Benchmark’s revenue slides to £25.2 million in fiscal Q4

Benchmark’s revenue slides to £25.2 million in fiscal Q4
Written by:
Wajeeh Khan
November 27, 2020
  • Benchmark’s revenue slides to £25.2 million in fiscal Q4.
  • The British company has £83.2 million of liquidity.
  • Benchmark reports £4.6 million of Q4 adjusted EBITDA.

Benchmark Holdings plc (LON: BMK) expressed confidence in its financial position on Thursday as it completed planned asset disposals in the year that concluded in September.

Benchmark opened about 5.0% up on Friday but lost more than 10% on market open. On a year to date basis, the British company is now close to 20% up. The price action should come in handy if you’re interested in investing in the stock market.

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Benchmark has £83.2 million of liquidity

Benchmark said it had £83.2 million of liquidity at the end of the recent year. In comparison, it had £67 million of liquidity at the end of the third quarter in June. The aquaculture biotech company valued its net debt at £37.6 million versus a much higher £54.7 million in June.

Benchmark revealed to have completed five divestments in Q4 that resulted in £44 million of proceeds. The company’s non-executive board member, Hugo Wahnish, said last week that he’d step down in February 2021.

The British company reported £12.1 million of revenue from its Advanced Nutrition division, £11.8 million from Genetic division, and £1.4 million from Health division on Thursday. In comparison, revenue from these three segments was reported at £22 million, £10 million, and £3.8 million, respectively a year ago.

Total revenue, Benchmark said, slid to £25.2 million in the recent quarter versus £35.6 million in the same quarter last year. Full-year revenue, on the other hand, stood at £105.6 million versus the year-ago figure of £124 million.

Benchmark reports £4.6 million of Q4 adjusted EBITDA

Benchmark also said on Friday that its adjusted EBITDA from continuing operations came in at £4.6 million. In comparison, the figure registered at £9.7 million in Q4 of last year. Annual adjusted EBITDA printed at £14.5 million versus last year’s £21.3 million.

CEO Trond Williksen commented on the financial update on Friday and said:

“Our results reflect a mixed performance across our business areas with a strong performance in Genetics offset by the effects of the restructuring programme and the impact of COVID-19, especially on the global shrimp markets. Moving into FY21, our focus is one becoming profitable and cash generative. Following the restructuring, we are well-positioned in an exciting aquaculture industry, and we have significant potential to be realised in the years to come.”

At the time of writing, Benchmark Holdings plc is valued at £360.60 million.