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Benchmark Holdings (BMK) investor relations material
Benchmark Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed sale of Genetics business for £193.7m–£194m gross proceeds, generating a £90.1m–£90.9m gain and £76m profit after tax for H1 FY25.
Proceeds used to repay all borrowings, including green bond and RCF, and to support a proposed capital return and delisting from AIM and Euronext Growth Oslo.
Board proposes delisting, tender offer, and special dividend, subject to AGM approval.
Group restructured to focus on Advanced Nutrition and Health, with ongoing streamlining and cost reductions.
Continuing business performed in line with expectations, with Advanced Nutrition improving in Q2 and Health maintaining profitability.
Financial highlights
Revenue from continuing operations was £40.6m, down 17%–22% year-over-year, mainly due to paused EctosanⓇ Vet and CleanTreatⓇ sales.
Adjusted EBITDA for continuing business was £4.2m, down year-over-year but partially offset by lower operating costs.
Adjusted operating profit improved to £2.4m for the first half, up from last year.
Net cash at 31 March 2025 was £125.9m, with borrowings fully repaid post period.
Basic EPS (including discontinued operations) was 10.33p, compared to a loss of 1.21p in H1 FY24.
Outlook and guidance
Trading in line with expectations for the full year, with Advanced Nutrition performance improving and Health segment stable post-restructuring.
US tariffs on shrimp imports and challenging shrimp market conditions create near-term uncertainty.
Full effect of cost savings and streamlined operations expected in FY26.
Board's capital return and delisting proposals pending shareholder approval at June 18 AGM.
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