FY23 results: consolidation and cash generation

For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m. The Group rep

A strong performance in the year-to-date

For the three months to 30th June 2023, Benchmark Holdings reported revenue of £34.3m, -5.5%YoY (currency-adjusted -1%YoY), as 10%YoY growth in Genetics (42% of total) was offset by the impact of reduced demand in global shrimp markets, resulting in a 17%YoY decline in Advanced Nutrition revenues (47% of total). Adjusted EBITDA1 declined 23%YoY (£5.1m), a 14.8% margin (Q3 22: 18.1%); on a currency-adjusted basis -13%YoY. Net operating cash inflow of £1.7m contrasted with £(1.0)m outflow in Q3 22

H1 23 results: a robust base for expansion

For the six months to 31/3/2023, Benchmark Holdings reported revenue of £98.9m, +24.8%YoY (currency-adjusted +19%YoY), and (adj.) EBITDA1 of £22.1m, +39.2%YoY (currency-adjusted +36%YoY), a 22.3% margin. Adjusted for the fair value of biological assets, the increase in (adj.) EBITDA was 47%YoY. Underlying the strength of H1 performance, net operating cash inflow of £9.5m was almost 5x H1 22 levels, with net debt reduced to £44.5m (FY22: £47.5m) and cash including facilities at £53.9m. As CEO Tro

Benchmark Holdings: Q1 23 results: consistent growth continues

For the three months to 31 December 2022, Benchmark Holdings reported revenue +36.2%YoY at £54.5m, and (adj.) EBITDA +47.7%YoY (excluding fair value adjustment for biological assets, +61%YoY), to £11.0m reflecting the combination of strong top line growth, capacity utilisation and cost control. As a result, (adj.) EBITDA profitability continued to improve, from an average of 19.7% through FY22, to 20.1%. The operating loss was £0.12m (Q122: £1.46m loss), on an adjusted basis, a £0.85m profit. Th

Hybridan Small Cap Feast - 17 Feb 23

17 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Benchmark Holdings: FY22 results deliver sustainable growth

For the year to 30 September 2022, Benchmark Holdings reported revenue of £158.3m, +27%YoY and (adj.) EBITDA of £31.2m, +60%YoY. The Group highlighted 14%YoY growth in the Advanced Nutrition business area, as shrimp market demand continues to recover, and 24%YoY growth in Genetics as the new Iceland salmon eggs facility came on stream. FY22 EBITDA (adj.) was in line with the upper end of the Trading Update of 24 October; revenue was 3% above our October estimates, EBITDA (adj.) 14% higher. EBITD

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

Morning Note – 9 April 2024

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Morning Note – 8 April 2024

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Hardman & Co Research: Tissue Regenix (TRX) - Six consecutive periods of >20% growth

TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

Morning Note – 22 March 2024

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Creo Medical - Solid FY23 lays the groundwork for 2024

Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro

Warpaint London + (W7L, House Stock at 382p) - Late-year sparkles– another double-digit upgrade to FY23F EPS

Zoetis Inc.: Launch Of CircoMatch & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar