“Transformational” year for Sheffield sustainability group
SUSTAINABLE production company Benchmark has had a year of acquisitions and investment as it looks to diversify its offering.
Revenue increased by 25% to £44.2m for the year to 30 September 2015. Benchmark said this was driven by its breeding and genetics division.
Last year it acquired an £11m Norwegian aquaculture business , and it has successfully integrated companies it bought in 2014, leading to the development of a breeding and genetics division.
Losses before tax increased however to £11.4m, up £10m on 2014, The company said this was due to accelerated investment in scientific research and development.
R&D spending increased to £8.8m in the period.
Related: £11m acquisitions to set new Benchmark for Sheffield group…
Benchmark admitted that it also felt the impact of a generic competitor to one of its products in Chile.
Malcolm Pye, chief executive of Benchmark, said: “It has been a busy year for the company.
“Our strategy of diversification has proven successful, and that endeavour will be furthered again following the transformational INVE acquisition.
“Our continued investment into R&D has seen our product pipeline increase from 47 to 61, and we are continuing to develop cutting edge capabilities at our research and manufacturing facilities in Ardtoe and Braintree.
“Benchmark has always been committed to targeted M&A activity, and has recently completed the transformational acquisition of INVE Aquaculture. This newest addition to the Group creates the fifth and final ‘cog’ in our gearbox, and allows us the increased reach and the platform needed to rapidly scale the company.”
