28 February 2023

Information within this announcement is deemed by the Company to constitute
inside information under the Market Abuse Regulations (EU) No. 596/2014

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

Q1 Results 
(Three months ended 31 December 2022)

 Excellent start to the year with growth in all business areas and significant
uplift in Health

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 31 December 2022 (the "Period"), which constitute the first
quarter for the fiscal year ("FY") 2023. All Q1 FY22 and Q1 FY23 figures quoted
in this announcement are based on unaudited accounts. 
Financial highlights
Continuation of consistent year-on-year growth in Revenue and Adjusted EBITDA on
a rolling twelve month basis 
o	Q1 FY23 revenues were £54.5m, 36% ahead of the prior year (+29% CER) 
o	Genetics delivered strong revenue growth 41% above Q1 FY22, driven primarily
by higher sales of salmon eggs and harvest revenues
o	Advanced Nutrition also reported strong growth with revenues 19% above Q1
FY22, benefitting from continued positive trading and forex movements  
o	Health reported excellent growth with revenues 80% above Q1 FY22, driven by
increased adoption of Ectosan® Vet and CleanTreat® and significantly higher
sales of Salmosan® Vet 
o	Q1 FY23 Adjusted EBITDA excluding fair value movements from biological assets
increased 61% (+56% CER) to £12.1m as a result of higher revenues, higher asset
utilisation and continued cost discipline
o	Notably, Adjusted EBITDA in Health increased substantially to £4.1m in the
quarter (Q1 FY22: £0.5m) demonstrating the potential of this business area to
deliver good profitability  
o	Group Adjusted EBITDA margin of 22% excluding fair value movements from
biological assets (Q1 FY22:19%) 
o	Net operating loss of £0.1m (Q1 FY22: £1.5m loss)
o	Net loss of -£0.7m significantly reduced from prior year (Q1 FY22: -£5.1m)
o	Cash inflow from operating activities of £8.1m (Q1 FY22: inflow £1.1m)  
o	Cash, liquidity and net debt all improved compared to the year end position: 
o	Cash of £42.8m and liquidity of £62.8m (cash and available facility) 
o	Reduced net debt excluding lease liabilities of £37.9m (30 September 2022:
£47.5m) 
o	Includes benefit of net proceeds from the fundraise in December 2022 of £11.6m
Operational highlights
o	Advanced Nutrition - continued good performance despite relative softness in
the shrimp market
o	Growth in all product areas
o	Adjusted EBITDA margin in line with prior year at 23% (Q1 FY22: 23%)
benefitting from success of new commercial focus, cost discipline and ongoing
actions to improve efficiency and asset utilisation offsetting cost inflation
o	Continued innovation with pre-launch of new artemia tool which counts hatched
Artemia
o	Genetics - Continued growth in salmon egg sales with record number of eggs
sold 
o	118m eggs sold in Q1 FY23 (Q1 FY22: 76m eggs) demonstrating continued success
in meeting increased customer demand supported by recent investment in
incubation unit in Iceland
o	Temporary slowdown in commercialisation of shrimp genetics (SPR shrimp) in
order to refine product offering based on customer feedback from first
commercial cycle. Expect to relaunch commercial effort in H2
o	Post period end, acquisition of remaining 10.52% minority interest in its
subsidiary Benchmark Genetics Iceland, ensuring Benchmark receives the full
benefit from its successful salmon genetics business in Iceland which represents
50% of the Group's salmon egg capacity
o	Exploring strategic alternatives for tilapia breeding activities
o	Health - Significant increase in customer adoption of  Ectosan® Vet and
CleanTreat®  
o	Significant growth in customer adoption of Ectosan® Vet and CleanTreat® with
repeat orders and new client wins which resulted in improved capacity
utilisation and strong profitability
o	Progress made towards development of new business model for Ectosan® Vet and
CleanTreat® aimed at reducing infrastructure costs and capex 
	Timing of commercial launch of integrated wellboat projects subject to
availability and adoption of new large wellboats by customers  
	Progress being made around Customer owned PSV's which represent a viable
alternative in the medium to long term
Oslo Børs listing
	Progress towards listing on the Oslo Børs, the leading seafood and aquaculture
listing venue globally