CFO of listed biotech firm steps down

The chief financial officer at AIM-listed biotech firm Benchmark Holdings is to step down, just weeks after the firm published results that showed pre-tax profits had slumped 80%. 

Mark Plampin will step down from his current role at the Sheffield-based aquaculture health, nutrition and genetics business. He will continue in his role until a successor is appointed to ensure an orderly transition process.

After nine years in the role of CFO, during which time Plampin was part of the team which led the Group through its Admission to AIM and the acquisitive and organic growth that followed, he has notified the Board of his decision to step down to pursue other opportunities.

The company has commenced an external search for a successor and a further announcement will be made in due course.

Last month, the company announced increased revenues in a six-month period where its profitability suffered as it focused on delivering a higher value product mix. Published its six-month results to 31 March 2019, Benchmark said its revenues rose 3%, from £75.7m to £78.3m. But its adjusted pre-tax profits fell 80% from £3.6m last year to £700,000 this year.

Chairman Peter George said: “On behalf of the Board, I would like to take this opportunity to thank Mark for his considerable contribution during his time with the Group and wish him every success in the future. We have begun the search for his successor and look forward to updating on progress and ensuring a smooth handover of duties in due course.”

Plampin, Chief Financial Officer, added: “It has been a privilege to have served as Chief Financial Officer at Benchmark for almost a decade. I am proud of the significant milestones achieved during my time at Benchmark. We now have a focused pipeline of products and the infrastructure in place to support the Group’s sustainable growth. I have enjoyed being part of a strong team at Benchmark and I look forward to working with my successor to ensure a smooth handover.”