TIDMBMK
RNS Number : 9462N
Benchmark Holdings PLC
24 January 2019
24 January 2019
Benchmark Holdings plc
("Benchmark" or the "Company" or the "Group")
Full Year Results for the Year Ended 30 September 2018
A successful year of revenue growth, improving margins, and
strategic and innovative progress
Benchmark (AIM: BMK), the aquaculture health, nutrition and
genetics business, announces its full year results for the year
ended 30 September 2018 (the "period").
Constant Currency(5)
GBPm 2018 2017 Change % Change %
Adjusted
------ ------- ---------- --------------------
Revenue 151.5 140.2 8% 13%
------ ------- ---------- --------------------
Adjusted EBITDA(1) 17.0 10.1 68% 86%
------ ------- ---------- --------------------
Adjusted Operating
Profit(2) 10.2 5.2 96% 126%
------ ------- ---------- --------------------
Adjusted Profit Before
Tax(3) 5.6 4.7 19%
------ ------- ---------- --------------------
Statutory
------ ------- ---------- --------------------
Revenue 151.5 140.2 8% 13%
------ ------- ---------- --------------------
Loss before tax (13.7) (8.1) (69%)
------ ------- ---------- --------------------
Loss for the period (4.4) (7.1) 38%
------ ------- ---------- --------------------
Basic loss per share
(pence) (0.94) (1.43) 34%
------ ------- ---------- --------------------
Net Debt(4) (55.7) (23.9)
------ ------- ---------- --------------------
Financial Highlights
-- Revenue increased by 13% in constant currency to GBP151.5m
o Genetics up 21% in constant currency; Advanced Nutrition up 9%
in constant currency; and Animal Health up 7% in constant
currency
-- Gross margin for the Group increased to 49% (2017: 45%)
-- Adjusted EBITDA up 68% to GBP17.0m (86% in constant currency)
reflecting 36% increase in Genetics, a 22% increase in Advanced
Nutrition
-- Adjusted EBITDA margin increased to 11% (2017: 7%), with
Genetics and Advanced Nutrition achieving margins of 23% and 25%
respectively
-- Total investment in R&D of GBP19.4m, of which GBP12.0m
was expensed; lower expensed R&D in the period reflects
increased spend on later stage products including the next
generation sea lice treatment
-- Net debt increased to GBP55.7m (2017: GBP23.9m) with year end
bank covenant leverage(6) 2.7x against threshold of 3.25x and
interest cover of 8.3x against a threshold of 4.0x.
-- GBP32.7m capital expenditure in new production facilities
completed in the period and investment associated with field trials
of next generation sea lice treatment
1 Adjusted EBITDA which reflects underlying profitability, is
earnings before interest, tax, depreciation, amortisation,
impairment, exceptional items and acquisition related
expenditure.
2 Adjusted Operating Profit is operating loss before exceptional
items including acquisition related items and amortisation of
intangible assets excluding development costs
3 Adjusted profit before tax is earnings before tax,
amortisation and impairment of acquired intangibles, exceptional
items and acquisition related expenditure
4 Net debt is cash and cash equivalents less loans and
borrowings
5 Constant Currency reflects the movement after retranslating
2018 figures using the same foreign exchange rates experienced in
2017.
6 Leverage is calculated per the facility agreement that governs
the Group's principal revolving credit facility which excludes
ringfenced non-recourse debt in respect of the new salmon breeding
joint venture in Norway
Operational highlights
Continued innovation and pipeline delivery:
-- Successful field trials of next generation sea lice treatment
with three of the world's largest salmon producers showing close to
99%+ efficacy, excellent fish welfare and no environmental
impact
-- Six new products launched across the Group of which two are
in Genetics and four in Advanced Nutrition
-- Successful trials of disease resistant shrimp in Thailand, Vietnam and China
-- Progress in development of sea bass/bream vaccines with good
performance in large scale trials
-- Substantial progress in establishing a partnership for
commercialisation of companion animal products
Capacity increased and expanded into new markets:
-- Start of production at new land-based salmon egg facility in
Norway, increasing capacity by 75% to meet growing demand for our
products
-- Joint Venture with AquaChile to penetrate world's second largest salmon market
Progress with strategic review:
-- Decision to exit certain non-core activities
-- Re-prioritisation of R&D effort
Strengthened the Board and Management Team:
-- Peter George joined as Chairman
-- Recruitment of Chief Scientific Officer and Group Marketing Director
Malcolm Pye, Benchmark CEO commented on current trading and
outlook:
"2018 was a successful year for Benchmark. The Group achieved
good growth in revenues and underlying earnings, and made
substantial progress in implementing its strategy. Particular
highlights in the year included the successful commercial scale
trials for our next generation sea lice treatment, the opening of
our state of the art salmon egg facility in Norway, and the
successful trials for our disease resistant shrimp in three Asian
markets.
"The growth drivers for our business remain strong, with the
increasing need for solutions that improve productivity in the
growing aquaculture sector to support sustainable food production
meaning that the areas of the market we address are growing
considerably faster than the overall aquaculture market.
"The Group has started the current financial year trading ahead
of the same period last year, and is trading in line with
expectations for the full year. Trading has commenced strongly in
Genetics, with high demand for our disease and sea lice resistant
salmon eggs. Our Advanced Nutrition business in shrimp has started
relatively slowly due to temporary volatility in the global shrimp
market, but the outlook from spring onwards is positive. In Animal
Health, we are planning to extend trials of our next generation sea
lice treatment into new markets in 2019 and we are making
substantial progress towards establishing a partnership for our
companion animal products.
"Over the next 18 months we expect to see our investment in a
number of areas, such as our next generation sea lice treatment,
our disease resistant shrimp, new aquaculture vaccines and
probiotics, together with our new facility in Norway, starting to
deliver, resulting in high growth in revenues, attractive margins
and cash generation, which will increase our financial flexibility
and deliver attractive shareholder returns."
-S -
A presentation for analysts will be held today at 09.30 at the
offices of Numis Securities, London Stock Exchange Building, 10
Paternoster Square, London, EC4M 7LT. To register your interest,
please contact benchmark@mhpc.com. The presentation will also be
accessible via a live conference call for registered participants.
To register for the call please contact MHP Communications on +44
(0)20 3128 8226 or by email on benchmark@mhpc.com.
Enquiries
For further information, please contact:
Benchmark Holdings plc Tel: 020 7920 3150
Malcolm Pye, CEO
Mark Plampin, CFO
Ivonne Cantu, Investor Relations
Numis Tel: 020 7260 1000
Michael Meade, Freddie Barnfield (NOMAD)
James Black (Corporate Broking)
MHP Communications Tel: 020 3128 8742
Chairman's Statement
Commercial delivery of pipeline continues to be strategic
priority
"I am confident that we are well positioned to be aquaculture's
leading provider of solutions in genetics, health and specialist
nutrition. Our medium-term target is to generate double digit
compound annual growth in revenues and underlying profits and to
deliver a 25% Group Adjusted EBITDA(1) margin." - Peter George,
Chairman
Introduction
I am pleased to present my first report as Chairman having
joined the Board in May 2018. I was excited to join the Group given
its prospects, and since joining I have seen first-hand the
excellent market positions, people and technology across the
Group.
The year under review has been a successful one for Benchmark
with growth in revenues and underlying profits alongside good
progress in developing our strategy, completing major projects and
strengthening the management team.
Strategy review
My first priority as Chairman was to conduct a detailed review
of our strategy, the results of which are very encouraging. We have
strong positions in each of our established markets, with capacity
to grow.
In salmon, where we are the world's leading provider of salmon
eggs and genetic services to the aquaculture industry, our new
facility in Norway and our Joint Venture in Chile will help us to
grow organically in all our key markets. In shrimp, where we are
the leaders in specialist nutrition for hatchery, we are uniquely
positioned to introduce our disease resistant shrimp, leveraging
our capabilities in genetics - unlike in salmon, development of
genetic improvement for disease resistance in shrimp is at an early
stage. Combined with the scale of shrimp aquaculture, this
represents a very significant opportunity for Benchmark.
In Animal Health, our youngest business, commercial delivery of
our pipeline continues to be a strategic priority to drive
investment returns. Our continued success with commercial-scale
field trials for our next generation sea lice treatment combined
with our breakthrough CleanTreat system gives us confidence in the
potential of our solution. With Alex Raeber joining Benchmark as
Chief Scientific Officer we have greatly strengthened our
leadership team, particularly with regards to the aquaculture
health opportunity. Alex's focus will be on delivery of the key
elements of the pipeline and on taking full advantage of our
R&D capabilities across the Group.
Our review has brought clarity to our strategy in our Knowledge
Services division. We have identified certain non-core activities
from which we are exiting or disposing, and have refocused our
efforts on areas that position us as key opinion leaders in our
markets and strengthen and differentiate our offering - data
services, education and training, and veterinary consulting.
Early in the year we announced the review of the activities that
fall outside of aquaculture. As a result we decided to pursue a
licensing agreement for our companion animal products in the
pipeline. The out-licensing process is ongoing with substantial
progress being made. We have received strong interest, and expect
to provide an update in the coming months.
