Benchmark (BMK) Q2 2025 earnings summary

Executive summary

• Completed sale of Genetics business for £193.7m–£194m gross proceeds, generating a £90.9m gain and driving group profit after tax to £76m for H1 FY25.

• Proceeds used to repay all borrowings, including green bond and RCF, and to support proposed capital return to shareholders.

• Board proposed delisting from AIM and Euronext Growth Oslo, transitioning to a private UK company, with a special dividend and tender offer for shareholders.

• Corporate streamlining and transition services following Genetics disposal are well advanced, reducing complexity and focusing on advanced nutrition and health.

Financial highlights

• Group revenue from continuing operations was £40.6m, down 17% at constant exchange rate year-over-year, mainly due to paused EctosanⓇ Vet and CleanTreatⓇ sales.

• Adjusted operating profit improved to £2.4m for H1 FY25, despite lower revenues.

• Adjusted EBITDA for continuing business was £4.2m, down 56% year-over-year.

• Profit for the period was £76m, driven by £89.1m profit from discontinued activities, mainly the Genetics sale.

• Net cash at 31 March 2025 was £125.9m, with liquidity at 10 June 2025 of £131.6m.

Outlook and guidance

• Expectation of continued normalized margins in advanced nutrition, with no significant improvement anticipated in the shrimp market due to US tariff uncertainty.

• Health business expected to remain stable, focusing on Salmosan and Purisan, with ongoing efforts to relaunch Ectosan Vet.

• Full effect of cost savings and streamlined operations anticipated in FY26.

• Board's proposals for capital return and delisting subject to shareholder approval at AGM on June 18th.