‘Transformational’ year at biotech group as it streamlines operations
Aquaculture biotechnology company, Benchmark, says it has performed resiliently “in a year of change and market headwinds”, as it publishes full year audited results for the year ended 30 September 2024.
The Sheffield-headquartered business reports revenues from continuing operations of £90.4m (FY 2023: £104m) – 6% below the prior year at constant currency.
The firm made a pre-tax loss from continuing operations of £45.9m (FY 2023: £24.7m pre-tax loss), while 0perating costs from continuing operations decreased by 20% (£7.2m) with the savings resulting from restructuring actions across the group.
Trond Williksen, CEO, said: “FY24 was transformational for the group. We managed to deliver a resilient performance amidst difficult market conditions, as well as realising significant shareholder value resulting from the successful development of our Genetics business over the years.
“The sale of Genetics creates an opportunity to simplify the group’s structure, positioning it to realise the potential in the Advanced Nutrition and Health business areas, whilst reducing costs and leverage.
“At the same time it will enable a return of capital to shareholders.
“Following the disposal, Benchmark will become a lean, profitable organisation with a solid balance sheet, focused on realising the significant value and potential in our continuing business where we have market leading positions, a track record of innovation and significant headroom for growth.“
Benchmark anticipates its streamlining exercise will be complete by the end of FY25, with the benefits from the cost savings to come through in full in FY26.
The business has also today confirmed its appointment of Tripp Lane as chairman, with effect from 17 December 2024.
Peter George will retire from the Board on Lane’s appointment.
Lane is a founding partner of Delancey Cove LLC, an advisory firm focused on transitional governance and management of both private and public companies.
Prior to founding Delancey Cove LLC, he invested in public and private debt and equity markets at BlueMountain Capital LLC in London and at Apax Partners in London and New York.
He said: “I am excited to work with the management team and the board on the next stage of the company’s journey.”
George said: “It has been an honour and privilege to serve both as executive and non-executive chair at Benchmark. Staff and management have been of the highest calibre which made it easier.
“I have also served with many dedicated non-executive directors over the years, and I thank them for their support and the support of our investors.
“I’d like to pay particular thanks to Trond Williksen, Septima Maguire and Susan Searle who’ve been outstanding.”
Williksen added: “On behalf of the Board and the management team I would like to thank Peter George for his outstanding leadership through the past six years overseeing the transformation of Benchmark starting with a comprehensive restructuring in 2020 through to an organisational change programme and the Strategic Review this year resulting in value realisation for shareholders.
“I welcome Tripp who is well placed to take the company through the next phase of value realisation for our shareholders.”