Going forward, the Group's strategy will focus upon improving
delivery of shareholder returns, by focusing on the efficient use
of capital and implementing strategic KPIs that will drive our
growth, profitability and cashflow. Our medium term target is to
generate double digit compound annual growth in revenues and to
deliver a 25% Group Adjusted EBITDA(1) margin.
Summary - strong market drivers and opportunities
There are very strong drivers in our markets, including the
increasing consolidation and professionalisation of our aquaculture
customers; the regulatory emphasis on environmental impact and
biosecurity; and consumer trends, such as interest in provenance
and in reducing the use of antibiotics.
We are extremely well placed to be aquaculture's leading
provider of solutions in genetics, health and specialist nutrition
taking advantage of the significant opportunities these markets
segments, which are growing considerably faster than the overall
aquaculture market, present. These three complementary areas
contribute significantly to increase yield, quality and animal
health and welfare for our customers, which is our primary aim.
In the next three years we expect to deliver commercial success
for our next generation sea lice treatment and CleanTreat building
up to peak revenues of at least GBP45m; deliver double digit
returns on the Salten capital investment of GBP40m and establish
ourselves as a leading global provider of shrimp genetics.
I believe that Benchmark is a highly valuable and attractive
asset given its skilled team, market leading positions, well
invested platform and growth strategy. Our business model is
already delivering high margins and cash generation is expected to
come through, which will enable us to both de-gear and continue to
invest.
My job is to support the management team by helping them focus
on making this happen.
(1) see financial review for definition of adjusted measures
CEO Statement
2018 was a successful year
"We are looking forward to bringing further important new
products and disruptive technologies into the market in the next
phase of our growth" - Malcolm Pye, Chief Executive Officer
2018 was a successful year for Benchmark. The Group achieved
good growth in revenues, delivered Adjusted EBITDA(1) ahead of
market expectations and made substantial progress in implementing
its strategy. Particular highlights in the year included the joint
venture with AquaChile to accelerate penetration in the world's
second largest salmon market; the opening of a new state-of-the-art
salmon egg production facility in Norway; the continued success of
commercial-scale trials for our next generation sea lice treatment
with CleanTreatâ; and the successful field trials for our
disease-resistant shrimp in three key Asian markets. These
strategic projects will drive future growth and profitability.
In addition, we made good progress in our product pipeline and
launched six new products across the Group. We are well placed to
capture the significant opportunities in our markets, which have
stronger drivers than ever before amid increasing recognition from
consumers, producers and regulators of the need for sustainable
solutions for the aquaculture industry.
Our clear focus remains on aquaculture. Our strategy for the
companion animal products in our pipeline is to establish a
licensing agreement with a suitable partner. We have made
substantial progress towards this during the year, with strong
interest received from industry leaders. I look forward to
providing a further update in the coming months.
Group Performance
The Group performed well during the year, with revenue and
Adjusted EBITDA up by 8% to GBP151.5m and 68% to GBP17.0m
respectively. Our target is to generate double-digit compound
annual growth in revenues and Adjusted EBITDA, reaching a 25%
Adjusted EBITDA margin for the Group within five years. Genetics
and Advanced Nutrition, two of our three core divisions delivered
Adjusted EBITDA margins above 20% this year. In Animal Health, our
third division, there is increasing visibility of future
profitability as we progress our field-scale trials for our sea
lice treatment and for our sea bass/bream vaccines. We have also
re-focussed our Knowledge Services division which delivered
positive Adjusted EBITDA during the year. This, together with our
ongoing work to realise efficiencies and reduce our cost base,
gives us confidence in our ability to reach our target.
Genetics
Our Genetics division delivered another robust performance with
revenues and Adjusted EBITDA increasing by 17% and 36% to GBP35.8m
and GBP7.9m respectively, achieving an Adjusted EBITDA margin of
22%. This is a result of our technology leadership and strong
position in our key markets and growing demand for salmon eggs with
a superior genetic profile.
We are continuously working to offer incremental genetic
improvements to our customers, particularly in the area of disease
resistance. During the year we launched new cardiomyopathy syndrome
(CMS) resistant eggs which were very well received with demand
outstripping supply and demand for our sea lice resistant eggs also
exceeded supply. Our new facilities in Salten, Norway, and Chile,
through the JV with AquaChile, enable us to meet that demand and
underpin our future growth and profitability in salmon
genetics.
In shrimp, the first field trials with our new Specific Pathogen
Resistant (SPR) shrimp breeding stock also got underway during the
year in the key markets of Vietnam, China and Thailand. I am very
pleased that these trials reported very encouraging initial
results, regarding disease resistance and growth performance, which
we believe will enable us to build a very significant new business
in shrimp genetics.
Advanced Nutrition
Advanced Nutrition also performed strongly with revenues rising
by 2% to GBP85.8m and Adjusted EBITDA by 22% to GBP21.6m, and an
Adjusted EBITDA margin of 25%. There was increasing demand for our
higher margin, specialist replacement diets and health products as
shrimp producers increasingly recognise the benefits that our
products have on their yield and profitability. We expect this
trend to continue benefitting from the ongoing consolidation and
professionalisation in the shrimp production industry which favours
our innovative products.
During the year we launched four new products in Advanced
Nutrition, completed upgrades on well-established brands and
continued the development of our artemia replacement diets
according to plan. Post period end, we announced the successful
defence of a patent infringement in Asia relating to our artemia
technologies. We have a strong patent portfolio across the Group
with a portfolio of 240 patents which we will continue to robustly
defend in each of our markets.
Animal Health
In Animal Health our focus has been on delivering the products
in our pipeline that are in the later stages of development,
particularly our highly innovative next generation sea lice
treatment. This is in commercial-scale field trials with three of
the world's largest salmon producers and these are progressing
well, having delivered almost 100% efficacy with improved animal
welfare and no environmental impact. We are continuing trials in
Norway and are preparing for field trials in other markets.
Feedback from customers so far points to a high acceptance of our
new treatment as sea lice continues to be recognised as the biggest
challenge for the salmon aquaculture industry.
In our seabream and seabass vaccine portfolio, recent trials
show strong performance of our products and as a result, we have
prioritised their development with commercial field trials expected
to commence during 2019. Aquaculture vaccines is a fast-growing
market which is forecast to double by 2025. We continue to progress
our portfolio of new vaccines across the major finfish species.
During the year we conducted a review of our pipeline of new
products in Animal Health. This has resulted in a more efficient
and streamlined approach to R&D spend and a focus on those
opportunities where we can achieve the highest risk-adjusted
return. It has also resulted in the deceleration of some less
strategic products that target longer term market
opportunities.
Knowledge Services
Knowledge Services, our smallest division, performed well with
revenues rising by 14% to GBP15.8m and Adjusted EBITDA improving
from a loss of GBP0.9m to a profit of GBP0.2m During the year we
conducted a review of the division with particular focus on those
activities that fall outside of our core markets. As a result, we
disposed of certain elements of our publishing business and closed
two sites in our veterinary services practice. This review has
identified other opportunities which we expect to deliver on during
the coming period. These changes are expected to improve our focus
and profitability.
Knowledge Services, which includes our aquaculture veterinary
consulting services, data services, education and training, is an
important component of our differentiated offering, contributing to
the success of our customers in maximising yield and managing
disease, and helping us to take a thought leadership position in
our industry. Knowledge Services will play an important role as we
continue to integrate our aquaculture solutions, developing
protocols across genetics, health and nutrition to address our
customers' needs. Our recently launched health portal, a data
collaboration tool for salmon, is now being trialled by 70% of the
fish veterinary practices in Norway.
Our Markets and Strategy
During the year we concluded an in-depth strategic review of our
business. Our strategy is guided by our mission to drive
improvements in sustainability in aquaculture production that lead
to profitable outcomes for our customers. We seek to achieve this
by developing innovative products that improve yield, quality and
fish health.
Over the past years, through acquisitions and organically, we
have built a scalable, technology-rich platform with leading market
positions. Looking forward, our strategy is to grow organically by
leveraging the capabilities across the Group taking advantage of
the very significant opportunities facing us in the fast evolving
aquaculture sector. Further integration of the Group will be an
important enabler of our strategy.
Our Markets
Our markets in Genetics, Advanced Nutrition and Aqua Health
complement each other and play a critical role in aquaculture
production. They drive biological performance which in turn drives
productivity. They also have the potential to address consumers'
growing concerns on animal welfare, use of antibiotics and
sustainability. Animal welfare is intrinsically linked to
productivity; poor animal welfare reduces biological performance
and raises the cost of production. A good example of how our three
areas of technology complement each other is Benchmark's approach
to sea lice, where we are developing a holistic solution that
maximises resistance through genetics and vaccines, and that, in
the case of an outbreak, offers a treatment which has no impact on
animal welfare or on the environment. We are also developing
probiotics for salmon which are designed to increase resilience in
the fish overall. We believe our platform across the three critical
technology areas gives us a unique position in the market.
