Benchmark reports 'good' first half performance

Aquaculture biotechnology company Benchmark reported a “good” first half performance on Tuesday, with revenue from continuing operations growing 11% at constant exchange rates to £62.3m.

The AIM-traded firm said its adjusted EBITDA from continuing operations was 13% higher at constant currency for the six months ended 31 March, to £8.7m, which it said reflected a “strong performance” in advanced nutrition and “solid trading” in genetics and health.

It reportes “significant” progress towards commercialisation of ‘BMK08’ and ‘CleanTreat’, with first customer contracts and ratification of the maximum residue level opinion achieved in the second quarter.

Benchmark’s board said its outlook was positive, with trading in line with market expectations, reporting “good visibility” of revenues for the second half.

“Benchmark has performed well in the first half and has made good strategic progress across our three business areas,” said chief executive officer Trond Williksen.

“This reflects our successful restructuring and the new focus and discipline on delivering on our strategic priorities to create profitable growth.”

Williksen said the company’s financial discipline, including cost containment and strict cash management, enabled it to invest “selectively” in its core business, strengthen its position in its markets, and deliver on growth opportunities.

“As a leading aquaculture biotechnology company focused on delivering sustainable solutions, we are well positioned to make a positive impact on our industry and create value for all our stakeholders.”

At 1003 BST, shares in Benchmark Holdings were down 4.54% at 59.18p.