Biotech business maintains momentum on growth journey
Benchmark Holdings has delivered an “excellent” performance in the last quarter as the biotech business continues to build momentum.
The Sheffield-headquartered aquaculture business, which produces 50% of all salmon served in Europe, increased revenues by 38% to £40m.
Its adjusted EBITDA – which is a measure of operating profitability – increased by 145% although non-cash movements and impairments resulted in a £3.7m pre-tax loss for the quarter.
Benchmark’s chief executive Trond Williksen said: “This reflects an excellent performance in Advanced Nutrition, continued good performance in Genetics and the benefit of revenues from the recently launched Ectosanâ Vet and CleanTreatâ in our Health business area.
Trond Williksen, CEO, Benchmark Holdings
“We are performing in line with market expectations for the full year, with building momentum in our commercial, operating and financial performance in all business areas.
“The positive market environment in our core species, our leading market positions, together with our focused strategy and financial discipline positions the group well to reach profitability and deliver growth.”
Benchmark raised £20.7m in a share placing last November, which has reduced the group’s net debt to £64m.