We estimate our markets in salmon and shrimp, our two main
target species, to be c. GBP1bn each in size, and growing faster
than the aquaculture industry itself. They provide significant
opportunity for Benchmark to grow and to generate attractive
shareholder returns through a combination of growth in our key
markets and organic expansion into new areas.
Strategy
Our five-year strategy can be summarised in four main components
which are aimed at delivering growth and profitability and at
positioning Benchmark as aquaculture's leading provider of
solutions in genetics, aqua health and advanced nutrition.
1. Grow in established markets
There is significant potential for organic growth in our
business in established markets where we have a strong market
position. During the year we built additional capacity in Genetics
and made excellent progress in the development of our artemia
replacement diets which will support future growth in our core
markets. Going forward we see an opportunity to expand from our
strong position in hatchery and nursery into the shrimp farm
grow-out segment with a targeted offering from our Advanced
Nutrition portfolio.
2. Commercial delivery of pipeline products
The commercial delivery of our animal health products continues
to be a key priority for the Group as a driver of future
profitability and industry leadership. We made good progress
towards the commercialisation of our next generation sea lice
treatment and of our sea bass/bream portfolio of vaccines with more
to follow.
3. Focused investment in new markets that leverage the Group's
platform
SPR Shrimp
Shrimp genetics is an attractive growth opportunity for the
Group which leverages our capabilities and experience in salmon and
our leading position in shrimp hatchery diets, where we believe we
can achieve a high return on our R&D investment to date. Shrimp
genetics that provide disease resistance is an unmet need which we
are well placed to address. In late 2017, we commenced trials of
our SPR shrimp in Vietnam, Thailand and China. The results to date
show our stock performing strongly both in terms of survival and
growth.
Our SPR shrimp has genetic resistance to a number of diseases
including white spot and early mortality syndrome (EMS) which have
been responsible for high mortality rates in Asia and Latin America
in recent years. We plan to roll out our product in the five main
shrimp producing countries in Asia with the first markets coming
onstream in late 2019. Our strategy envisages leveraging our strong
relationships in these markets by establishing joint ventures to
accelerate the roll-out and reduce our capital commitment. Over
time we anticipate disease resistant shrimp genetics to follow the
experience of the salmon industry where the penetration of
professional genetics is estimated to be more than 90%.
Probiotics
Probiotics improve the animal's gut health and prevent the
establishment of invasive bacteria. This reduces the need for
treatment with antibiotics. Probiotics also increase food
conversion efficiency and improve sustainability of production.
This is a fast developing area of technology with great
potential.
Benchmark has an established portfolio of probiotics for shrimp
and sea bass and bream which it continues to develop. Our five-year
strategy envisages leveraging our technology expertise and our
strong position in salmon to develop and launch a range of
probiotics for salmon.
4. Position Benchmark in areas of future growth
We believe that our technology platforms together with our
international footprint and network, uniquely position us to
establish a strong position in emerging aquaculture markets as they
develop, including tilapia. Our experience and involvement in
genetics of setting up and managing breeding programmes across more
than 12 species and technologies in health and nutrition provide a
solid platform for future growth in new species.
Outlook and Current Trading
The growth drivers for our business remain strong, with an
increasing need for solutions that improve productivity in the
growing aquaculture sector to support sustainable food production
meaning that the areas of the market we address are growing
considerably faster than the overall aquaculture market.
The Group has started the current financial year trading ahead
of the same period last year, and is trading in line with
expectations for the full year. Trading has commenced strongly in
Genetics, with high demand for our disease and sea lice resistant
salmon eggs. Our Advanced Nutrition business in shrimp has started
relatively slowly due to temporary volatility in the global shrimp
market, but the outlook from spring onwards is positive. In Animal
Health, we are planning to extend trials of our next generation sea
lice treatment into new markets in 2019. We are making substantial
progress towards establishing a partnership for our companion
animal products.
The Group continues to monitor developments regarding the UK's
forthcoming exit from the European Union and any potential impact
on the Group's business. The Group has developed mitigating actions
and contingency preparations which will enable it to maintain the
supply of its products to customers, and remains confident in its
strategy and flexibility to adapt to changes.
Over the next 18 months we expect to see our investment in a
number of areas, such as our next generation sea lice treatment,
our disease resistant shrimp and our new facility in Norway,
starting to deliver, resulting in high growth in revenues,
attractive margins and cash generation, which will increase our
financial flexibility and deliver attractive shareholder
returns.
1 See financial review for definition of adjusted measures
Financial Review
Growth in revenue and Adjusted EBITDA
"Our strategy to focus on added value products coupled with
recent significant investment in production capacity and in new
products in the final stages of development will drive further
increased Adjusted EBITDA margins and cash generation."
- Mark Plampin, Chief Financial Officer
GBPm 2018 2017 Change %
------------------------------ ------- ------- ---------
Revenue 151.5 140.2 8%
------------------------------ ------- ------- ---------
EBITDA(1) 15.8 15.7 1%
------------------------------ ------- ------- ---------
Adjusted EBITDA(2) 17.0 10.1 68%
------------------------------ ------- ------- ---------
Adjusted Operating Profit(3) 10.2 5.2 96%
------------------------------ ------- ------- ---------
Operating loss (9.1) (7.6) (20%)
------------------------------ ------- ------- ---------
Loss before tax (13.7) (8.1) (69%)
------------------------------ ------- ------- ---------
Loss for the period (4.4) (7.1) 38%
------------------------------ ------- ------- ---------
Basic loss per share (p) (0.94) (1.43) 34%
------------------------------ ------- ------- ---------
Net debt (4) (55.7) (23.9) -
------------------------------ ------- ------- ---------
1. EBITDA is earnings before interest, tax, depreciation and
amortisation and impairment - see income statement
2. Adjusted EBITDA which reflects underlying profitability, is
earnings before interest, tax, depreciation, amortisation,
impairment, exceptional items and acquisition related expenditure -
see income statement
3. Adjusted Operating Profit is operating loss before
exceptional items including acquisition related items and
amortisation and impairment of intangible assets excluding
development costs - see below
4. Net debt is cash and cash equivalents less loans and borrowings - see below
Financial highlights:
-- Revenue increased by 8% to GBP151.5m (2017: GBP140.2m). Using
the same foreign exchange rates experienced in 2017 (constant
currency), revenue increased by 13%
-- 17% growth (21% using constant currency) in salmon genetics
revenues driven by increased volumes and average prices resulting
from customer demand, the success of new products launched and
winning market share
-- 2% (9% using constant currency) growth in sales of nutrition
products driven by ongoing increased demand for higher value live
feed replacement and health diets, growth in sales volumes of live
feeds not reflected in revenue due to low market prices for some
products
-- 7% growth in animal health sales driven by first commercial
field trials of Benchmark's next generation sea lice treatment and
CleanTreat coupled with stable Salmosan revenues
-- Significant strengthening in gross margin to 49% (2017: 45%)
reflecting the Group's strategic focus on added value products and
services
-- Total operating costs increased by 13% to GBP44.6m (2017:
GBP39.3m) due to staff bonuses reflecting improved performance,
strengthening of management and of sales and product support
teams.
-- Expensed R&D reduced by GBP1.1m to GBP12.0m reflecting
focus on progressing products nearest to market for which costs are
capitalised
-- Investment in field trials for nearer to market products,
particularly Benchmark's next generation sea lice treatment and
CleanTreat, meant that total investment in R&D increased to
GBP19.4m (2017: GBP15.2m) or 13% (2017: 11%) of revenue
-- Adjusted EBITDA increased by 68% to GBP17.0m (2017: GBP10.1m)
reflecting growth in sales volumes and prices coupled with lower
expensed R&D
-- Adjusted EBITDA margin increased to 11% (2017: 7%)
-- Operating Loss increased to GBP(9.1m) (2017 GBP(7.6m)) influenced by improved trading and:
o Higher depreciation following recent investment in production
capacity
o Acquisition related expenditure of GBP1.2m, whereas 2017
benefited from a GBP5.6m credit
-- Reported loss for the period reduced to GBP(4.4m) (2017: GBP(7.1m)) due to:
o GBP9.3m tax credit (2017: credit GBP1.0m) principally due a
large credit arising from a reduction in the corporate tax rate in
Belgium which reduced the deferred tax liability on intangibles
arising from the acquisition of INVE
o Offset by the impact of foreign exchange movements in finance
costs, GBP2.5m expense (2017: credit of GBP1.2m)
-- GBP40m investment in state-of-the-art additional genetics
production capacity at Salten which was completed shortly after the
year end
-- Net debt increased to GBP55.7m (2017: GBP23.9m), primarily
due to GBP32.7m capital expenditure (including GBP17.9m investment
in Salten facility and investment associated with the field trials
of the new sea lice treatment). Net debt includes GBP27m ringfenced
non-recourse debt to fund the Salten facility
-- Investment in working capital resulting from top line growth
and strategy to secure key supplier and key customer
relationships
-- Subsequent to the year end, the Group's bankers agreed to
provide an additional $20m under the existing facility and relax
the leverage covenant to provide additional liquidity
-- The $20m additional facility combined with the year end cash
balance of GBP24.1m provides the Group with funding for continuing
growth and additional headroom
Adjusted measures
We continue to use adjusted results as our primary measures of
financial performance. In line with many of our peers in the sector
we highlight expensed R&D on the face of the income statement
separate from operating expenses. Furthermore, we report earnings
before interest, tax, depreciation and amortisation ("EBITDA") and
EBITDA before including exceptional and acquisition related items
("Adjusted Operating Profit"). The activities of the Group's equity
accounted investees are closely aligned with the Group's principal
activities, as these arrangements were set up to exploit
opportunities from the intellectual property held within the Group.
