Restructured biotech firm delivers ‘excellent’ first half results

Sheffield-headquartered aquaculture business, Benchmark, says it has achieved impressive H1 and Q2 results, building on its strong FY21 performance.

The company has today published its second quarter and interim results for the six months ended 31 March 2022.

For H1 FY22, Benchmark manged a 33% growth in revenues (+32% at constant exchange rate) to £79.2m (H1 FY21: £59.5m). The business made a pre-tax loss of £5.1m in half one (H1 FY21: £3.3m loss).

Benchmark’s quarter two performance represents a fourth consecutive quarter of year-on-year and quarter-on-quarter adjusted EBITDA growth. In this period adjusted EBITDA rose by 72% (+68% CER) to £8.4m (Q2 FY21: £4.9m). And the company’s loss before tax narrowed to £1.5m (Q2 FY21: £2.7m loss).

Revenues in quarter two rose to £39.2m (Q2 FY21: £30.4m).

Trond Williksen, CEO, said: Benchmark delivered an excellent performance in the first half of the year. Evidence continues of the benefits of a restructured organisation with renewed commercial focus and financial discipline driving growth and returns.

“The Group delivered strong double digit revenue growth across all our business areas, a doubling of Adjusted EBITDA and a significant increase in Adjusted EBITDA margin.

“Q2 represented the fourth consecutive quarter of substantial growth in the Group’s revenues and Adjusted EBITDA.

“We have visible growth opportunities underpinned by existing infrastructure and are uniquely positioned in an industry with strong fundamentals driven by megatrends.”

The company adds that it is trading in line with expectations. Benchmark has also set itself medium term objectives to achieve within three to five years, which include generating revenue growth of 15% to 18% per annum.