Benchmark Holdings PLC Second Quarter and Interim results (8547L)

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
	1.80	4.08%	45.90	44.70	46.00	45.90	45.90	45.90	18,767	14:11:40

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Pharmaceutical Preparations	169.74M	-23.15M	-0.0313	-14.66	339.36M

Benchmark (LSE:BMK)
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TIDMBMK

RNS Number : 8547L

Benchmark Holdings PLC

18 May 2022

Benchmark Holdings plc

("Benchmark", the "Company" or the "Group")

Second Quarter and Interim results for the six months ended 31 March 2022

Excellent H1 and Q2 results building on strong FY21 performance

Benchmark (LSE: BMK), the aquaculture biotechnology company, announces its unaudited interim results for the six months ended 31 March 2022 (the "Period"). The Company also announces its unaudited results for the three months ended 31 March 2022 in compliance with the terms of its senior secured bond.

Financial highlights

   --    Excellent H1 FY22 performance:

o +33% growth in revenues (+32% at constant exchange rate (CER)) to GBP79.2m (H1 FY21:GBP59.5m)

o 100% increase in Adjusted EBITDA (+96% CER) ) to GBP15.9m (H1 FY21: GBP7.9m)

o 149% increase (143% CER) in Adjusted EBITDA excluding fair value movement in biological assets to GBP14.8m (H1 FY21: GBP6.0m)

o Adjusted EBITDA margin increased to 20% (H1 FY21: 13%)

o H1 FY22 operating cash inflow GBP2.0m (H1 FY21: cash outflow of GBP1.5m)

   --    Q2 performance:

o Represents fourth consecutive quarter of year-on-year and quarter-on-quarter Adjusted EBITDA growth; Adjusted EBITDA rose by 72% (+68% CER) to GBP8.4m (Q2 FY21: GBP4.9m)

o Loss before tax significantly narrowed to (GBP1.5m) (Q2 FY21:(GBP2.7m))

   --    Net debt excluding lease liabilities GBP50.6m (30 September 2021: GBP56.9m)

o Cash and cash equivalents of GBP46.3m after cash inflow of GBP6.0m, including GBP20.1m raised from a successful cash placing in the period to maintain growth momentum

Operating highlights

   --    Good progress on roll-out of Ectosan(R) Vet and CleanTreat(R)

o Solution continues to operate effectively delivering 99%+ efficacy and good animal welfare

o Growing customer base, third CleanTreat(R) system ordered and development of new system configuration underway

o Marketing Authorisation for second re-use of treatment water, increasing operational efficiency and customer appeal, was granted post period-end

-- Continued strong momentum in Advanced Nutrition with strong growth in revenues and earnings for all product groups and areas.

-- Continued growth in salmon egg sales in Genetics with contracted sales underpinning a strong outlook for the year

-- Commercialisation of specific pathogen-resistant (SPR) shrimp progressing well with good take-up in key markets including India

-- Sustainability: investing in solar panels at main production facility in Thailand which will contribute significantly towards Net Zero targets

Current trading and outlook

   --    Trading in line with expectations:

o Strong outlook for salmon egg sales for remainder of the year

o Healthy outlook for the year in Advanced Nutrition, phased towards Q4 due to seasonality and normal shift in revenues across quarters

o Continued effort to embed Ectosan(R) Vet and CleanTreat(R) into customers' sea lice strategies

   --    Decision to pursue a listing on Euronext Growth Oslo in H2 calendar year 2022:

o As previously announced, the Company engaged DNB Markets and Pareto Securities as Joint Global Coordinators in connection with its assessment of a listing in Oslo

o Intention to uplist to the Oslo Stock Exchange (Oslo Børs) within the following twelve months