As a result, to ensure that adjusted performance measures are more
meaningful, the Group's share of the results of these entities is
included within Adjusted EBITDA. We are also reporting this
adjusted measure after depreciation and amortisation of capitalised
development costs ("Adjusted EBITA") for the first time as the
board consider this reflects the result after taking account of the
utilisation of the recently expanded production capacity. We
believe that these adjusted measures enable a better evaluation of
our underlying performance. This is how the Board monitors the
progress of the Group.
Revenue Adjusted EBITDA
------------------------------------- ---------------------------------------
Constant Constant
Actual currency Currency Actual currency Currency
2018 2017 Movement Movement 2018 2017 Movement Movement
GBPm GBPm % % GBPm GBPm % %
-------------------- ------ ------ --------- ---------- ------- ------- --------- ----------
Animal Health 16.2 15.1 7% 7% (11.0) (11.6) (5)% (4)%
Genetics 35.8 30.5 17% 21% 7.9 5.8 36% 40%
Advanced Nutrition 85.7 83.7 2% 9% 21.6 17.7 22% 31%
Knowledge Services 15.8 13.8 14% 18% 0.2 (0.9) (123)% (102)%
Other/intersegment -2.0 -2.9 -31% -16% (1.7) (0.9) 78% 64%
-------------------- ------ ------ --------- ---------- ------- ------- --------- ----------
Total 151.5 140.2 8% 13% 17.0 10.1 69% 86%
-------------------- ------ ------ --------- ---------- ------- ------- --------- ----------
Constant currency represents the movement retranslating FY18
figures using the same foreign exchange rates experienced during
FY17.
Average
------------------
Exchange rates 2018 2017
US Dollar 1.35 1.27
Euro 1.13 1.15
Icelandic Krona 139.86 137.57
Norwegian Krone 10.90 10.56
Thai Baht 43.58 43.86
------------------- ------- -------
Adjusted Operating Profit 2018 2017
GBP000 GBP000
----------------------------------------- ------- -------
Revenue 151.5 140.2
Cost of sales (77.5) (77.8)
----------------------------------------- ------- -------
Gross profit 74.0 62.4
Research and development costs (12.0) (13.1)
Other operating costs (44.6) (39.2)
Depreciation (6.8) (4.9)
Amortisation of capitalised development - -
costs
Share of profit of equity-accounted
investees, net of tax (0.4) 0.0
Adjusted Operating Profit 10.2 5.2
----------------------------------------- ------- -------
Exceptional including acquisition
related items (1.2) 5.6
Amortisation of intangible assets
excluding development costs (18.1) (18.4)
----------------------------------------- ------- -------
Operating Loss (9.1) (7.6)
----------------------------------------- ------- -------
Net debt 2018 2017
GBPm GBPm
--------------------------- ------- -------
Cash and cash equivalents 24.1 18.8
--------------------------- ------- -------
Bank borrowings and other
loans - current (0.9) (6.0)
Obligations under finance
leases - current - (0.2)
--------------------------- ------- -------
(0.9) (6.2)
--------------------------- ------- -------
Bank borrowings and other
loans - non-current (78.9) (36.5)
Net debt 55.7 23.9
--------------------------- ------- -------
Revenue and Adjusted EBITDA
Group revenue increased by 8% to GBP151.5m in the year (2017:
GBP140.2m). Using the same foreign exchange rates experienced in
2017 (constant currency) revenue increased by 13%.
Adjusted EBITDA increased by 68% to GBP17.0m (2017: GBP10.1m).
Using constant currency Adjusted EBITDA increased by 86%. Adjusted
Operating Profit increased to GBP10.2m (2017: GBP5.2m) as the
improved trading result was partially offset by increased
depreciation charges reflecting the contribution that recently
constructed production assets have begun to deliver.
Benchmark Genetics delivered strong revenue growth in salmon
genetics. This was driven by increased volumes and higher prices,
the success of new higher value products, and winning an increased
market share. The valuation of biological assets increased by
GBP4.0m (2017: GBP4.2m) driven by the growth in sales in the year,
the strong order book at the year end and the first year of
production at the new land-based broodstock facility in Norway.
This supported growth in gross margins which combined with
operating leverage resulted in a 36% growth in Adjusted EBITDA to
GBP7.9m (2017: GBP5.8m) with a margin of 22% (2017: 19%).
Advanced Nutrition experienced strong growth in higher value
live feed replacement and health diets. Sales volumes of live feed
products also increased (+9%) but significant oversupply in Asia
resulted in soft market prices for some products and revenue growth
for this product category was restricted as a result. The
consequent change in revenue mix delivered strong overall
improvement in gross margin. The division reported Adjusted EBITDA
of GBP21.6m (2017: GBP17.7m) with a margin of 25% (2017: 21%).
Animal Health sales increased following the successful
commencement of field trials of Benchmark's next generation sea
lice treatment and CleanTreat. In addition, underlying sales
volumes of the division's existing mature sea lice treatment,
Salmosan, were up whilst revenues were held back by the previously
reported one off credits related to buy back of distributor
inventory. Expensed R&D reduced by GBP1.7m to GBP5.6m
reflecting focus on progressing products nearest to market for
which costs are capitalised. Costs related to field trials are
capitalised and will be amortised once the relevant product
achieves its Marketing Authorisation (full licence). Total
investment in R&D for the Animal Health division including
capitalised costs increased to GBP12.2m (2017: GBP8.9m). Operating
costs increased due to investment in sales and product support
teams to ensure successful launch of the pipeline of new products.
The division delivered a reduced Adjusted EBITDA loss of (GBP11.0m)
(2017: loss of (GBP11.6m)).
Following management reorganisation Knowledge Services reported
an improved Adjusted EBITDA profit of GBP0.2m (2017: loss of
(GBP0.9m)). Progress with the division's data and education based
strategy delivered increased sales alongside a largest ever
Aquaculture UK conference which, when coupled with cost control,
sets the course for improving results and delivered the anticipated
move into profitability.
Total Group operating costs increased by 13% to GBP44.6m (2017:
GBP39.3m). This increase reflects the impact of staff bonuses
reflecting improved performance, increase in sales and product
support headcount to deliver growth, strengthening of Plc and
Operations boards and an increase in professional fees due to an
enhanced focus on protecting the IP of our products.
Total investment in expensed R&D reduced by GBP1.1m to
GBP12.0m (2017: GBP13.1m). This reduction reflects the fact that an
increasing number of new products in the pipeline are reaching the
final stages of development and consequently the proportion of
total R&D investment that is capitalised is increasing.
Expensed R&D as a percentage of sales fell to 8% (2017: 9%).
Total investment in R&D increased to GBP19.4m (2017: GBP15.2m)
or 13% (2017: 11%) of revenue.
Acquisition related items relate largely to the costs associated
with completing the genetics JV with Empresas AquaChile.
Net Finance Costs
The Group incurred net finance costs of GBP4.6m during the year
(2017: GBP0.5m). Interest charged on the Group's interest bearing
debt facilities was GBP2.4m (2017: GBP2.0m) reflecting a higher
level of net debt during the year. The revolving credit facility
incurs interest in the range of 1.9% to 3.5% over LIBOR. Interest
on other debt facilities ranges from 2.65% to 4.2% above Norwegian
base rates.
During the year, a foreign exchange loss of GBP2.5m arose due to
the movement in exchange rates and has been included within finance
costs (2017: GBP1.2m foreign exchange gain).
Statutory loss before tax
The loss before tax for the year at GBP13.7m is higher than the
prior year (2017: loss of GBP8.1m) due to the impact of the
improved trading outlined above being offset by higher
depreciation, amortisation and impairment charges of GBP24.8m
(2017: GBP23.4m) principally from the new production facilities
coming on stream, coupled with the increase in finance costs as
outlined above and a credit in exceptional costs in the prior year
of GBP5.6m (GBP1.2m cost in 2018) relating to the release of a
provision for deferred consideration on previous acquisitions.
Taxation
There was a tax credit in the period of GBP9.3m (2017: credit
GBP1.0m), mainly due to a reduction in the corporation tax rate in
Belgium from 34% to 25%. The largest elements of the remainder of
the charge relate to overseas tax charges in the Genetics division
of GBP1.6m and in the Advanced Nutrition division of GBP4.5m,
offset by deferred tax credits on intangible assets arising on
consolidation from recent acquisitions. No deferred tax assets have
been provided on any losses made in the period.
