Losses narrow at restructured biotech business
Sheffield-headquartered aquaculture biotechnology company, Benchmark, has reported steady progress in all areas of its business as it releases its full year audited results for the year ended 30 September 2023.
It records a rise in revenue from continuing operations of 7% to £169.5m (FY 2022: £157.7m) with statutory pre-tax loss from continuing operations reduced to £12.7m (FY 2022: £21.4m loss).
Adjusted operating profit from continuing operations increased by 36% to £14.6m (FY22: £10.7m).
Benchmark notes 2023 marks the third consecutive year of financial and strategic delivery following a group restructuring programme and the appointment of a new management team in 2020.
Trond Williksen, CEO, said: “We delivered good growth in revenue and Adjusted EBITDA, and increased cash conversion, despite challenging conditions in the global shrimp markets.
“This demonstrates the strength of our business and the agility of our organisation to adapt – mitigating the impact of a soft market and taking advantage of commercial opportunities to further consolidate our leading market position.
“Since the end of FY20 when we completed the group restructuring, we have been building a track record of growth and improved profitability, reflected by revenues and adjusted EBITDA from continuing operations which have increased over this period by 61% and 128%, respectively.”
Benchmark adds it has enjoyed a good start to FY24 and seen positive momentum in the business.
It says it remains focused on maintaining and grow its leadership position in established markets, while also expanding its operations through the launch of new products.
Also today, the company has confirmed its appointment of Jonathan Esfandi as non-executive director.
Esfandi is the founder and managing partner at JNE Partners LLP. He will act as shareholder representative of JNE Partners LLP, which is a significant shareholder of Benchmark.
Laura Lavers, who joined the Board in November 2022, will retire from the Board as a non-executive director with effect from today.
Peter George, Benchmark chairman, said: “We welcome Jonathan to the Board and look forward to working together. On behalf of the Board, I wish to thank Laura Lavers for her contribution over the past year.”
