Shares of Sheffield-based Benchmark Holdings, the aquaculture health, nutrition and genetics company, rose 5% after it said its revenues of £138 million were in line with market expectations and its adjusted EBITDA of £10 million was ahead of the company’s earlier guidance of £8.7 million to £9.3 million.
“Improved result from previous guidance driven by positive trading in genetics and advanced nutrition, and lower bonus accruals, partially offset by forex movements, animal health and lumpfish sales,” said Benchmark in a trading update.
In advanced nutrition, Benchmark said overall, like for like revenues for the division grew 21% — or by 8% on a constant currency basis over the prior year.
“Continued signs of recovery in key shrimp markets resulting in strong growth in sales of compound hatchery diets and health products, with Artemia sales similar to last year,” said the firm.
In genetics, it reported strong sales growth with a 49% increase — up 23% on a constant currency basis — driven by increasing demand for salmon products with sales in salmon eggs up on prior year in every major market.
And in its animal health (medicines and vaccines) business, Benchmark reported continued progress in a pipeline of 46 products, of which five are in regulatory phase, and ten are in pre-regulatory development trials.
Benchmark Holdings CEO Malcolm Pye said: “Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year.
“These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future.”