Benchmark earnings end year above expectations

Aquaculture health, nutrition, and genetics business Benchmark updated the market on the end of its financial year on Tuesday, claiming revenues of £138m, in line with market expectations.

The AIM-traded firm said it was looking at EBITDA of £10m, which was ahead of its own guidance of between £8.7m and £9.3m as announced on 8 September.

It said the improved result was driven by positive trading in its genetics and advanced nutrition operations, as well as lower bonus accruals, partially offset by forex movements, its animal health unit and lumpfish sales.

Net debt at year end was £24m.

“Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year,” said CEO Malcolm Pye.

“These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future.”

Benchmark said it would announce its full year results for the year to 30 September on 23 January.