Biotech firm reports divisional growth and revenues of £138m

AIM-listed Sheffield biotech firm Benchmark Holdings has posted revenues of £138m and an increased EBITDA of £10m in its latest trading update.

The firm said that its revenues of £138m were in line with market expectations. Adjusted EBITDA stands at £10m, ahead of the company’s guidance of £8.7m-£9.3m provided in September.

They added that the improved results had been driven by positive trading in Genetics and Advanced Nutrition, and lower bonus accruals, partially offset by forex movements, Animal Health and lumpfish sale.

Its net debt at year end stands at £24m. In advanced nutrition, like for like revenues grew by 21%. Benchmark added: “Continued signs of recovery in key shrimp markets resulting in strong growth in sales of compound hatchery diets and health products, with Artemia sales similar to last year.”

It genetics division saw a strong sales growth with a 49% increase, driven by increasing demand for salmon products with sales in salmon eggs up on prior year in every major market

The company has 46 products in the pipeline, of which five are in regulatory phase, and ten are in pre-regulatory development trials

 


Malcolm Pye, CEO, said: “Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year. These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future.”

 

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