Listed biotech company sees revenues surpass £150m
Biotech firm Benchmark Holdings has reported a year of “significant progress” as revenues are up 8% to £151.5m from £140m in 2017.
The Sheffield-based aquaculture health, nutrition and genetics business, this morning announced its full year results for the year ending 30 September. EBITDA reached £17m; a 68% rise from £10.1m in 2017, and the firm’s losses also fell by 38% from £7.1m in 2017 to £4.4m in 2018.
The firm’s Genetics and Advanced Nutrition divisions delivered strong performances with revenues increasing by 17% and 2% to £35.8m and £85.8m, respectively.
During this period, Benchmark made a £19.4m investment in R&D, of which £12m was expensed. The firm said that lower expensed R&D in the period was due to increased spend in field trials for nearer to market products, particularly it’s next generation sea lice treatment and CleanTreat.
Total operating costs also increased by 13% to £44.6m due to staff bonuses, which Benchmark cited as a reflection of improved performance, strengthening of management and of sales and product support teams.
In addition, just before the year end Benchmark began the production of salmon eggs at a £40m genetics production facility in Salten, northern Norway.
Malcolm Pye, Benchmark CEO, said: “2018 was a successful year for Benchmark. The Group achieved good growth in revenues and underlying earnings, and made substantial progress in implementing its strategy.
“Particular highlights in the year included the successful commercial scale trials for our next generation sea lice treatment, the opening of our state of the art salmon egg facility in Norway, and the successful trials for our disease resistant shrimp in three Asian markets.”
He added: “The Group has started the current financial year trading ahead of the same period last year, and is trading in line with expectations for the full year. Trading has commenced strongly in Genetics, with high demand for our disease and sea lice resistant salmon eggs.
“Our Advanced Nutrition business in shrimp has started relatively slowly due to temporary volatility in the global shrimp market, but the outlook from spring onwards is positive. In Animal Health, we are planning to extend trials of our next generation sea lice treatment into new markets in 2019 and we are making substantial progress towards establishing a partnership for our companion animal products.”