o Listing subject to favourable market conditions

 
GBPm                                                 % CER                         % CER 
                                H1 FY22    H1 FY21   H1 FY22    Q2 FY22  Q2 FY21   Q2 FY22 
                                79.2                            39.2 
Revenue                          +33%      59.5       +32%       +29%     30.4      +26% 
Adjusted 
                                15.9                             8.4 
Adjusted EBITDA(1)              +100%       7.9       +96%       +72%      4.9      +68% 
Adj. EBITDA excluding           14.8                             7.3 
 biological asset movements     +149%       6.0      +143%       +74%      4.2      +69% 
Adjusted Operating               4.9                             2.4 
 Profit(2)                       +11%       4.4       +3%        -25%      3.2      -31% 
Statutory 
Operating loss                  (2.2)      (4.6)                (0.7)     (1.4) 
Loss before tax                 (5.1)      (3.3)                (1.5)     (2.7) 
Basic loss per share 
 (p)                           (1.32)     (0.57)               (0.54)    (0.46) 
Net debt(3)                    (81.4)     (56.5)               (81.4)    (56.5) 
Net debt(3) excluding 
 lease liabilities             (50.6)     (42.5)               (50.6)    (42.5)

Business Area summary

 
GBPm                                              %CER*                            % CER* 
                             H1 FY22    H1 FY21   H1 FY22    Q2 FY22    Q2 FY21    Q2 FY22 
Revenue 
                             42.0                            23.0 
Advanced Nutrition            +20%      35.0       +19%       +15%      19.9       +12% 
                             26.6                            11.4 
Genetics                      +20%      22.1       +18%       +20%       9.5       +18% 
                             10.7                             4.9 
Animal Health                +358%       2.3      +359%      +371%       1.0       +372% 
Adjusted EBITDA(1) 
                             11.5                             7.2 
Advanced Nutrition            +84%       6.2       +81%       +36%       5.2       +32% 
                              5.7                             2.4 
Genetics                      -5%        6.0       -7%        +15%       2.1       +14% 
- Net of fair value 
 movements in biological      4.7                             1.3 
 assets                       +16%       4.0       +12%       -7%        1.4        -9% 
Animal Health                 0.1       (2.6)                (0.5)      (1.4)

*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

   --    Advanced Nutrition

o H1 FY22:

-- Revenue up 20%, with higher sales in all product areas and geographical regions reflecting success of enhanced commercial organisation and recovering shrimp market

-- Adjusted EBITDA up 84% driven by excellent cost control and revenue growth

-- Adjusted EBITDA margin significantly increased to 27% (H1 FY21: 18%)

o Q2 FY22

-- Revenue +15% and Adjusted EBITDA +36% translated into an Adjusted EBITDA margin of 31% for the quarter (Q2 FY21: 26%)

o Continue to launch new technologies

-- Launch of automatic Artemia separation tool "Sep-Art Automag" delivering sustainability benefits

o Post period end, closure of Thailand trial facility as part of ongoing optimisation of operations

   --    Genetics

o H1 FY22:

-- Revenue up 20% from prior year as a result of higher harvest income and egg revenues

-- Adjusted EBITDA up by 16% excluding fair value movements in biological assets

o Q2 FY22

-- Revenue 20% up from prior year

-- Adjusted EBITDA down 7% excluding fair value movements in biological assets, reflecting ongoing investment in growth areas - Chile, SPR shrimp and tilapia

o SPR shrimp sales ahead of expectations particularly in India and Indonesia

o Obtained organic certification for salmon eggs in Chile

o First deliveries of eggs from new incubation centre in Iceland showing excellent quality

o One Benchmark: the Group's cross-selling efforts delivered a new contract post period end, with the largest sea bass/sea bream producer in Turkey to provide genetic improvement services

   --    Animal Health

o H1 FY22

-- Revenue +358% reflecting revenues from Ectosan(R) Vet and CleanTreat(R)

-- Adjusted EBITDA showed profit of GBP0.1m (H1 FY21: (GBP2.6m) loss)

o Q2 FY22

-- Revenue +371% reflecting revenues from Ectosan(R) Vet and CleanTreat(R)

-- Adjusted EBITDA loss of (GBP0.5m) (Q2 FY21: GBP(1.4m) loss)

-- Q2 FY22 adversely impacted by extreme weather conditions in January which made it impractical to carry out Ectosan(R) Vet and CleanTreat(R) treatments

o Progress on the roll-out of Ectosan(R) Vet and CleanTreat(R) as mentioned above

o Post period end

-- Granted Marketing Authorisation ("MA") for re-use of treatment water, increasing operational efficiency and customer appeal

-- The Company submitted an MA application for Ectosan(R) Vet in the Faroe Islands

Trond Williksen, CEO, commented:

" Benchmark delivered an excellent performance in the first half of the year. Evidence continues of the benefits of a restructured organisation with renewed commercial focus and financial discipline driving growth and returns.

