Benchmark Holdings PLC has released its unaudited interim results for the six months ended 31 March 2024 (H1 FY24) and the three months ended 31 March 2024 (Q2 FY24). The company reported positive quarterly momentum and is on track to meet full-year management's expectations. In Q2 FY24, revenues were £39.8m, 10% below Q2 FY23, driven by a strong performance in Genetics and Advanced Nutrition, partially offset by Health and forex headwinds.
The company reported a 9% CER increase in Adjusted EBITDA excluding fair value movement in biological assets to £9.9m in Q2 FY24, with an Adjusted EBITDA margin excluding fair value movement in biological assets of 25%, in line with the Group's medium-term target. The Genetics segment saw a 42% increase in Adjusted EBITDA, while Advanced Nutrition's Adjusted EBITDA was down 14%, and Health's Adjusted EBITDA was £1.6m.
For H1 FY24, revenues were £80.2m, 19% below a strong H1 FY23, with Genetics revenues at £28.4m, Advanced Nutrition at £40.4m, and Health at £11.5m. Adjusted EBITDA excluding fair value movement in biological assets was £17.3m, 23% below a strong H1 FY23. The company reported an operating loss of £3.7m, primarily due to lower revenues in the period offset by continued cost control.
Benchmark Holdings PLC had cash of £24.1m and liquidity of £41.3m at 20 May 2024, with net debt excluding lease liabilities of £56.8m at 31 March 2024. In terms of operational highlights, the Genetics segment made excellent progress in Chile and launched a new product portfolio in salmon genetics. The Advanced Nutrition segment saw green shoots of recovery in the shrimp market, and the Health segment made progress towards the development of a new business model for Ectosan® Vet and CleanTreat®.
Overall, Benchmark Holdings PLC's financial results for H1 FY24 showed positive quarterly momentum, with the company maintaining its positive outlook for the full year.