Earnings per share
Basic loss and diluted loss per share were both -0.94p (2017:
loss per share -1.43p). The movement year on year is due to a
combination of the improved result for the year as noted above, and
the higher average number of shares in 2018 due to the new shares
issued in the equity raise used to fund the Genetics JV with
AquaChile in June 2018.
Dividends
No dividends have been paid or proposed in the year (2017:
GBPnil) and the Board is not recommending a final dividend in
respect of the year ended 30 September 2018.
Biological Assets
A feature of the Group's net assets is its investment in
biological assets, which under IAS 41 are stated at fair value. At
30 September 2018, the carrying value of biological assets was
GBP20.4m (2017: GBP16.5m). The movement in the overall carrying
value of biological assets is due principally to the increase in
sales of and future orders for the Company's salmon eggs as well as
expansion of own production.
Intangibles
Capitalised R&D increased by GBP5.1m to GBP7.2m (2017:
GBP2.1m). R&D costs related to products that are close to
commercial launch have to be capitalised when they meet the
requirements set out under IFRS. As Benchmark goes through a period
of an increasing number of new products approaching launch this
capitalisation will be an increasing feature in the mid-term.
Capital expenditure
Tangible fixed asset additions of GBP25.1m (2017: GBP36.1m)
includes GBP17.9m cash investment in the construction of the new
salmon egg production facility in Norway which concluded post year
end.
Cash flow
Net cash flow from operations was an outflow of GBP3.7m (2017:
inflow of GBP13.4m) principally due to working capital increases
related to growth in trading and the strategy to secure key
supplier and key customer relationships and also because prior year
capital expenditure creditors were settled on completion of the new
Salten facility. Proceeds from increased borrowings of GBP41.2m
were used to part fund some of the capital expenditure outlined
above, with total cash outflow on tangible and intangible capital
additions totalling GBP32.7m (2017: GBP35.2m). Cash at the period
end stood at GBP24.1m (2017: GBP18.8m) with net debt finishing the
year at GBP55.7m (2017: GBP23.9m).
Liquidity and net debt
The Group's finance function is responsible for sourcing and
structuring borrowing requirements. The Group had GBP79.8m in bank
borrowings at the end of the year. Reported debt includes GBP27.3m
in relation to the funding of the Group's new salmon egg production
facility in Norway. This is ringfenced debt without recourse to
Benchmark. At the year-end a maximum of GBP54m was available on the
Group's key revolving credit facility, of this GBP53m had been
drawn. Net debt increased to GBP55.7m during the year as investment
in working capital expanded and available long-term capital was
invested in R&D and production capacity.
As outlined in the Basis of Preparation in Note 1 to the
financial statements, a limit within the borrowing facility in
relation to the amount of development funding provided to certain
subsidiary companies ("leakage") has been exceeded, which could
have caused the outstanding loan of GBP52.3m (2017: GBP36.4m) to
become repayable on demand by the lenders. A waiver from this
leakage condition was received from the lenders on 7 January 2019
subject to the position being remedied by 31 March 2019. The
process agreed with the lenders to reduce total leakage is underway
and will be completed within the required timescale.
Subsequent to the year end the Group's lenders agreed to advance
a further $20m using the accordion clause in the existing revolving
credit facility and to relax the leverage covenant over the
remaining term of the facility to provide additional liquidity.
Simultaneously DNB joined the group banking syndicate, their
significant experience of the aquaculture sector complements the
global food and agri business expertise of the existing banks.
The available maximum drawdown therefore increased to GBP69m
post year end. The additional facility combined with the year end
cash balance of GBP24.1m provides the Group with funding for
continuing growth and additional headroom.
Consolidated Income Statement
for the year ended 30 September 2018
Notes 2018 2017
GBP000 GBP000
------------------------------------- ------ --------- ---------
Revenue 151,467 140,172
Cost of sales (77,447) (77,781)
------------------------------------- ------
Gross profit 74,020 62,391
Research and development costs (12,040) (13,055)
Other operating costs (44,600) (39,297)
Share of profit of equity-accounted
investees, net of tax (362) 27
------------------------------------- ------ --------- ---------
Adjusted EBITDA(2) 17,018 10,066
Exceptional including acquisition
related items 4 (1,239) 5,649
------------------------------------- ------ --------- ---------
EBITDA(1) 15,779 15,715
Depreciation 7 (6,841) (4,877)
Amortisation and impairment 8 (18,002) (18,473)
------------------------------------- ------ --------- ---------
Operating loss (9,064) (7,635)
Finance cost 6 (4,927) (1,960)
Finance income 6 332 1,495
------------------------------------- ------ --------- ---------
Loss before taxation (13,659) (8,100)
Tax on loss 9,270 980
------------------------------------- ------ --------- ---------
Loss for the year (4,389) (7,120)
------------------------------------- ------ --------- ---------
Loss for the year attributable
to:
- Owners of the parent (5,009) (7,440)
- Non-controlling interest 620 320
------------------------------------- ------ ---------
(4,389) (7,120)
------------------------------------- ------ --------- ---------
Basic loss per share (pence) 5 (0.94) (1.43)
Diluted loss per share (pence) 5 (0.94) (1.43)
(1) EBITDA - Earnings before interest, tax, depreciation,
amortisation and impairment
(2) Adjusted EBITDA - EBITDA before exceptional and acquisition
related items
EBITDA and Adjusted EBITDA have been amended to include Share of
profit of equity-accounted investees, which in the prior year was
included after Operating loss, as this is how the Directors now
monitor the progress of the Group
Consolidated Statement of Comprehensive Income
for the year ended 30 September 2018
2018 2017
GBP000 GBP000
--------------------------------------- -------- ---------
Loss for the year (4,389) (7,120)
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss
Movement on foreign exchange reserve 7,624 (7,128)
---------------------------------------- -------- ---------
Total comprehensive income for the
year 3,235 (14,248)
---------------------------------------- -------- ---------
Total comprehensive income for the
year attributable to:
- Owners of the parent 2,546 (14,407)
- Non-controlling interest 689 159
---------------------------------------- -------- ---------
3,235 (14,248)
--------------------------------------- -------- ---------
Consolidated Balance Sheet
as at 30 September 2018
2018 2017
Notes GBP000 GBP000
------------------------------------------ ------ ---------- ----------
Assets
Non-current assets
Property, plant and equipment 7 99,527 80,845
Intangible assets 8 325,386 329,137
Equity-accounted investees 17,457 2,512
Other investments 29 237
Biological and agricultural assets 9 8,502 5,745
Trade and other receivables 4,145 -
Total non-current assets 455,046 418,476
------------------------------------------ ------ ---------- ----------
Current assets
Inventories 20,483 20,053
Biological and agricultural assets 9 11,892 10,798
Trade and other receivables 41,337 38,530
Cash and cash equivalents 24,090 18,779
Total current assets 97,802 88,160
------------------------------------------ ------ ---------- ----------
Total assets 552,848 506,636
------------------------------------------ ------ ---------- ----------
Liabilities
Current liabilities
Trade and other payables (45,680) (44,498)
Loans and borrowings (898) (6,234)
Corporation tax liability (2,629) (2,844)
Provisions (70) (450)
Total current liabilities (49,277) (54,026)
------------------------------------------ ------ ---------- ----------
Non-current liabilities
Loans and borrowings (78,868) (36,453)
Other payables (1,219) (1,213)
Deferred tax (41,637) (56,359)
Total non-current liabilities (121,724) (94,025)
------------------------------------------ ------ ---------- ----------
Total liabilities (171,001) (148,051)
------------------------------------------ ------ ---------- ----------
Net assets 381,847 358,585
------------------------------------------ ------ ---------- ----------
Issued capital and reserves attributable
to owners of the parent
Share capital 557 522
Additional paid-in capital 357,894 339,431
Capital redemption reserve 5 5
Retained earnings (28,240) (24,742)
Foreign exchange reserve 45,953 38,398
Equity attributable to owners of the
parent 376,169 353,614
Non-controlling interest 5,678 4,971
------------------------------------------ ------ ----------
Total equity and reserves 381,847 358,585
------------------------------------------ ------ ---------- ----------
Consolidated Statement of Changes in Equity
for the year ended 30 September 2018
Total
attributable
to equity
Additional holders Non-
Share paid-in Other Retained of controlling Total
capital share capital* reserves earnings parent interest equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
As at 1 October
2016 521 339,431 45,370 (18,904) 366,418 1,281 367,699
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Comprehensive
income
for the period
(Loss) for the
period - - - (7,440) (7,440) 320 (7,120)
Other
comprehensive
income - - (6,967) - (6,967) (161) (7,128)
Total
comprehensive
income
for the period - - (6,967) (7,440) (14,407) 159 (14,248)
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Contributions by
and
distributions to
owners
Share issue 1 - - - 1 - 1
Share based
payment - - - 1,602 1,602 - 1,602
Total
contributions
by
and
distributions
to
owners 1 - - 1,602 1,603 - 1,603
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Changes in
ownership
Investment in
subsidiary
by NCI - - - - - 3,531 3,531
Total changes in
ownership
interests - - - - - 3,531 3,531
Total
transactions
with
owners of the
Company 1 - - 1,602 1,603 3,531 5,134
As at 30
September 2017 522 339,431 38,403 (24,742) 353,614 4,971 358,585
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Comprehensive
income
for the period
(Loss) for the
