Benchmark Holdings, the Sheffield-based aquaculture genetics, health and nutrition company, on Wednesday announced that its loss for the year ended September 30 more than doubled to £23.2 million, as it prepares for a listing in Oslo.
The company blamed the loss on increased depreciation relating to its CleanTreat water purification operations and the cost of refinancing its pre-existing NOK850 million (£71.6 million) bond.
Benchmark’s revenue increased for financial 2022 by 27% to £158.3 million.
The company’s shares rose about 8%.
Benchmark also said it is pursuing a dual listing in Oslo — the world’s leading market for seafood and aquaculture.
The planned private placement and retail offer will represent 5% of the company’s issued share capital, and is required to meet the admission requirements of Euronext Growth Oslo.
Through the private placement and Norwegian retail offering, Benchmark will issue up to 35.2 million new shares at NOK4.50 per share, raising up to NOK158 million or £13.2 million.
Benchmark CEO Trond Williksen said: “Our strategic and commercial focus have contributed to strong results.
“Going into the new financial year, there is good momentum in line with our expectations.”
The company proposed no dividends for financial 2022, unchanged from last year.
Benchmark added: “The company intends, subject to inter alia, market condition, shareholder approval and other factors, to apply for a transfer to Oslo Børs (the main list of the Oslo Stock Exchange) during the first half of 2023.
“The company’s board of directors intends to consult with shareholders on whether to maintain its admission of the company’s shares to trading on AIM.
“In the event that the board pursues a de-listing from AIM, the combination of the de-listing from AIM and listing on Oslo Børs is expected to require the installation of a Norwegian holding company which will become the listed entity and will be subject to shareholder approval.
“The company will provide further information in due course.”
Reporter: Harvey Dorset
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