FY24 results: refocus post disposal
Benchmark Holdings reported FY24 revenue from continuing operations of £90.4m, -13%YoY (currency adjusted, CER, -6%YoY), and (adj.) EBITDA of £11.9m, -30%YoY (CER: -24%YoY reflecting the decline in revenue in the Health business (-57%YoY) and changes in Advanced Nutrition product mix. Net debt was reduced from £65.5m in FY23 to £49.0m due to the impact of the discontinued Genetics business removing debt related to the Saltern facility. The focus is now on the structure of operations post sale of the Genetics business area, streamlining the organisation and reducing costs.Post-divestment our revenue and (adj.) EBITDA outlook is determined principally by two factors: trends in the overall market for shrimp (demand and prices), and contribution from the Health business based on Salmosan®Vet revenue streams, in FY25 respectively £86.7m and £12.7m, and for FY26, £90.9m and £14.0m. We reinstate our fair value at 43p/share, to be reviewed on completion of the disposal process as details of the use of proceeds, structure of the balance sheet and proposals for further restructuring emerge. Our revised Fair Value, based on a 5-year DCF, is inclusive of a return of capital to shareholders which we estimate at £158m, to be paid in FY25 (£128m) and FY27 (£30m).
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