Benchmark Holdings plc 
("Benchmark", the "Company" or the "Group")

Q3 & Year to Date Results 
(Three months and nine months ended 30 June 2023)

Strong performance YTD Q3  

Q3 reflects anticipated seasonality in Health and conditions in the global
shrimp market 

In compliance with the terms of the Company's unsecured Green bond, which
requires it to publish quarterly financial information, Benchmark, the
aquaculture biotechnology business, announces its unaudited results for the
three months ended 30 June 2023 (the "Period"), which constitutes the third
quarter for the fiscal year ("FY") 2023, and its year to date unaudited results
for the nine months ended 30 June 2023. All Q3 FY23, Q3 FY22, Q3 YTD FY23 and Q3
YTD FY22 figures quoted in this announcement are based on unaudited accounts.
Financial highlights 
Q3 FY23   
o	Q3 FY23 revenues 6% below the prior year (-1% CER) with growth in Genetics
offset by lower revenues in Advanced Nutrition due to ongoing softness in shrimp
markets. Health revenues broadly in line with the prior year.
o	Q3 FY23 Adjusted EBITDA excluding fair value movements from biological assets
29% below the prior year (-19% CER) as a result of lower revenues, adverse forex
and quarter specific factors including an increase in third party production
costs for our salmon harvest income, partially offset by ongoing cost control.
o	Adjusted Operating Loss excluding FV movement in biological assets of £1.7m
(Q3 FY22: £0.7m loss).
o	Loss before tax reduced substantially £4.7m (Q3 FY22: £11.2m loss) due to a
material reduction in net finance costs as a result of forex movements and mark
to market movements in the value of financial derivatives.
Q3 YTD FY23 - Significant year on year growth and improved profitability
o	Q3 YTD FY23 revenues 15% ahead of the prior year (+13% CER), driven by growth
in Genetics and Health; Advanced Nutrition revenues in line with prior year.
o	Adjusted EBITDA excluding fair value movements from biological assets 27%
ahead of the prior year (+27% CER) driven primarily by growth in Health and
resilience in Advanced Nutrition.  Adjusted EBITDA margin (excluding fair value
movements from biological assets) of 19% (Q3 YTD FY22: 17%).
o	Adjusted Operating Profit excluding FV movement in biological assets more than
triple to £9.7m (Q3 YTD FY22: £3.2m).
o	Loss before tax significantly reduced to £6.6m (Q3 YTD FY22: £16.4m).
o	Operating cash significantly improved to £11.2m inflow versus prior year (Q3
YTD FY22: cash outflow of £2.2m).
o	Cash of £32.9m and liquidity of £45.1m (cash and available facility) as at 30
June 2023.
o	Net debt (excluding lease liabilities) continues to reduce year on year to
£45.7m as at 30 June 2023 (31 March 2023: £44.5m; 30 September 2022: £47.5m).
Business Area Highlights
o	Advanced Nutrition - commercial focus and cost control mitigate impact of
shrimp market conditions
o	Q3 revenues 17% below the prior year (-18% CER) reflecting global shrimp
market.  YTD Q3 23 revenues in line with prior year.
o	Despite drop in revenue, Q3 Adjusted EBITDA 20% above Q3 2022 as a result of
product mix, lower freight costs, and ongoing efficiency programme. YTD Q3
Adjusted EBITDA 4% ahead of the prior year.
o	Conditions in global shrimp markets affecting demand for our nutritional
solutions
o	Genetics - revenue growth offset by quarter specific factors  
o	Q3 revenues 10% above Q3 2022 (+21% CER) driven by higher sales of salmon eggs
and harvest revenues 
	Growth in salmon egg sales: 68.5m eggs sold in Q3 FY23 (Q3 FY22: 59.4m eggs) 
o	YTD Q3 revenues 23% (+28% CER) ahead of prior year
o	Q3 Adjusted EBITDA excluding FV movement in biological assets 44% below the
prior year (-29% CER) due to a number of factors including:
	higher third-party production costs related to harvest income 
	lower capitalisation of biological asset production costs, and 
	forex headwinds 
o	YTD Q3 Adjusted EBITDA excluding FV movements 5% below the prior year (CER +7%
higher).
o	Health - results reflective of seasonality in sea lice treatments
o	Q3 revenues broadly in line with Q3 2022 at 1% below (+5% CER)
o	YTD Q3 revenues 57% ahead of prior year (+59% CER) 
o	Q3 Adjusted EBITDA loss of £1.0m (Q3 FY22 loss £0.6m) due to low utilisation
of CleanTreat® vessels during low season for sea lice treatments 
o	YTD Q3 Adjusted EBITDA of £5.6m (YTD Q3 2022: £0.5m loss). 
o	The Company is making progress in the development of the new configuration and
business model for CleanTreat® with partners MMC and SALT
o	Group integration initiatives - steps taken to realise synergies and
strengthen commercial focus by combining Health and Genetics activities within
Salmon under common leadership with a combined commercial offering. 
Current trading and outlook 
o	Trading within market expectations for FY23: 
o	Good visibility in Genetics for the remainder of the year 
o	Advanced Nutrition will continue to be influenced by weak global shrimp market
conditions 
o	Health expected to benefit from seasonal increase in sea lice treatments
during Q4
o	Efforts continue to focus on profitability and cash generation driven by
commercial success and integration synergies

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