Sustained progress at restructured aquaculture biotech business
Sheffield-based biotech firm, Benchmark Holdings, has reported continued business momentum and growth in adjusted EBITDA as it releases its results for the three months ended 30 June 2022.
The company’s Q3 FY22 revenues were £36.3m, 28% ahead of the prior year, while Q3 FY22 adjusted EBITDA increased 26% as a result of higher revenues, higher asset utilisation and cost discipline.
In the same period, Benchmark also recorded a statutory pre-tax loss of £11.2m (Q3 FY21: £2.7m loss).
Trond Williksen, CEO, said: “Q3 represents a continuation of the operational and financial progress reported consistently by Benchmark over the quarters following the 2020 restructuring.
“We continue our dedicated work to realise the potential of the well invested and well positioned platform that Benchmark has become.
“Overall, we expect to continue to deliver further underlying progress in the coming quarters, with the aim of becoming a profitable company supporting the global aquaculture industry with sustainable solutions.”
The aquaculture business, which produces 50% of all salmon served in Europe, notes that it is trading in-line with expectations for FY22 with conditions in its core markets remaining “favourable.”
And Benchmark says it looks forward to a strong outlook for its Genetics and Advanced Nutrition sales for the remainder of the year.
