Momentum builds at biotech company despite global challenges

Aquaculture biotechnology business, Benchmark Holdings, says the underlying strength of its markets has contributed to a strong set of full year results.

The Sheffield-based business has today published its quarter four and full year figures for the three and 12-months ended 30 September 2022.

In the FY2022 results revenue increased 27% to £158.3m (FY 2021: £125.1m) with strong trading across all three of Benchmark’s business areas. The company made a statutory pre-tax loss of £23.2m (FY 2021: £9.2m loss).

Benchmark supports the sustainability of fish markets and has around 50% of the genetics market for salmon. It also operates in the shrimp, tilapia and sea bass industries.

Trond Williksen, CEO, said: “In FY2022 Benchmark delivered another year of growth and strategic progress, underpinned by four quarters of consistently improved financial results.

Trond Williksen

“This demonstrates the success of our restructuring and culture change, the quality and potential of our business and the talent and commitment of our people, as well as the underlying strength of our markets.

“Our strategic and commercial focus have contributed to strong results. Going into the new financial year, there is good momentum in line with our expectations and positive dynamics in our industry.”

Benchmark adds the diversified nature of its business and management’s proactive commercial approach has created resilience and mitigates the potential impact from ongoing cost inflation and macroeconomic pressures.

Longer-term, management believes the Group is well positioned in an industry that is structurally growing.

The business notes macroeconomic and geopolitical conditions in the year materially affected markets around the world and impacted the performance of its shares.

It warns: “Smaller growth companies were particularly affected by fund outflows and a change in investor sentiment. This is particularly disappointing given the significant progress that the company made during the year.”

Benchmark has also today confirmed the terms of a contemplated private placement and retail offering in Norway in connection with its proposed admission to Euronext Growth Oslo, in order to fulfil the admission requirements.

The company says it is well advanced towards dual listing on Euronext Growth Oslo this year, with the intention to uplist to the Oslo Børs in H1 2023.

Through the private placement and the Norwegian Retail Offering, the business intends to issue up to 35,189,350 new ordinary shares to raise gross proceeds of up to about 158 million Norweigan Krone (£13.2m).

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