Update says a strong Q4, continuing into FY23

In a Trading Update Benchmark Holdings reports a strong fourth quarter with trading better than expected across each of its three business areas. Consequently – subject to audit – the Group expects (adj.) EBITDA, for the year to 30 September, to be in the range of £30.0m - £31.0m, i.e. up to 14% above of our estimate of £27.3m.

The Genetics business area closed the year ahead of management expectations due to strong Q4 demand for salmon eggs; Advanced Nutrition delivered revenue ahead of plan across all business segments; and in Health they noted increased activity and revenues from proprietary Ectosan® Vet and Clean Treat® (CT) treatment for sea lice in farmed salmon ahead of the primary sea lice season.

The Group continues with its plan to list on the Euronext Growth Oslo by the end of calendar 2022 and list on the Oslo Børs in the first half of calendar year 2023, subject to market conditions. In the light of this positive update, we shall review financial estimates when more detail is released.

Our fair value for Benchmark is 63p/share.