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. EBITDA (adj.) margin improved from 15.6% in FY21 to 19.7%, maintaining progress from 13.7% in FY20. Following FY22 performance which matched updated guidance – reiterating Benchmark’s ‘delivery’ strategy - our FY23 and FY24 outlook is essentially unchanged, with top line and EBITDA growth maintained; LBT is reduced as a result of debt restructuring undertaken in November 2022. Our outlook equates to a FY24 EV/EBITDA of 9.1x, and Fair Value is still seen at 63p/share.