Aquaculture firm Benchmark ends year ahead of market forecasts

Aquaculture biotechnology company Benchmark said in a trading update on Monday that, after positive financial results in its third quarter, it had maintained that momentum through the final three months of the financial year, delivering a “stronger-than-expected” trading performance across its three business areas.

The AIM-traded firm said that was driven by its continued strong commercial focus, disciplined cost control and further recovery in its end markets.

Its advanced nutrition business area delivered “excellent” year-on-year growth, while its genetics business made a strong end to the year, and its health business area saw the company achieve its first revenues from its sea lice treatment, ‘Ectosan Vet’ and ‘CleanTreat’.

The board said all business areas delivered above the board's expectations in September.

As a result, while still subject to audit, the group said its adjusted EBITDA for the year ended 30 September was expected to be “significantly ahead” of the current market consensus, which was for £15.9m.

“We are pleased by the continuing momentum in the business, which reflects the benefits of our clear commercial focus, having streamlined the organisation, our continued disciplined approach to cost control and good demand for our products in our recovering markets,” said chief executive officer Trond Williksen.

“As a focused aquaculture biotechnology company with three strong business areas, we are well-positioned to capture market opportunities and deliver profitable growth.”

At 0846 BST, shares in Benchmark Holdings were up 10.35% at 62.9p.