Benchmark fights back after competitor moves in on its turf

SHEFFIELD agriculture and animal health firm Benchmark has had a difficult year trading after a competitor moved in on its market share in Chile, forcing the firm to diversify.

Benchmark opened a new division as well as investing £1.3m in a manufacturing facility in Braintree and marine facilities at Ardtoe to counteract the growth of a Chilean competitor to its Salmosan animal health product.

Revenues increased to £19.8m for the half year to 31 March 2015 from £15.2m in the same period last year.

The firm made a total loss for the period of £3.84m, against a £1.84m loss for the same half year in 2014.

Alex Hambro, chairperson of Benchmark said: “Despite the adverse financial impact from aggressive generic competition to our Salmosan product line, mitigation measures have been successfully established and the group has become strategically more robust through the creation of the new Breeding and Genetics division which is performing well.

“Continued and significant investment in R&D and our pipeline of new animal health products bodes well for the future growth and stability of the business.”

The firm has massively increased research and development spending, as well as increasing its firm-wide headcount to 330.