Markets recovery aids performance at biotech business
Aquaculture biotechnology business, Benchmark, says it has delivered a better than expected performance thanks to disciplined cost control and a further recovery in its end markets.
Issuing an update ahead of its full year results for the year ended 30 September 2021, the listed Sheffield-based firm say following positive financial results in quarter three 2021, it was able to maintain this momentum in quarter four 2021.
It says its Advanced Nutrition business area has continued to produce “excellent” year on year growth while its Genetics business area delivered a strong end to the year.
In the Group’s Health business area, the company achieved its first revenues from its sea lice treatment, Ectosan® Vet and CleanTreat®; all business areas delivered above the Board’s expectations in September.
As a result, whilst still subject to audit, the Group’s Adjusted EBITDA for FY21 is expected to be significantly ahead of the current market consensus which is £15.9m.
Trond Williksen, CEO, said: “We are pleased by the continuing momentum in the business, which reflects the benefits of our clear commercial focus, having streamlined the organisation, our continued disciplined approach to cost control and good demand for our products in our recovering markets.
“As a focused aquaculture biotechnology company with three strong business areas, we are well positioned to capture market opportunities and deliver profitable growth.”
The company will announce its full year results on 29 November 2021.