Shares of Benchmark Holdings, the Sheffield-based quaculture genetics, health and nutrition company, rose about 10% after it published results for the three months ended December 31, 2022, the first quarter of its fiscal year.

Benchmark said its Q1 FY23 revenues were £54.5 million, 36% ahead of the prior year, and adjusted EBITDA excluding fair value movements from biological assets increased 61% to £12.1 million “as a result of higher revenues, higher asset utilisation and continued cost discipline.”

The firm reported “continued positive trading post period end” and an “encouraging” outlook for the full year.

Quarterly net loss of £0.7 million was significantly less than the prior year (Q1 FY22: -£5.1m).

In genetics, Benchmark reported continued growth in salmon egg sales with a record 118 million eggs sold in Q1 FY23 “demonstrating continued success in meeting increased customer demand supported by recent investment in incubation unit in Iceland.”

Benchmark CEO Trond Williksen said: “Benchmark has had an excellent start to the year, again showing a continuation of the consistent growth we have seen in revenues and net operating profit on a twelve month rolling basis.

“This is the result of a good performance in all our business areas.

“In particular, it is pleasing to see traction in our Health business driven by significantly higher adoption of our sea lice solutions, contributing to a positive financial performance for the quarter.”

“We are making progress towards our goal of up-listing to the Oslo Børs, the preeminent listing venue for aquaculture and seafood companies globally. This will enable us to increase our visibility with a dedicated group of analysts and investors.

“We are grateful to our existing shareholders for their support through the years and we are committed to continuing to deliver improved financial performance and strategic progress for the benefit of all our stakeholders.”