Revenues climb at biotech company in ‘excellent’ first half
Aquaculture biotechnology company, Benchmark, reports it has achieved double digit first half growth, as it publishes its second quarter and interim results for the six months ended 31 March 2023.
The Sheffield-based company says its H1 FY23 results were driven by good performance in all business areas, with a 25% growth in revenues to £98.9m (H1 FY22: £79.2m) and a further reduction in loss before tax to a £1.9m loss (H1 FY22: £5.1m loss).
For the same period, Benchmark also achieved a 39% increase in adjusted EBITDA to £22.1m (H1 FY22: £15.9m).
For quarter two FY23, revenues were up 13% to £44.4m (Q2 FY22: £39.2m), while the business reported a pre-tax loss of £2m (Q2 FY22: £1.5m loss). Adjusted EBITDA rose 32% to £11.1m (Q2 FY22: £8.4m).
Trond Williksen, CEO, said: “Benchmark had an excellent first half, delivering double digit growth.
“We continue to focus on achieving profitability and cash generation whilst making good progress towards our medium-term objectives; we remain on track to deliver strong growth for the year in line with market expectations.
“Our fundamentals are strong and we have significant opportunities to continue building our track record of consistent growth.
“Aquaculture is a growth industry, supported by robust megatrends. Benchmark is well positioned to play an important role in helping the aquaculture industry deliver sustainable growth and meet the needs of a rising population.”
Benchmark says a consultation with its shareholders regarding a potential delisting from AIM and uplisting to the Oslo Børs stock exchange has now been completed.
It explains it plans to maintain a dual listing on Euronext Growth Oslo and on AIM for the foreseeable future.
The business says uplisting to Oslo Børs will be reviewed as part of an ongoing strategy to enhance group positioning and share performance.
