Strong start to the year as revenues climb at biotech business

Aquaculture biotechnology business, Benchmark, has reported growth in all its business areas and a significant uplift in its Health operation as it publishes results for the three months ended 31 December 2022.

Quarter one FY23 revenues were £54.5m, 36% ahead of the prior year. The group reported a small profit before tax of £0.1m (Q1 FY22: loss before tax £3.7m); the loss after tax for the period was £0.7m (Q1 FY22: loss after tax £5.1m).

Quarter one FY23 adjusted EBITDA, excluding fair value movements from biological assets, increased 61% to £12.1m.

Trond Williksen, CEO of the Sheffield-based company, said: “Benchmark has had an excellent start to the year, again showing a continuation of the consistent growth we have seen in revenues and net operating profit on a 12-month rolling basis.

“This is the result of a good performance in all our business areas. In particular, it is pleasing to see traction in our Health business driven by significantly higher adoption of our sea lice solutions, contributing to a positive financial performance for the quarter.

“We are making progress towards our goal of up-listing to the Oslo Børs, the preeminent listing venue for aquaculture and seafood companies globally. This will enable us to increase our visibility with a dedicated group of analysts and investors.”

Post period end, Benchmark adds it continues to perform well across all business areas and says the outlook for the full year is encouraging.

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