Benchmark shares soar amid strong trading

Shares of Sheffield-based aquaculture biotech firm Benchmark Holdings rose about 12% on Monday after it said it expects full-year earnings to be significantly ahead of the current market consensus.

In a trading update ahead of its full year results for the year ended September 30, 2021, Benchmark said: “Following positive financial results in Q3 2021, the company maintained this momentum in Q4 2021 and has delivered a stronger than expected trading performance across its three business areas driven by the group’s continued strong commercial focus, disciplined cost control and further recovery in the company’s end markets.

“The group’s advanced nutrition business area has continued to deliver excellent year on year growth while the group’s genetics business area delivered a strong end to the year, and in the group’s health business area, the company achieved its first revenues from its sea lice treatment, Ectosan Vet and CleanTreat; all business areas delivered above the board’s expectations in September.

As a result, whilst still subject to audit, the group’s adjusted EBITDA for FY21 is expected to be significantly ahead of the current market consensus which is £15.9m.”

Benchmark CEO Trond Williksen said: “We are pleased by the continuing momentum in the business, which reflects the benefits of our clear commercial focus, having streamlined the organisation, our continued disciplined approach to cost control and good demand for our products in our recovering markets.

“As a focused aquaculture biotechnology company with three strong business areas, we are well positioned to capture market opportunities and deliver profitable growth.”