period - - - (5,009) (5,009) 620 (4,389)
Other
comprehensive
income - - 7,555 - 7,555 69 7,624
Total
comprehensive
income
for the period - - 7,555 (5,009) 2,546 689 3,235
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Contributions by
and
distributions to
owners
Share issue 35 18,463 - - 18,498 - 18,498
Share based
payment - - - 1,511 1,511 - 1,511
Total
contributions
by
and
distributions
to
owners 35 18,463 - 1,511 20,009 - 20,009
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Changes in
ownership
Acquisition of
NCI without
a change in
control - - - - - 18 18
Total changes in
ownership
interests - - - - - 18 18
Total
transactions
with
owners of the
Company 35 18,463 - 1,511 20,009 18 20,027
As at 30
September 2018 557 357,894 45,958 (28,240) 376,169 5,678 381,847
----------------- ---------- ----------------- ----------- ----------- --------------- -------------- ---------
Consolidated Statement of Cash Flows
for the year ended 30 September 2018
2018 2017
Notes GBP000 GBP000
------------------------------------------------ ------ --------- ---------
Cash flows from operating activities
Loss for the year (4,389) (7,120)
Adjustments for:
Depreciation of property, plant and equipment 7 6,841 4,877
Amortisation and impairment of intangible
fixed assets 8 18,002 18,473
Loss on sale of property, plant and equipment 8 19
Finance income 6 (332) (1,495)
Finance costs 6 2,432 1,960
Other adjustments for non-cash items (1,931) -
Share of profit of equity-accounted investees,
net of tax 362 (27)
Foreign exchange losses/(gains) 2,609 (1,434)
Share based payment expense 1,511 1,602
Tax credit (9,270) (980)
------------------------------------------------ ------ --------- ---------
15,843 15,875
Increase in trade and other receivables (4,355) (1,250)
(Increase)/decrease in inventories (815) 3,247
Increase in biological and agricultural
assets (4,102) (4,500)
(Decrease)/increase in trade and other
payables (4,026) 3,665
Decrease in provisions (388) (643)
------------------------------------------------ ------ --------- ---------
2,157 16,394
Income taxes paid (5,898) (3,015)
------------------------------------------------ ------ --------- ---------
Net cash flows used in operating activities (3,741) 13,379
------------------------------------------------ ------ --------- ---------
Investing activities
Proceeds from investment by NCI - 188
Purchase of investments (6,356) (2,032)
Purchases of property, plant and equipment (25,072) (32,740)
Purchase of intangibles (7,581) (2,423)
Proceeds from sale of fixed assets 233 245
Interest received 261 270
------------------------------------------------ ------ --------- ---------
Net cash flows used in investing activities (38,515) (36,492)
------------------------------------------------ ------ --------- ---------
Financing activities
Proceeds of share issues 18,498 1
Proceeds from bank or other borrowings 41,206 5,921
Acquisition of NCI (33) -
Repayment of bank or other borrowings (5,815) -
Cash advances and loans made to other parties (4,076) -
Interest and finance charges paid (2,442) (1,869)
Payments to finance lease creditors (218) (301)
------------------------------------------------ ------ --------- ---------
Net cash inflow from financing activities 47,120 3,752
------------------------------------------------ ------ --------- ---------
Net decrease/(increase) in cash and cash
equivalents 4,864 (19,361)
Cash and cash equivalents at beginning
of year 18,779 38,140
Effect of movements in exchange rate 447 -
------------------------------------------------ ------ --------- ---------
Cash and cash equivalents at end of year 24,090 18,779
------------------------------------------------ ------ --------- ---------
1. Basis of preparation
The principal accounting policies adopted in the preparation of
the financial statements are set out below. The policies have been
consistently applied to all the years presented, unless otherwise
stated. The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out in the Chairman's Statement, the Strategic Report, the
FY18 Financial Review and the Audit Committee report.
As at 30 September 2018 the Group had net assets of GBP381.8m
(2017: GBP358.6m), including cash of GBP24.1m (2017: GBP18.8m) as
set out in the consolidated balance sheet. The Group made a loss
for the year of GBP4.4m (2017: GBP7.1m). As at 30 September 2018
the Company had net assets of GBP341.5m (2017: GBP330.1m),
including cash of GBP2.3m (2017: GBP1.8m) as set out on the Company
balance sheet. The Company made a loss for the year of GBP8.6m
(2017: profit GBP0.7m). The Group has started the current financial
year trading ahead of the same period last year.
The company funds the development of its subsidiaries by way of
intercompany loans, drawn on the revolving credit facility. The
loan documentation includes limits on the level of this
intercompany funding to subsidiaries that are not obligors under
the facility ('leakage restriction'). In December 2018 the Group
identified that this limit had been exceeded both historically and
at the year end, which could have caused the outstanding loan of
GBP52.3m (2017: GBP36.4m) to become repayable on demand by the
lenders. The facility agreement allows the company 15 business days
in which to rectify the position from the point of identification
to prevent the loan becoming due on demand. The directors have
concluded that as the Company always had the intention and ability
to rectify the position within the 15 business day period it
remains appropriate to classify the loan as non-current at the
reporting date. On 7 January 2019, the Directors of the Company
received a waiver from its lenders in relation to the leakage
condition not being met and consequently the lenders cannot demand
repayment of the loan.
This waiver is subject to a condition that the Company must
rectify the position by 31 March 2019. The process agreed with the
lenders to reduce total inter-company debt with non-obligor
companies is underway. The required execution documents are in
preparation for approval by certain directors within the Group. All
of these directors have signed statements to confirm agreement to
the process. At the date of approval of these financial statements,
the directors have therefore concluded that rectification is under
their control as this is a procedural matter with no approvals
required from any third parties, and they have taken legal advice
to confirm that there are no reasons why the position will not be
rectified in the required timeframe.
Details of bank borrowings are disclosed in note 22. On 7
January 2019, the accordion facility within the Company's existing
bank facility has been activated raising the total facility from
USD70m to USD90m (cGBP69m) and certain covenants have been revised
appropriately. As at 24 January 2019 drawings against the facility
were USD75.2m (cGBP58m) and the most recent month end cash reserves
at 31 December 2018 were GBP14.5m.
The Directors have prepared trading and cash flow forecasts for
the Group covering the period to September 2020, including forecast
compliance with the revised covenants and other undertakings
relating to the external financing facilities. These forecasts
include a number of assumptions in relation to trading performance
across the Group including availability and timing of licences
associated with sea lice treatment field trials, supply and pricing
of key raw materials and the out-licensing of certain products in
development. The Directors have considered reasonably possible
downside sensitivity scenarios, including mitigating actions within
their control should these occur around deferring and reducing
non-essential capital and revenue expenditure and working capital
management. These forecast cashflows, considering the ability and
intention of the directors to implement mitigating actions should
they need to, provide sufficient headroom in the forecast
period.
The Directors have considered all of the factors noted above and
confirm that the Group and Company have adequate resources to
continue to meet all liabilities as and when they fall due for the
foreseeable future and at least for the period of 12 months from
the date of signing these financial statements. Accordingly, the
financial statements have been prepared on a going concern
basis.
These financial statements have been prepared in accordance with
International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRSs)
issued by the International Accounting Standards Board (IASB) as
adopted by the European Union ("adopted IFRSs") and those parts of
the Companies Act 2006 that are applicable to companies that
prepare financial statements in accordance with IFRS. The Group
reports earnings before interest, depreciation and amortisation
("EBITDA") and EBITDA before exceptional and acquisition related
items ("Adjusted EBITDA") to enable a better understanding of the
investment being made in the Group's future growth and provide a
better measure of our underlying performance. During the current
year these measures have been amended to include Share of profit of
equity accounted investees which had previously been shown after
Operating loss. This is how the Directors now monitor the progress
of the Group. The activities of the Group's equity accounted
investees are closely aligned with the Group's principal activities
and are integral part of the Group's operations and strategy, as
these arrangements were set up to exploit opportunities from the
intellectual property held within the Group. As a result, it is
more meaningful to include the Group's share of the results of
these entities within Adjusted EBITDA.
The preparation of financial statements in compliance with
adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group management to exercise judgement
in applying the Group's accounting policies. The areas where
significant judgements and estimates have been made in preparing
the financial statements and their effect are disclosed in note
2.
2. Accounting policies
The accounting policies adopted are consistent with those of the
financial year ended 30 September 2017.
3. Segment information
Operating segments are reported in a manner consistent with the
reports made to the chief operating decision maker. It is
considered that the role of chief operating decision maker is
performed by the Board of Directors.
