Potential sale explored for listed biotech business

Sheffield-headquartered aquaculture biotechnology company, Benchmark, has today confirmed it is conducting a strategic review of its options, which could lead to a sale of all or part of the company.

It is not currently in discussions with any potential buyer relating to an acquisition and the firm’s shareholders have been advised there is no certainty that an offer for the company will be made.

In a statement this morning, Benchmark notes: “Management actions over the last three years have delivered substantial revenue growth and improvement in profitability and cash conversion.

“Since FY20, Benchmark’s revenue from continuing operations has grown from £105.4m to £169.5m in FY23 and Adjusted EBITDA has increased from £15.5m to £35.5m.

“The company is well positioned with a strong balance sheet and significant headroom to grow within its existing markets, as well as multiple potential avenues for expansion.

“The Board believes that the current share price materially undervalues the combined value of Benchmark’s businesses and the long-term prospects of the company, which may at least in part be due to the tightly held and illiquid nature of its ordinary shares.”