 Exceptional restructuring and disposal items 187 581 1,055 759 1,528 Total exceptional items 187 581 1,055 759 2,114 ---------------------------------- -------------- -------------- -------------- ---------------- ------------
*See note 5.
Exceptional restructuring and disposal items in Q3 2021 include GBP74,000 of staff costs relating to the Board's decision to make significant changes to the Group's management team and bring in new management, GBP22,000 of costs (including staff costs of GBP19,000) relating to disposals completed in the prior year and a charge of GBP91,000 relating to the sale of shares in an investment.
7. Taxation YTD Q3 YTD Q3 Q3 2021 Q3 2020 2021 2020 FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) ------------------------------ ---- -------------- -------------- -------------- -------------- ------------ Current tax expense Analysis of charge in period Current tax: Current income tax expense on profits for the period 1,037 328 2,667 2,634 3,141 Adjustment in respect of prior periods - - - - 836 ------------------------------------ -------------- -------------- -------------- -------------- ------------ Total current tax charge 1,037 328 2,667 2,634 3,977 Deferred tax expense Origination and reversal of temporary differences (909) (908) (2,460) (2,857) (3,490) Deferred tax movements in respect of prior periods - - (265) - (283) ------------------------------------ -------------- -------------- -------------- -------------- ------------ Total deferred tax credit (909) (908) (2,725) (2,857) (3,773) Total tax charge/(credit) on continuing operations 128 (580) (58) (223) 204 ------------------------------------ -------------- -------------- -------------- -------------- ------------ 8. Loss per share
Basic loss per share is calculated by dividing the loss attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------------- -------------- -------------- -------------- ---------------- ------------ Loss attributable to equity holders of the parent (GBP000) Continuing operations (2,972) (5,617) (6,790) (19,589) (23,749) Discontinued operations - 1,204 - (3,794) (9,174) Total (2,972) (4,413) (6,790) (23,383) (32,923) --------------------------------- -------------- -------------- -------------- ---------------- ------------ Weighted average number of shares in issue (thousands) 670,158 667,596 669,164 611,301 625,466 Basic loss per share (pence) Continuing operations (0.44) (0.84) (1.01) (3.20) (3.80) Discontinued operations - 0.18 - (0.63) (1.46) Total (0.44) (0.66) (1.01) (3.83) (5.26) --------------------------------- -------------- -------------- -------------- ---------------- ------------
* see note 5.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. This is done by calculating the number of shares that could have been acquired at fair value (determined as the average market price of the Company's shares for the period) based on the monetary value of the subscription rights attached to outstanding share options and warrants. The number of shares calculated above is compared with the number of shares that would have been issued assuming the exercise of the share options and warrants.
Therefore, the Company is required to adjust the earnings per share calculation in relation to the share options that are in issue under the Company's share-based incentive schemes, and outstanding warrants. However, as any potential ordinary shares would be anti-dilutive due to losses being made there is no difference between Basic loss per share and Diluted loss per share for any of the periods being reported.
At 30 June 2021, a total of 4,138,057 potential ordinary shares have not been included within the calculation of statutory diluted loss per share for the period (30 September 2020: 1,426,663) as they are anti-dilutive. These potential ordinary shares could dilute earnings/loss per share in the future.
9. Loans and borrowings
The Group's borrowing facilities includes a USD 15m RCF provided by DNB Bank ASA (50%) and HSBC UK Bank PLC (50%). At 30 June 2021 the whole facility (USD 15m) was undrawn.
10. Share capital and additional paid-in share capital Additional paid-in Share share Number Capital capital Allotted, called up and fully paid GBP000 GBP000 ------------------------------------------- ------------ --------- ----------- Ordinary shares of 0.1 penny each Balance at 30 September 2020 667,685,612 668 399,601 Shares issued as contingent consideration for a previous acquisition 536,272 - 333 Exercise of share options 1,979,916 2 688 Balance at 30 June 2021 670,201,800 670 400,622 ------------------------------------------- ------------ --------- -----------
During the period contingent consideration totalling USD 450,000 (GBP333,000) became payable following the acquisition of aquaculture breeding programmes centred on shrimp from Centro de Investigación de la Acuicultura de Colombia Ceniacua on 11 August 2016. At the Group's discretion, the contingent consideration was paid in ordinary shares in the Group and the Group therefore issued 536,272 ordinary shares on 13 January 2021 to settle this liability.
During the period ended 30 June 2021, the Group issued a total of 1,979,916 shares of 0.1p each to certain employees of the Group relating to share options, of which 391,601 were exercised at a price of 0.1 pence, 1,497,933 were exercised at a price of 42.5 pence and 90,382 were exercised at a price of 58.5 pence.
11. Alternative profit measures and other metrics
Management has presented the performance measures Adjusted EBITDA, Adjusted EBITDA before fair value movement in biological assets, Adjusted Operating Profit and Adjusted Profit Before Tax because it monitors performance at a consolidated level using these and believes that these measures are relevant to an understanding of the Group's financial performance.
Adjusted EBITDA which reflects underlying profitability, is earnings before interest, tax, depreciation, amortisation, impairment, exceptional items and acquisition related expenditure and is shown on the Income Statement.
Adjusted EBITDA before fair value movements in biological assets, which is Adjusted EBITDA before the non-cash fair value movements in biological assets arising from their revaluation in line with International Accounting Standards.
