Hospitality sector re-opening improves expectations at biotech firm

Sheffield-based aquaculture and biotech company, Benchmark Holdings, has recorded a strong performance across all its business areas in its results for the three months ended 30 June 2021 .

The group, which produces 50% of all the salmon served in Europe noted that the recovery of the hospitality sector was creating a “positive environment for the business”  as it reported that revenues from continuing operations for the quarter were £28.3m, up 17% in  when compared to the prior year.

This increase meant year to date group revenues from continuing operations were 9% higher than the prior year at £87.8m.

This increase saw the listed business make a pre-tax loss of £2.7m in quarter three of this year – an improvement on the same period last year which saw the firm post a £6.2m loss.

Benchmark said good commercial and operational momentum in its Advanced Nutrition division continues, with strong growth year on year. 

Its expansion projects for salmon and shrimp genetics in Iceland, Fellsmere and Chile are progressing according to plan, and the company notes it is continuing to win new contracts for future delivery in the emerging land-based salmon segment.

The gradual reopening of the hospitality sector is creating a positive outlook for Benchmark’s end markets, with the Group trading in line with market expectations for the full year and good revenue visibility for the remainder of the year.

Trond Williksen

Trond Williksen, CEO, said: “We are very pleased with the results and progress in quarter three 2021 and the subsequent period.

“Our three business areas performed strongly, and we achieved a major strategic milestone with the successful commercial launch of Ectosan® Vet and CleanTreat®.

“We now have the basis to have three profitable business areas moving the Group closer to overall profitability.

 “There is good momentum in the business following the streamlining exercise conducted in 2020 and the adoption of a new commercial focus.

“Our end markets are gradually recovering from the impact of Covid-19, creating a positive environment for our business.

“All this provides confidence in our ability to deliver full year results in line with market expectations as well as progress in future years.”

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