Benchmark (BMK) Q1 2025 earnings summary

Executive summary

• Q1 2025 was a transitional quarter, focused on closing the genetics business sale and preparing for subsequent company streamlining.

• The genetics business sale to Novo Holdings is progressing, with regulatory approvals in place and closing expected before end of Q2.

• Post-sale, the company will right-size its organization and cost structure to position for the next phase.

Financial highlights

• Revenue from continuing business fell by 25% year-over-year, mainly due to weak shrimp market and product mix.

• Gross profit in nutrition dropped 36% to GBP 6.6 million; health gross profit fell 60% to GBP 1 million.

• Adjusted EBITDA loss of GBP 0.2 million from continuing business.

• Operating costs down 15% year-over-year; OPEX in health reduced from GBP 1.9 million to GBP 0.7 million.

• Loss after tax decreased to GBP 7.3 million.

Outlook and guidance

• Advanced Nutrition expected to see gradual margin and performance improvement as unfavorable product mix is resolved.

• Health business remains small but profitable, with continued good sales of Salmosan Purisan and efforts to relaunch Ectosan Vet and CleanTreat.

• Full cost effects of streamlining expected in FY 2026.