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 reports Genetics operations at normalised levels, early signs of a recovery in shrimp markets positive for Advanced Nutrition, and in the Health segment improved Q1 24 demand visibility with Clean Treat® at improved capacity utilisation. Most significantly, in FY23 the Group exhibited discipline in cost and cash management which establishes a sound platform for growth in FY24. We revise down our FY24 revenue outlook by -6% and for FY25 by -7% principally due to a 24% reduction in the outlook for Health. For (adj.) EBITDA the adjustments are -4% in FY24 but +3% in FY25, indicative of continued improvements expected in operational efficiency. We maintain our fair value at 63p/share.