The Group delivered strong double digit revenue growth across all our business areas, a doubling of Adjusted EBITDA and a significant increase in Adjusted EBITDA margin. Q2 represented the fourth consecutive quarter of substantial growth in the Group's revenues and Adjusted EBITDA.

We have visible growth opportunities underpinned by existing infrastructure and are uniquely positioned in an industry with strong fundamentals driven by megatrends."

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                           benchmark@mphc.com 
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 
 
   Katie Hunt, Reg Hoare, Charlie Protheroe                                         benchmark@mhpc.com

About Benchmark

Benchmark is a market leading aquaculture biotechnology company. Benchmark's mission is to drive sustainability in aquaculture by delivering products and solutions in genetics, advanced nutrition and health which improve yield, growth and animal health and welfare.

Through a global footprint in 26 countries and a broad portfolio of products and solutions, Benchmark addresses many of the major aquaculture species - salmon, shrimp, sea bass and sea bream, and tilapia, in all the major aquaculture regions around the world. Find out more at www.benchmarkplc.com

Management Report

The Group delivered an excellent performance in the first half of the year reporting a 33% growth in revenue and 149% growth in Adjusted EBITDA excluding fair value movements from biological assets. Performance was strong across all business areas with each business area reporting at least double digit growth in revenues.

The commercial traction in Advanced Nutrition resulting from our refocused commercial organisation continued, with growth in every product area and geography. In Health the roll-out of Ectosan(R) Vet and CleanTreat(R) resulted in a significant increase in revenues and profit. Genetics continued to execute its strategy of organic growth in well established markets achieving good revenue growth, while expanding and investing in opex in new areas such as SPR shrimp, salmon in Chile and tilapia.

Operating costs in H1 FY22 were GBP19.9m, a 6% increase from the prior year due to higher activity levels, however the increase was significantly below revenue growth, demonstrating the operational leverage in the business alongside the well embedded cost discipline across the Group.

R&D expenses at GBP3.2m, were 11% below H1 FY21. Total R&D investment including capitalised development costs was GBP4.6m, 21% below the prior year (H1 FY21: GBP5.8m) reflecting the transition to the commercial phase of Ectosan(R) Vet and CleanTreat(R).

Adjusted EBITDA excluding fair value movement from biological assets was GBP14.8m, +149% up from GBP6.0m in H1 FY21 as a result of higher revenues, increased asset utilisation and ongoing cost control. As a result, the Group achieved an Adjusted EBITDA margin of 20% (H1 FY21: 13%). Depreciation and amortisation increased from the comparative period last year to GBP18.9m (H1 FY21: GBP11.7m) due to the depreciation of the Cleantreat(R) units and the leased vessels used in the CleanTreat(R) operation and the commencement of amortisation of the capitalised Ectosan(R) Vet and CleanTreat(R) development costs following the launch at the end of FY21. These higher costs were more than offset by the better Adjusted EBITDA and as a result, the Group reported a significant improvement in its operating result, reducing the operating loss in the period by more than half to (GBP2.2m) in the period (H1 FY21: operating loss of (GBP4.6m)).

Net finance costs for H1 FY22 were GBP3.0m (H1 FY21: income GBP1.4m). The main year on year movements were lower gains on fair value of financial instruments and forex gains of GBP0.6m (H1 FY21: GBP2.4m) and GBP0.5m (H1 FY21: 3.3m) respectively, but there was also a reduction in borrowing costs on the NOK bond of GBP0.4m due to the higher interest rates suffered in the previous year before the NOK bond was listed. These were offset by higher interest charges on right of use assets from the two CleanTreat vessels in operation this year. This left loss before tax in H1 FY22 GBP1.8m higher than the previous year at GBP5.1m (H1 FY21: GBP3.3m).

