Good performance in Genetics and Advanced Nutrition in line with Management's
expectations 
Actions taken to transition to new business model 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 2023 (the "Period"), which constitute the first
quarter for the fiscal year ("FY") 2024. All Q1 FY23, Q4 FY23 and Q1 FY24
figures quoted in this announcement are based on unaudited accounts. 
Financial highlights
o	Q1 FY24 revenues were £40.5m, 26% below a particularly strong Q1 FY23 (-19%
CER), but 11% above Q4 FY23, maintaining quarterly momentum
o	Genetics revenues were £15.2m, a solid performance against a strong Q1 FY23
when the Company benefitted from supply constraints of salmon eggs in the market
(Q1 FY23: £21.4m) 
o	Advanced Nutrition revenues were £19.3m, 13% above Q4 FY23 reflecting a solid
performance in the context of continuing soft market conditions (Q1 FY23:
£22.7m)   
o	Health revenues of £6.1m were lower than anticipated as a result of biological
challenges faced by certain customers' fish stock which led to the cancellation
of orders of Ectosan® Vet and CleanTreat® in December (Q1 FY23: £10.4m)
o	Gross profit margin maintained at 45% (Q1 FY23: 45%)
o	Q1 FY24 Adjusted EBITDA excluding fair value movements from biological assets
was £7.5m (Q1 FY23: £12.5m) due to lower revenues partially offset by a
reduction in operating costs   
o	Adj. EBITDA margin excluding fair value movements from biological assets of
18% (Q1 FY23: 23%)