The Group operates globally and for management purposes is
organised into reportable segments as follows:
-- Animal Health Division - provides veterinary services,
environmental services diagnostics and animal health products to
global aquaculture, and manufactures licenced veterinary vaccines
and vaccine components;
-- Benchmark Genetics Division - harnesses industry leading
salmon breeding technologies combined with state-of-the-art
production facilities to provide a range of year-round high genetic
merit ova;
-- Advanced Animal Nutrition Division - manufactures and
provides technically advanced nutrition and health products to the
global aquaculture industry.
In addition to the above, reported as "all other segments" is
the Knowledge Services division, this was created on 1 October 2017
by a combination of Sustainability Science Division and Technical
Publishing Division, the results of which were not significant on
an individual basis. The division provides sustainable food
production consultancy, technical consultancy and assurance
services and promotes sustainable food production and ethics
through online news and technical publications for the
international agriculture and food processing sectors and through
delivery of training courses to the industries.
In order to reconcile the segmental analysis to the Consolidated
Income Statement, Corporate and Inter-segment sales are also shown.
Corporate represents revenues earned from recharging certain
central costs to the operating divisions, together with unallocated
central costs.
Measurement of operating segment profit or loss
Inter-segment sales are priced along the same lines as sales to
external customers, with an appropriate discount being applied to
encourage use of Group resources at a rate acceptable to local tax
authorities. This policy was applied consistently throughout the
current and prior period.
Year ended 30 Advanced All
September Animal Animal other Inter-segment
2018 Health Genetics Nutrition segments Corporate sales Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Revenue 16,153 35,755 85,746 15,786 5,277 (7,250) 151,467
Cost of sales (13,494) (14,822) (40,998) (9,811) (440) 2,118 (77,447)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Gross profit /
(loss) 2,659 20,933 44,748 5,975 4,837 (5,132) 74,020
Research and
development
costs (5,593) (3,611) (2,836) - - - (12,040)
Operating costs (8,058) (9,089) (20,285) (5,772) (6,632) 5,236 (44,600)
Share of profit
of
equity-accounted
investees,
net of tax - (362) - - - - (362)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Adjusted EBITDA (10,992) 7,871 21,627 203 (1,795) 104 17,018
Exceptional
including
acquisition
related
items 4 - (1,013) - - (226) - (1,239)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
EBITDA (10,992) 6,858 21,627 203 (2,021) 104 15,779
Depreciation (2,459) (1,330) (1,679) (1,242) (131) - (6,841)
Amortisation and
impairment (108) (2,171) (14,523) (1,200) - - (18,002)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Operating profit
/ (loss) (13,559) 3,357 5,425 (2,239) (2,152) 104 (9,064)
Finance cost (4,927)
Finance income 332
-------
Loss before tax (13,659)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Year ended 30 Advanced All
September Animal Animal other Inter-segment
2017 Health Genetics Nutrition segments Corporate sales Total
Notes GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Revenue 15,149 30,530 83,659 13,770 4,300 (7,236) 140,172
Cost of sales (13,882) (13,842) (42,789) (9,405) (359) 2,496 (77,781)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Gross profit /
(loss) 1,267 16,688 40,870 4,365 3,941 (4,740) 62,391
Research and
development
costs (7,343) (2,682) (3,030) - - - (13,055)
Operating costs (5,527) (8,221) (20,159) (5,240) (4,890) 4,740 (39,297)
Share of profit
of
equity-accounted
investees,
net of tax - - 27 - - - 27
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Adjusted EBITDA (11,603) 5,785 17,708 (875) (949) - 10,066
Exceptional
including
acquisition
related
items 4 (631) 7,005 (19) (51) (655) - 5,649
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
EBITDA (12,234) 12,790 17,689 (926) (1,604) - 15,715
Depreciation (851) (1,217) (1,630) (1,053) (126) - (4,877)
Amortisation (523) (2,113) (14,950) (887) - - (18,473)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Operating profit
/ (loss) (13,608) 9,460 1,109 (2,866) (1,730) - (7,635)
Finance cost (1,960)
Finance income 1,495
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
Loss before tax (8,100)
------------------- ------- --------- ---------- ----------- ----------- ----------- --------------- ---------
4. Exceptional items
Items that are material because of their nature, non-recurring
or whose significance is sufficient to warrant separate disclosure
and identification within the consolidated financial statements are
referred to as exceptional items. The separate reporting of
exceptional items helps to provide an understanding of the Group's
underlying performance.
2018 2017
GBP000 GBP000
---------------------------------- ------- --------
Acquisition related items 1,239 (6,254)
Exceptional restructuring costs - 605
Total exceptional items 1,239 (5,649)
----------------------------------- ------- --------
Acquisition related items are costs incurred in investigating
and acquiring new businesses. During the year, the contingent
consideration element of the provision for deferred consideration
held for previous acquisitions has been recalculated considering up
to date performance of those acquisitions and the projected
performance for the final 3 months of the earn out period (which
ended on 31 December 2017) against the relevant sales volumes and
revenue targets. As a result, GBP206,000 (2017: GBP7,283,000) has
been released in the year.
Exceptional include: costs of GBPnil (2017: GBP452,000) for
legal fees incurred in relation to a dispute around building works
with the main contractor at premises in Braintree within the Animal
Health Division; costs totalling GBPnil (2017: GBP182,000) relating
to a restructuring in an Animal Health Division business in
Thailand, this included GBPnil (2017: GBP97,000) of redundancy
payments (staff costs) and GBPnil (2017: GBP85,000) loss on
disposal of property, plant and equipment; also included is a
GBPnil (2017: GBP29,000) credit in relation to balances written off
in preparation for liquidating an entity in the Advanced Animal
Nutrition division.
5. Loss per share
Basic loss per share is calculated by dividing the profit or
loss attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares in issue during the
period.
2018 2017
-------------------------------------------- -------- --------
Loss attributable to equity holders of
the parent (GBP000) (5,009) (7,440)
Weighted average number of shares in issue
(thousands) 531,651 522,092
Basic loss per share (pence) (0.94) (1.43)
-------------------------------------------- -------- --------
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. This is done by
calculating the number of shares that could have been acquired at
fair value (determined as the average market price of the Company's
shares since admission to AIM) based on the monetary value of the
subscription rights attached to outstanding share options and
warrants.
Therefore, the Company is required to adjust the loss per share
calculation in relation to the share options that are in issue
under the Company's share-based incentive schemes as follows:
2018 2017
-------------------------------------------- -------- --------
Loss attributable to equity holders of
the parent (GBP000) (5,009) (7,440)
Weighted average number of shares in issue
(thousands) 531,651 522,092
Diluted loss per share (pence) (0.94) (1.43)
-------------------------------------------- -------- --------
A total of 3,724,453 potential ordinary shares have not been
included within the calculation of statutory diluted loss per share
for the year (2017: 4,464,413) as they are anti-dilutive. However,
these potential ordinary shares could dilute earnings/loss per
share in the future.