Although loss before tax is higher in H1 FY22 than H1 FY21, the tax charge has increased to GBP3.6m (H1 FY21: GBP0.2m credit) due to higher profits in the Advanced Nutrition business area in territories where there is no opportunity for losses to be utilised. Loss after tax was GBP8.8m (H1 FY21: GBP3.1m)

The Group reported a net operating cash inflow of GBP2.0m after an increase in working capital of GBP13.5m related to the growth of sales and increase of associated inventory levels in Ectosan(R) Vet and Advanced Nutrition, and tax payments of GBP3.0m. Net cash outflow from investing activities was GBP6.6m of which PPE capex was GBP5.1m primarily in Genetics (GBP2.8m) and Health (GBP1.7m) and capitalised R&D was GBP1.5m (mainly in SPR Shrimp). Net cash inflow from financing activities of GBP10.7m, includes an equity raise of (net) GBP20.1m, GBP4.8m of lease payments and the NOK bond coupon payments. Our cash position at the end of the period was GBP46.3m.

Advanced Nutrition

Advanced Nutrition delivered an excellent result in the first half of the year continuing the strong performance in FY21 and in Q1 FY22, with revenues up 20% and Adjusted EBITDA increasing by 84%. All product areas and geographic regions achieved growth - Artemia (+19%), Diets (+18%) and Health (+11%). By region the Americas were up 23%, Asia +7% and Europe +9%. The shrimp markets continue to show recovery creating a positive outlook for this area of our business.

With the growth in sales, asset utilisation increased, driving operational leverage and leading to Adjusted EBITDA of GBP11.5m (H1 FY21: GBP6.2m), and an Adjusted EBITDA margin of 27% (H1 FY21: 18%).

During the period we completed an energy efficiency study at our main production facility in Thailand identifying significant opportunities to reduce our carbon footprint towards our Net Zero targets. As a result we took the decision to invest in a solar panel installation which is expected to significantly reduce the carbon footprint of the facility once complete.

Post period end, as part of our ongoing efforts to optimise our operations, we closed our trial facilities in Thailand, which increases our flexibility and removes the investment associated with maintaining state of the art facilities.

Genetics

Genetics delivered a good performance in the first half of the year with revenues of GBP26.6m, 20% above the prior year (H1 FY21: GBP22.1m) driven by higher harvest revenues from our broodstock licence, as well as higher revenues from salmon eggs and SPR shrimp.

Revenues from salmon eggs increased by 2% while SPR shrimp revenues grew more than three-fold reflecting the success of our commercial launch post test market in FY21. SPR shrimp sales were ahead of expectations particularly in India and Indonesia. We won new genetics services contracts with major sea bass/bream and tilapia producers. We completed the expansion of our Tilapia facility in Miami, following some delays due to global supply shortages, meaning that we now have the infrastructure in place to produce tilapia year-round.

Adjusted EBITDA for H1 FY22 excluding fair value movements of biological assets was GBP4.7m, 16% ahead of the prior year (H1 FY21: GBP4.0m). Including fair value movements Adjusted EBITDA for the first half was GBP5.7m, 5% below the same period last year.

We continued to make progress in our growth areas with the first deliveries of salmon eggs from the new incubation centre in Iceland showing excellent quality. We completed expansion projects in the US for our SPR shrimp and tilapia. In Chile, we continued the operational ramp up of our facilities to enable us to deliver a steady supply to the market, and we obtained organic certification for our salmon eggs.

Looking forward to the second half of FY22 we already have contracted sales for salmon eggs underpinning a strong FY22 performance.

Health

Revenues in H1 FY22 increased to GBP10.7m (H1 FY21: GBP2.3m) due to sales from Ectosan(R) Vet and CleanTreat(R) which were launched in Q4 FY21. Salmosan sales were 7% below the prior year primarily as a result of lower sales in Chile offset by improved sales in Canada. Adjusted EBITDA was a profit of GBP0.1m (H1 FY21: loss of GBP(2.6)m) as a result of the higher revenues. GBP2.2m of the revenue in the period (H1 FY21: GBPnil) was derived from recharging vessel and fuel costs associated with the Ectosan(R) Vet and CleanTreat(R) operations.

