Biotech company reports resilience amidst market weakness
Aquaculture biotechnology company, Benchmark, has today highlighted a solid performance in its Genetics and Advanced Nutrition operations despite continued weakness in its shrimp markets.
The Sheffield-headquartered business has released its unaudited results for the three months ended 30 June 2024, which constitutes the third quarter for the fiscal year 2024, and its year to date unaudited results for the nine months ended 30 June 2024.
Q3 FY24 group revenues of £30.7m were 10% below the prior year (Q3 FY23: £34.2m) and the firm also recorded a pre tax loss of £9.4m (Q3 FY23: £4.3m loss).
Meanwhile, revenues in the year to date unaudited results for the nine months ended 30 June 2024 declined 17% to £110.9m (YTD Q3 FY23: £132.9m), with a pre tax loss of £17.3m (YTD Q3 FY23: £5.4m loss).
Trond Williksen, CEO, said: “Our two largest business areas, Advanced Nutrition and Genetics, performed well in Q3.
“In Genetics, it is particularly pleasing to see continued progress in our Chilean business as well as the positive results of the recent reorganisation of our shrimp genetics activities.
“Our Advanced Nutrition business remains resilient to the continuing soft conditions in the shrimp markets and is well positioned for market recovery.”
Benchmark aims to drive sustainability in aquaculture by delivering solutions in genetics, advanced nutrition and health which improve yield, growth and animal health and welfare.
It addresses many of the major aquaculture species – salmon, shrimp, sea bass and sea bream, and tilapia.
In its latest set of results, Benchmark warns its shrimp market remained soft in the period with green shoots in certain markets not yet translating into recovery.
The group notes it is trading well against a backdrop of market headwinds in Advanced Nutrition and the restructuring of its Health arm which have an impact on short-term performance but support the business’s near and long-term prospects.
Overall, the group forecasts that the progress it has achieved this year will bring all its business areas to profitability and on a path to deliver shareholder value in the near and long-term.
