Cancelled orders push biotech business to £7m quarterly loss
Biotech business Benchmark endured a “relatively soft” first quarter that resulted in a pre-tax loss of £7.2m.
Revenues fell by 26%, to £40.5m, in the three months to December against a strong previous year. But despite the fall, the Sheffield-headquartered company has not lowered its expectations for the year.
Trond Williksen
Chief executive Trond Williksen was content the business had “maintained momentum” through quarter-on-quarter growth.
He added: “We have good visibility of revenues in genetics, continuing good performance in advanced nutrition and have taken actions in health to transition to a new business model.”
Its health division was hit by cancellations of orders as a result of biological challenges faced by certain customers’ fish stock.
Benchmark works with aquaculture producers to improve their productivity and sustainability through its three divisions, genetics, health and advanced nutrition.
It operates in 26 countries working on major species including salmon, shrimp, sea bass and sea bream, and tilapia.