Treatments performed with Ectosan(R) Vet and CleanTreat(R) reported efficacy above 99% and the period for the fish to return to feed was nil days, an important indicator of animal welfare. The roll-out of our transformational sea lice solutions is progressing, with an increasing number of customers and growing customer interest. This led us to move ahead with commencing the build of a third CleanTreat(R) system. In addition we are exploring alternative system configurations tailored to specific customer needs.

Post period end, on 3rd May, we announced the grant of a variation to the Marketing Authorisation of Ectosan(R) in Norway, which enables the re-use of treatment water on a second batch of fish. This is an important step towards our goal of optimising the efficiency of our treatments, improving the appeal of the solution to more customers. Further trials to support the multiple re-use of treatment water are ongoing.

Q2 FY22 commentary

The Group reported revenue of GBP39.2m, 29% above prior year of GBP30.4m. This was driven by revenue growth in all business areas with Advanced Nutrition reporting revenue +15%, Genetics +20% and Health +371% higher than the comparative period in the prior year.

Adjusted EBITDA excluding fair value uplift from biological assets was GBP7.3m, 74% ahead of the prior year and 69% higher on a constant currency basis (Q2 FY21: GBP4.2m), reflecting higher revenues, operational leverage and good cost control. By business area, Advanced Nutrition reported an increase in Adjusted EBITDA of 36%, and Health was up +64%, while Genetics was -7% down. Including fair value movements from biological assets Genetics was up 16%.

Operating costs of GBP10m were 6% above last year (Q2 FY21: 9.4m) primarily driven by an increase in Health associated with the launch and roll-out of Ectosan(R) Vet and CleanTreat(R). R&D expenses of GBP1.6m were 11% below the prior year (Q2 FY21: GBP1.8m) and represented 4% of Group revenues (Q2 FY21: 6%). After an increase in depreciation and amortisation to GBP10.0m (Q2 FY21: GBP6.0m), Group operating loss halved to GBP0.7m (Q2 FY21:GBP1.4m).

Net finance costs of GBP0.8m were lower than the comparative period (Q2 FY21: GBP1.4m) due to lower interest rates following the listing of the NOK bond in the prior year and a higher gain on the fair value of financial instruments, offset by lower FX gains in Q2 FY22, leaving loss before tax at GBP1.5m for the quarter (Q2 FY21: GBP2.7m).

The tax charge of GBP2.2m was higher than last year (Q2 FY21: GBP0.1m) due to higher profits in Advanced Nutrition in the quarter in territories where no loss relief was available. Loss after tax for the quarter was GBP3.7m (Q2 FY21: GBP2.8m).

Oslo Listing

As previously announced, the Company engaged DNB Markets and Pareto Securities as Joint Global Coordinators in connection with its assessment of a potential listing in Oslo. The Company has decided to pursue a listing on Euronext Growth Oslo (operated by the Oslo Stock Exchange) during the second half of the calendar year (subject to favourable market conditions). Although no final decision has been made, the Company then has an intention to uplist to the Oslo Børs Stock Exchange within the following twelve months.

Outlook

The Group had an excellent start to the year and is trading in line with market expectations.

Our fundamentals are strong and our opportunities are significant. Aquaculture is a growth industry, supported by robust megatrends with an increasing focus on sustainability challenges as it expands. The answer to sustainability lies in innovation - bringing forward new sustainable solutions. As a focused aquaculture biotechnology company, Benchmark is well positioned to play an important role, helping to improve sustainability across the aquaculture value chain.

Medium term objectives

In 2020, following a management change, the Group completed a restructuring programme to reduce the cash burn, right-size the cost base and strengthen the Group's balance sheet, moving the Group from an R&D investment phase towards profitability and returns. In addition, the new management team put in place a new commercial culture and performance framework, as well as financial processes to control costs and investments. This has resulted in consistent and significant growth in Revenue and Adjusted EBITDA, and an improvement in cashflow management, narrowing the Group's net loss. This positive momentum is anchored by solid foundations with two well established, market leading profitable business units with good financial visibility, and significant growth opportunities which enable the Group to set medium term financial objectives that would translate into attractive cash generation and returns.

The Group's medium term objectives are to achieve the following within three to five years:

   --    to generate revenue growth of 15%-18% per annum 
   --    to deliver an Adjusted EBITDA margin ranging from 25%-30%.

