Benchmark has announced a series of proposed board changes, each intended to take effect after delisting from the London Stock Exchange and Euronext Oslo exchange anticipated to be in August.
Patrick Waty will join as chief executive officer, succeeding Trond Williksen, who will step down from his role. Pierre Hugo will join as chief financial officer of the company, succeeding Septima Maguire.
Therese Log Bergjord will join as a non-executive director, succeeding Marie Danielsson. Torgeir Svae will step down as the Board representative of Kverva AS and will be replaced by Frode Sandmark, acting as a non-executive director.
Kristian Eikre will step down as the Board representative of FERD AS and will be replaced by Frida Lillebøeacting as a non-executive director. Jonathan Esfandi will step down as the Board representative of JNE Partners LLP and will be replaced by Michael Zhang, acting as a non-executive director.
Nathan "Tripp" Lane, chairman of the company, will also step down from his role on the date of the de-listings. Patrick Waty and Pierre Hugo will not become directors of the company.
The first half of fiscal year 2025 was a milestone period for Benchmark, marked by the completion of the sale of its genetics business. The transaction generated gross proceeds of £193.7 million (USD 248 million) and resulted in a £90.9 million (USD 116 million) gain, driving the group’s profit after tax to £76.0 million (USD 97 million).
Following the end of the period and completion of the sale, the company paid down its Green Bond, revolving credit facilities, and associated hedging instruments, totaling approximately £87 million (USD 111 million).
On May 23, 2025, the company announced proposals to cancel the company's admission to trading on AIM and Euronext Growth Oslo and return capital to shareholders via a tender offer and a special dividend to those shareholders remaining in the company post the delistings.
Trond Williksen, CEO of Benchmark, said at that time that “the streamlining of Benchmark following the sale of the Genetics business is well underway and the performance in the remaining business has developed positively and in line with our expectations in the last quarter. The announced decision to delist the company from AIM and Euronext Growth Oslo is driven by strong commercial rationale, reducing costs and rightsizing the remaining business for the next phase."
Benchmark recently reported that revenues for the first half of fiscal year 2025 were £40.6 million (USD 52 million), a 22% decrease compared to the same period in fiscal year 2024 (-17% at constant exchange rates). This decline reflects improved performance in Advanced Nutrition during the second quarter of 2025, tempered by foreign exchange headwinds, and an expected year-on-year reduction in the Health division following the paused sales of Ectosan® Vet and CleanTreat®. The pause is part of a strategic shift toward developing a new land-based configuration and refocusing efforts on the Salmosan® Vet solution.
Adjusted EBITDA came in at £4.2 million (USD 5.4 million), down from £9.6 million (USD 12.3 million) in the same period last year, due to lower revenues across both business areas and a reduced gross profit margin in Advanced Nutrition, partially offset by lower operating costs.
