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Benchmark Holdings (BMK), the global aquaculture and livestock business founded by OTAQ director Malcolm Pye, reported strong Q1 results last month, which illustrates how aquaculture can be 'insulated' from current economic challenges.
And OTAQ even more so than BMK, as the more technological nature of its business means that supply chain challenges have less impact.
It's also interesting to note BMK's strong cash position:
"Cash of £50.6m and Liquidity (cash and available facility) of £61.6m as at 21 February 2022"
Considering the buy-&-build strategy employed by BMK, OTAQ at its current s.p. of just 20.5p looks a sitting duck for a BMK takeover attempt, and looks a prefect fit.
Thought I think that it would have to pay at least double or treble OTAQ's current s.p. to succeed.
"Malcolm Pye
Non Executive Director
Malcolm founded, and from 1999 to 2019 was Chief Executive of, Benchmark Holdings plc ("Benchmark"), the world's leading aquaculture health, nutrition and genetics business. Malcolm has over 35 years' experience in international agribusiness through his various roles at Hillsdown Holdings (then HMTF Group), and through building Benchmark from the initial start-up into a major international aquaculture technology business serving the global salmon, shrimp, tilapia and farmed fish industries. Malcolm focused Benchmark's activities on animal health, breeding and genetics, advanced nutrition and knowledge/technology delivery and led the flotation of Benchmark in 2013, maintaining a lead role in investor engagement."
https://www.otaq-ir.com/investors/board-of-directors
"08 MAR 2022
Strong outlook in uncertain times
Benchmark’s recent Q1 FY22 results highlighted strong operating trends in its three business areas and a positive outlook in key end-markets, especially farmed salmon. The group’s strong position serving the aquaculture industry should, in our view, insulate it from economic shocks resulting from the geo-political situation and thus make for attractive, safe haven investment.
The company has a strong balance sheet and liquidity position following its £20m equity fundraising last year, which we consider will become a more prominent positive element in its investment case. However, Benchmark will have to refinance its NOK855m senior bond, which falls due on in July 2023. Doing so would remove something that may otherwise become an overhang as it approaches the due date. ..."
https://www.equitydevelopment.co.uk/research/strong-outlook-in-uncertain-times
Benchmark Holdings (BMK), the global aquaculture and livestock business founded by OTAQ director Malcolm Pye, reported strong interim results yesterday, which further
illustrates how aquaculture can be 'insulated' from current economic challenges.
And OTAQ even more so than BMK, as the more technological nature of its business means that supply chain challenges have less impact.
BMK's strong salmon and shrimp business performance is particularly encouraging for OTAQ's activities in these areas.
18th May 2022 7:00 am RNS Second Quarter and Interim results
"Second Quarter and Interim results for the six months ended 31 March 2022
Excellent H1 and Q2 results building on strong FY21 performance
Benchmark (LSE: BMK), the aquaculture biotechnology company, announces its unaudited interim results for the six months ended 31 March 2022 (the "Period"). The Company also announces its unaudited results for the three months ended 31 March 2022 in compliance with the terms of its senior secured bond. ...
• Continued growth in salmon egg sales in Genetics with contracted sales underpinning a strong outlook for the year
• Commercialisation of specific pathogen-resistant (SPR) shrimp progressing well with good take-up in key markets including India ...
Outlook
The Group had an excellent start to the year and is trading in line with market expectations.
Our fundamentals are strong and our opportunities are significant. Aquaculture is a growth industry, supported by robust megatrends with an increasing focus on sustainability challenges as it expands. The answer to sustainability lies in innovation - bringing forward new sustainable solutions. As a focused aquaculture biotechnology company, Benchmark is well positioned to play an important role, helping to improve sustainability across the aquaculture value chain. ..."
https://www.lse.co.uk/rns/BMK/second-quarter-and-interim-results-lotrmwor3ob280i.html
great company, hope it can weather the storm coming