Adjusted Operating Profit/Loss is operating loss before exceptional items including acquisition related items and amortisation and impairment of intangible assets excluding development costs as reconciled below.
Adjusted Profit/Loss Before Tax is earnings before tax, amortisation and impairment of intangibles assets excluding development costs, exceptional items and acquisition related expenditure as reconciled below.
These measures are not defined performance measures in IFRS. The Group's definition of these measures may not be comparable with similarly titled performance measures and disclosures by other entities.
11. Alternative profit measures and other metrics (continued)
Reconciliation of Adjusted Operating Profit to Operating Loss/Profit
Continuing operations
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) -------------------------------- ---- -------------- -------------- -------------- ---------------- ------------ Revenue 28,336 24,149 87,801 80,326 105,565 Cost of sales (13,024) (13,131) (41,646) (38,288) (50,603) -------------------------------------- -------------- -------------- -------------- ---------------- ------------ Gross profit 15,312 11,018 46,155 42,038 54,962 Research and development costs (1,590) (1,248) (5,172) (5,975) (7,282) Other operating costs (9,329) (7,455) (28,026) (26,427) (33,337) Depreciation and impairment (1,555) (1,567) (5,050) (4,656) (6,640) Amortisation of capitalised - - - - - development costs Share of (loss)/profit of equity accounted investees net of tax 35 (186) (606) 205 150 -------------------------------------- -------------- -------------- -------------- ---------------- ------------ Adjusted operating profit 2,873 562 7,301 5,185 7,853 Exceptional - restructuring, disposal and acquisition related items (187) (581) (1,055) (759) (2,114) Amortisation and impairment of intangible assets excluding development costs (3,931) (4,173) (12,109) (12,506) (16,613) -------------------------------------- -------------- -------------- -------------- ---------------- ------------ Operating loss (1,245) (4,192) (5,863) (8,080) (10,874) -------------------------------------- -------------- -------------- -------------- ---------------- ------------
* see note 5.
Reconciliation of Loss Before Taxation to Adjusted Profit/Loss Before Tax
Continuing operations
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) -------------------------------- ---- -------------- -------------- -------------- ---------------- ------------ Loss before taxation (2,681) (6,180) (5,934) (19,625) (22,571) Exceptional - restructuring, disposal and acquisition related items 187 581 1,055 759 2,114 Amortisation and impairment of intangible assets excluding development costs 3,931 4,173 12,109 12,506 16,613 -------------------------------------- -------------- -------------- -------------- ---------------- ------------ Adjusted profit/(loss) before tax 1,437 (1,426) 7,230 (6,360) (3,844) -------------------------------------- -------------- -------------- -------------- ---------------- ------------
* See note 5.
Other Metrics
Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------- ---- -------------- -------------- -------------- ---------------- ------------ Total R&D Investment Research and development costs - Continuing operations 1,590 1,248 5,172 5,975 7,282 - Discontinued operations - 385 - 2,462 2,725 --------------------------------- -------------- -------------- -------------- ---------------- ------------ 1,590 1,633 5,172 8,437 10,007 Internal capitalised development costs 1,281 954 3,462 2,959 4,583 -------------- ---------------- ------------ Total R&D investment 2,871 2,587 8,634 11,396 14,590 --------------------------------- -------------- -------------- -------------- ---------------- ------------
* see note 5.
11. Alternative profit measures and other metrics (continued) Q3 2020 YTD Q3 YTD Q3 Q3 2021 Restated* 2021 2020 Restated* FY 2020 All figures in GBP000's (unaudited) (unaudited) (unaudited) (unaudited) (audited) --------------------------- ---- --------------- --------------- --------------- ----------------- ------------- Adjusted EBITDA excluding fair value movement in biological assets Adjusted EBITDA 4,428 2,129 12,351 9,841 14,493 Exclude fair value movement (368) 892 (2,327) (1,698) (3,253) --------------- --------------- --------------- ----------------- ------------- Adjusted EBITDA excluding fair value movement 4,060 3,021 10,024 8,143 11,240 --------------------------------- --------------- --------------- --------------- ----------------- -------------
* see note 5.
Liquidity
Following the refinancing in June 2019 a key financial covenant is a minimum liquidity of GBP10m, defined as cash plus undrawn facilities.
30 June 2021 All figures in GBP000's (unaudited) --------------------------- ------------- Cash and cash equivalents 43,187 Undrawn bank facility 10,864 54,051 --------------------------- ------------- 12. Net debt
Net debt is cash and cash equivalents less loans and borrowings excluding balances held for sale.
30 June 30 June 30 September 2021 2020 2020 All figures in GBP000's (unaudited) (unaudited) (audited) -------------------------------------- ------------ ------------ -------------- Cash and cash equivalents 43,187 54,492 71,605 Loans and borrowings (excluding lease liabilities) - current (1,595) (3,279) (2,856) Loans and borrowings (excluding lease liabilities) - non-current (94,278) (96,473) (95,863) Net debt excluding lease liabilities (52,686) (45,260) (27,114) --------------------------------------- ------------ ------------ -------------- Lease liabilities - current (8,886) (1,530) (2,483) Lease liabilities - non-current (14,551) (7,862) (7,956) --------------------------------------- ------------ ------------ -------------- Net debt (76,123) (54,652) (37,553) --------------------------------------- ------------ ------------ --------------
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