Benchmark Holdings
Ticker: BMK Exchange: AIM www.benchmarkplc.com

Benchmark helps deliver improved healthcare products and welfare services to the global aquaculture and livestock industries. Rising demand from clients for its products and services to manage sustainability practice and performance underlines BMK's opportunity for significant organic and external growth.

Growth drivers aligned with aquaculture sustainability goals

BMK reported solid H1 2021 progress in line with expectations. 11% (Constant Exchange Rates) revenue growth was driven by concerted commercial efforts and early signs of recovery in market demand in Advanced Nutrition, while AEBITDA rose 13% in parallel with ongoing selective investment and cost containment measures. Strategic highlights included ratification of the Maximum Residue Level (MRL) opinion for BMK08 + CleanTreat®️ - taking the innovative sea lice treatment system a step closer to Marketing Authorisation – and signing of first customer agreements for CleanTreat underpinning demand. Looking forward innovation will continue to deliver sustainable solutions for the aquaculture industry.

BMK is making good progress towards its key growth objectives and we retain a positive stance on the shares. Our fair value per share of 88p represents a near 50% premium to the current price and, if the forthcoming MA outcome is positive, that reinforces potential for further rerating of the shares.

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