-- to deliver cashflow conversion ratio(1) of 70-80% from Adjusted EBITDA, creating the ability for significant organic deleveraging of the business by reducing net debt while increasing Adjusted EBITDA.

   --    to produce free cash flow(2) as a percentage of sales of between 10% and 15%.

-- to earn an Adjusted Return on Capital Employed(3) of more than 15% within three to five years.

Our medium term Group objectives are underpinned by objectives of 10%-15% annual revenue growth and 22-27% Adjusted EBITDA margin in Genetics and 7%-10% annual revenue growth and 20-25% Adjusted EBITDA margin in Advanced Nutrition. These are two well established, market leading businesses which provide good financial visibility. Growth in the Company's third business unit, Health, is driven by the roll-out of its sea lice solution Ectosan(R) Vet and CleanTreat(R) from which the Company aims to generate GBP50 to GBP75m annual revenue within three to five years. Adjusted EBITDA margin in this area is dependent on a number of factors including obtaining an extended MA for multiple re-use of treatment water, geographic expansion and on embedding the solution in our customers' infrastructure through tailored configuration. The Group aims to achieve a 60% Adjusted EBITDA margin in Health when Ectosan(R) Vet and CleanTreat(R) are fully commercialised in the outer years of the period.

   1.     Cash generated from operations after working capital and taxes as percentage of Adj. EBITDA

2. Free cash flow: Net cash from operating activities less capex and lease payments (excluding cash interest)

3. Adj. ROCE calculated as adjusted operating profit as a % of average capital employed excluding goodwill and acquired intangible assets

Consolidated Income Statement for period ended 31 March 2022

 
                                                                             YTD Q2        YTD Q2 
                                                Q2 2022       Q2 2021          2022          2021     FY 2021 
All figures in GBP000's             Notes   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (audited) 
Revenue                               4          39,233        30,435        79,247        59,465     125,062 
Cost of sales                                  (19,210)      (14,263)      (39,725)      (28,622)    (59,477) 
Gross profit                                     20,023        16,172        39,522        30,843      65,585 
Research and development 
 costs                                          (1,590)       (1,837)       (3,237)       (3,582)     (7,010) 
Other operating costs                           (9,984)       (9,411)      (19,907)      (18,696)    (38,221) 
Share of loss of equity-accounted 
 investees, net of tax                             (24)          (30)         (528)         (641)       (905) 
Adjusted EBITDA(2)                                8,425         4,894        15,850         7,924      19,449 
Exceptional - restructuring, 
 disposal and acquisition 
 related items                        5             908         (275)           908         (868)       (184) 
EBITDA(1)                                         9,333         4,619        16,758         7,056      19,265 
Depreciation and impairment                     (5,557)       (1,723)      (10,052)       (3,494)     (8,359) 
Amortisation and impairment                     (4,484)       (4,260)       (8,872)       (8,178)    (16,283) 
Operating loss                                    (708)       (1,364)       (2,166)       (4,616)     (5,377) 
Finance cost                                    (2,684)       (2,466)       (4,747)       (4,395)     (7,987) 
Finance income                                    1,930         1,092         1,769         5,758       4,185 
Loss before taxation                            (1,462)       (2,738)       (5,144)       (3,253)     (9,179) 
Tax on loss                           6         (2,189)         (104)       (3,616)           186     (2,397) 
Loss for the period                             (3,651)       (2,842)       (8,760)       (3,067)    (11,576) 
Loss for the period 
 attributable to: 
- Owners of the parent                          (3,775)       (3,101)       (9,132)       (3,818)    (12,891) 
- Non-controlling interest                          124           259           372           751       1,315 
                                                (3,651)       (2,842)       (8,760)       (3,067)    (11,576) 
 
Earnings per share 
Basic loss per share 
 (pence)                              7          (0.54)        (0.46)        (1.32)        (0.57)      (1.93) 
Diluted loss per share 
 (pence)                              7          (0.54)        (0.46)        (1.32)        (0.57)      (1.93)

1 EBITDA - Earnings before interest, tax, depreciation, amortisation, and impairment

2 Adjusted EBITDA - EBITDA before exceptional items including acquisition related items