Sheffield’s Benchmark increases revenue to £169m

Benchmark Holdings, the Sheffield-based aquaculture biotechnology company, said its revenue increased 7% to £169.5 million in the year to September 30, 2023.

Loss before tax from continuing operations was reduced to £12.7 million (FY22 restated: £21.4m) “due to the positive trading result and lower finance costs, partially offset by higher exceptional items.”

Benchmark said that in its Advanced Nutrition business, it saw a “strong performance in challenging shrimp markets, further strengthening our leading market position.”

In its Genetics business it reported “record salmon egg sales in our three facilities – Iceland, Norway and Chile; revenue growth of +14%.”

And in its Health business the firm reported “growing adoption of sea lice solution Ectosan Vet and CleanTreat and increase in sales of Salmosan Vet resulting in revenue growth of 27%.”

Benchmark  CEO Trond Williksen said: “We delivered good growth in revenue and adjusted EBITDA, and increased cash conversion, despite challenging conditions in the global shrimp markets.

“This demonstrates the strength of our business and the agility of our organisation to adapt – mitigating the impact of a soft market and taking advantage of commercial opportunities to further consolidate our leading market position.

“The new financial year has also started well and in line with our expectations, with positive momentum in our three business areas.

“Since the end of FY20 when we completed the group restructuring, we have been building a track record of growth and improved profitability, reflected by revenues and adjusted EBITDA from continuing operations which have increased over this period by 61% and 128%, respectively.

“Benchmark is uniquely positioned in an industry that is structurally growing supported by attractive megatrends.

“With a clear strategy and an integrated commercial network covering the main aquaculture species, we have significant opportunity to deliver growth and shareholders returns.

“We will continue the execution of our strategy to realise the value inherent in our business for the benefit of all our stakeholders.”