Benchmark first-half revenue up 33% to £79m

Shares of Sheffield-based aquaculture biotech firm Benchmark Holdings rose about 5% on Wednesday after it reported 33% growth in revenue to £79.2 million and a 100% increase in adjusted EBITDA to £15.9 million in the six months ended March 31, 2022.

Benchmark reported continued growth in salmon egg sales with contracted sales underpinning a strong outlook for the year, and said the commercialisation of specific pathogen-resistant (SPR) shrimp is progressing well with good take-up in key markets including India.

The Sheffield company confirmed it will pursue a listing on Euronext Growth Oslo exchange, operated by the Oslo Stock Exchange, during the second half of the calendar year, subject to favourable market conditions.

“Although no final decision has been made, the company then has an intention to uplist to the Oslo Børs Stock Exchange within the following twelve months,” said the firm.

Benchmark CEO Trond Williksen said: Benchmark delivered an excellent performance in the first half of the year.

“Evidence continues of the benefits of a restructured organisation with renewed commercial focus and financial discipline driving growth and returns.

The group delivered strong double digit revenue growth across all our business areas, a doubling of adjusted EBITDA and a significant increase in adjusted EBITDA margin.

“Q2 represented the fourth consecutive quarter of substantial growth in the group’s revenues and adjusted EBITDA.   

We have visible growth opportunities underpinned by existing infrastructure and are uniquely positioned in an industry with strong fundamentals driven by megatrends.”