6. Net finance costs
2018 2017
GBP000 GBP000
------------------------------------------------ -------- --------
Interest received on bank deposits 301 258
Foreign exchange gains on financing activities - 1,225
Dividend income 31 12
------------------------------------------------- -------- --------
Finance income 332 1,495
------------------------------------------------- -------- --------
Finance leases (interest portion) (5) (5)
Foreign exchange losses on financing (1,054) -
activities
Foreign exchange losses on operating (1,441) -
activities
Interest expense on financial liabilities
measured at amortised cost (2,427) (1,955)
------------------------------------------------- -------- --------
Finance costs (4,927) (1,960)
------------------------------------------------- -------- --------
Net finance costs recognised in profit
or loss (4,595) (465)
------------------------------------------------- -------- --------
7. Property, plant and equipment
Assets
Freehold in the Long Term Office
Land course Leasehold Plant Equipment
and of Property and E commerce and
Buildings construction Improvements Machinery Infra-structure Fixtures Total
Group GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
Cost
Balance at 1 October
2016 12,448 21,807 4,847 15,512 247 1,136 55,997
Additions 5,147 21,708 893 7,993 - 309 36,050
Reclassification 15,047 (16,118) (1,188) 2,254 - 5 -
Exchange differences 310 (245) (54) 150 - 19 180
Disposals 4 - (217) (318) - (242) (773)
Balance at 30
September
2017 32,956 27,152 4,281 25,591 247 1,227 91,454
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
Balance at 1 October
2017 32,956 27,152 4,281 25,591 247 1,227 91,454
Additions 1,678 17,705 874 3,593 - 1,222 25,072
Reclassification (2,450) - (99) 2,610 - (61) -
Increase/(decrease)
through transfers
from assets in the
course of
construction 71 (5,060) 3,534 1,455 - - -
Exchange differences 196 573 10 475 - 117 1,371
Disposals (23) (10) (63) (636) - (224) (956)
Balance at 30
September
2018 32,428 40,360 8,537 33,088 247 2,281 116,941
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
Accumulated
Depreciation
Balance at 1 October
2016 956 - 916 3,601 242 259 5,974
Depreciation charge
for the year 1,029 - 759 2,817 2 270 4,877
Reclassification 245 - (305) 22 - 37 (1)
Exchange differences 184 - (36) 108 - 12 268
Disposals - - (123) (160) - (226) (509)
Balance at 30
September
2017 2,414 - 1,211 6,388 244 352 10,609
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
Balance at 1 October
2017 2,414 - 1,211 6,388 244 352 10,609
Depreciation charge
for the year 1,269 - 843 4,410 2 317 6,841
Reclassification - - (5) 25 - (20) -
Exchange differences 193 - 34 359 - 93 679
Disposals (21) - (94) (515) - (85) (715)
Balance at 30
September
2018 3,855 - 1,989 10,667 246 657 17,414
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
Net book value
At 30 September 2018 28,573 40,360 6,548 22,421 1 1,624 99,527
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
At 30 September 2017 30,542 27,152 3,070 19,203 3 875 80,845
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
At 30 September 2016 11,492 21,807 3,931 11,911 5 877 50,023
--------------------- ----------- ------------- ------------- ----------- ---------------- ----------- --------
8. Intangible assets
Patents
and Intellectual Customer Development
Websites Goodwill Trademarks Property Lists Contracts Licences Genetics costs Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
Cost or
valuation
Balance at 1
October 2016 561 153,184 1,075 138,390 6,783 9,648 35,578 26,189 1,440 372,848
Additions -
on
acquisition - 12 - - 157 - - - - 169
Additions -
externally
acquired 36 - 30 26 - 18 - - - 110
Additions -
internally
developed - - - - - - - - 2,144 2,144
Exchange
differences - (3,255) (294) (3,778) (156) (156) (914) 56 (53) (8,550)
Balance at 30
September
2017 597 149,941 811 134,638 6,784 9,510 34,664 26,245 3,531 366,721
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
Balance at 1
October 2017 597 149,941 811 134,638 6,784 9,510 34,664 26,245 3,531 366,721
Additions -
on
acquisition - 51 - - - - - - - 51
Additions -
externally
acquired 86 - 30 118 - - - - 139 373
Additions -
internally
developed - - - - - - - - 7,178 7,178
Disposals - (447) - - - - - - - (447)
Exchange
differences 2 3,171 6 3,679 149 20 1,018 (59) 57 8,043
Balance at 30
September
2018 685 152,716 847 138,435 6,933 9,530 35,682 26,186 10,905 381,919
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
Accumulated
amortisation
and
impairment
Balance at 1
October 2016 518 279 607 10,290 491 4,123 2,858 1,144 - 20,310
Amortisation
charge for
the
period 13 - 79 13,544 552 1,443 2,162 680 - 18,473
Exchange
differences - (3) (55) (932) (15) (60) (121) (13) - (1,199)
Balance at 30
September
2017 531 276 631 22,902 1,028 5,506 4,899 1,811 - 37,584
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
Balance at 1
October 2017 531 276 631 22,902 1,028 5,506 4,899 1,811 - 37,584
Amortisation
charge for
the
period 21 - 158 12,631 403 1,399 2,161 782 - 17,555
Impairment - 447 - - - - - - - 447
Disposals - (447) - - - - - - - (447)
Exchange
differences - 1 11 1,037 17 35 294 (1) - 1,394
Balance at 30
September
2018 552 277 800 36,570 1,448 6,940 7,354 2,592 - 56,533
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
Net book
value
At 30
September
2018 133 152,439 47 101,865 5,485 2,590 28,328 23,594 10,905 325,386
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
At 30
September
2017 66 149,665 180 111,736 5,756 4,004 29,765 24,434 3,531 329,137
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
At 1 October
2016 43 152,905 468 128,100 6,292 5,525 32,720 25,045 1,440 352,538
--------------- --------- --------- ----------- ------------- --------- ---------- --------- --------- ------------ --------
9. Biological assets
2018 2017
Group GBP000 GBP000
---------------------------------- -------- --------
Organic sheep 123 214
Organic beef 150 201
Organic hens 26 24
Frozen Milt 484 876
Broodstock, eggs and fingerlings 19,611 15,228
---------------------------------- -------- --------
Total biological assets 20,394 16,543
---------------------------------- -------- --------
Less: non-current broodstock (8,502) (5,745)
---------------------------------- -------- --------
Total current biological assets 11,892 10,798
---------------------------------- -------- --------
Livestock
The Group operates a commercial and research farming and
technology transfer business, and at 30 September 2018 held 2,192
(2017: 2,909) head of sheep, 299 (2017: 327) head of cattle, and
11,088 (2017: 9,011) hens. The Group had farming sales of
GBP443,144 in the year ended 30 September 2018 (2017:
GBP346,194).
The Group is exposed to financial risks arising from changes in
the market value of farm animals. The Group does not anticipate
that prices will decline significantly in the foreseeable future
and, therefore, has not entered into derivative or other contracts
to manage the risk of a decline in livestock price. The Group
reviews its outlook for livestock prices regularly in considering
the need for active financial risk management.
Frozen Milt
Where we have identified individual salmon carrying particular
traits or disease resistance, semen (milt) can be extracted and
deep frozen using cryopreservation techniques (the process of
freezing biological material at extreme temperatures in liquid
nitrogen). The calculation of the fair value of milt is based on
production and freezing costs and, where appropriate, an uplift to
recognise the additional selling price that can be achieved from
eggs fertilised by premium quality milt. The estimated fair value
of Frozen Milt at 30 September 2018 was GBP484,000 (2017:
GBP876,000). The decrease in value of GBP392,000 relates to usage
during the year.
Broodstock, eggs and fingerlings
Lumpfish
Salmon Salmon Salmon eggs and Tilapia
Broodstock eggs fingerlings fingerlings and Shrimp Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------- ------------ --------- ------------- ------------- ------------ ---------
Biological assets 1 October
2017 9,273 3,913 292 1,661 89 15,228
Increase due to production
/ purchase 17,521 1,952 262 2,639 222 22,596
Due to physical changes (15,595) 19,812 397 328 - 4,942
Foreign exchange movements (150) (49) (3) (16) 3 (215)
Reduction due to sales
/ discarding of stock - (19,910) (767) (3,108) (2) (23,787)
Fair value adjustments 675 54 84 81 (47) 847
---------------------------------- ------------ --------- ------------- ------------- ------------ ---------
Biological assets 30 September
2018 11,724 5,772 265 1,585 265 19,611
---------------------------------- ------------ --------- ------------- ------------- ------------ ---------
Broodstock, eggs and fingerlings
- non-current 8,502 - - - - 8,502
Broodstock, eggs and fingerlings
- current 3,222 5,772 265 1,585 265 11,109
---------------------------------- ------------ --------- ------------- ------------- ------------
11,724 5,772 265 1,585 265 19,611
---------------------------------- ------------ --------- ------------- ------------- ------------ ---------
Assumptions used for determining fair value of broodstock, eggs
and fingerlings
IAS41 requires that biological assets are accounted for at the
estimated fair value net of selling and harvesting costs. Fair
value is measured in accordance with IFRS13 and is categorised into
level 3 in the fair value hierarchy as the inputs include
unobservable inputs in the valuation of broodstock, eggs and
fingerlings for which there are no published market data
available.
The calculation of the estimated fair value of salmon broodstock
is primarily based upon its main harvest output being salmon eggs,
which are priced upon our current seasonally adjusted selling
prices for salmon eggs. These prices are reduced for harvesting
costs, freight costs, incubation costs and market capacity to
arrive at the net value of broodstock. The valuation also reflects
the internally generated data to arrive at the biomass. This
includes the weight of the broodstock, the yield that each kilogram
of fish will produce and mortality rates. The fish take
approximately four years to reach maturity, and the age and biomass
of the fish is taken into account in the fair value.
The calculation of the fair value of the salmon eggs is based
upon the current seasonally adjusted selling prices for salmon eggs
less transport and incubation costs, and taking account of the
market capacity. The valuation also takes account of the mortality
rates of the eggs and expected life as sourced from internally
generated data.
The calculation of the fair value of the salmon and lumpfish
fingerlings is valued on current selling prices less transport
costs. Internally generated data is used to incorporate mortality
rates and the weight of the fish.
The lumpfish eggs are valued at cost. Internally generated data
is used to calculate mortality rates.
The valuation models by their nature are based upon uncertain
assumptions on sales prices, market capacity, weight, mortality
rates, yields and assessment of the discounts to reflect the stages
of maturity. The Group has a degree of expertise in these
assumptions but these assumptions are subject to change. Relatively
small changes in assumptions would have a significant impact on the
valuation. A 1% increase/decrease in assumed selling price would
increase/decrease the fair value of biological assets by
GBP183,000. A 10% increase/decrease in the biomass of salmon
broodstock and the quantity of salmon eggs valued would
increase/decrease the fair value of those biological assets by
GBP1,172,000 and GBP577,000 respectively.
Total quantities held at 30 September were:
2018 2017
---------------------------------- ------------ -----------
Salmon broodstock and fingerlings 612 tonnes 538 tonnes
Lumpfish fingerlings 3.4m units 2.1m units
Salmon eggs 51.0m units 37.2m
units
---------------------------------- ------------ -----------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR GGGDBCSDBGCS
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