Benchmark Holdings PLC has released its unaudited financial results for the third quarter of fiscal year 2024, ending on June 30, 2024. The company reported solid performance in Genetics and Advanced Nutrition despite ongoing challenges in the shrimp market. Benchmark also completed steps to streamline its Health segment and transition the Ectosan® Vet and CleanTreat® business model.
In the third quarter of fiscal year 2024, the group revenues were £30.7m, a 10% decrease from the prior year, driven by various factors in different segments. Advanced Nutrition saw a 4% increase in trading, while Genetics experienced solid trading but a decrease in revenues due to a shift in sales strategy. Health revenues were 43% below the previous year due to the decommissioning of CleanTreat® units as part of the planned transition.
The company reported a 15% increase in Adjusted EBITDA excluding fair value movement of biological assets, driven by progress across all Genetics growth vectors, higher contribution from the Group's JV in Norway, and a positive impact of streamlined organization and infrastructure in Health. Benchmark also reported ample liquidity and headroom, with cash of £17.0m and liquidity of £34.2m as of June 30, 2024.
For the nine months ended June 30, 2024, group revenues were £110.9m, 17% below the prior year, with Adjusted EBITDA excluding fair value movement of biological assets also 17% below the prior year. The company reported an operating loss of £10.2m for the same period.
In the Advanced Nutrition segment, despite good trading, Q3 revenues were 4% ahead of the prior year, with Adjusted EBITDA lower at £1.8m due to lower margins and higher logistics costs. In Genetics, the company reported a decrease in revenues but an increase in underlying profitability driven by progress across all growth vectors, including Chile, shrimp, and genetic services.
Benchmark Holdings PLC remains focused on optimizing its performance and competitive position, expanding its product portfolio, and strengthening its presence in key markets, despite the ongoing challenges in the shrimp market.