Benchmark announce massive hike in earnings

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The UK-based fish treatments giant highlighted a yearly EBITDA of £15.8m.

Following a trading update for the year ended 30 September 2018, Benchmark Genetics said that it saw “significant growth in revenues and underlying profit ahead of market expectations”. It also reported an adjusted EBITDA of £16.5m, a 65%, increase compared to 2017’s £10 million for the same period.

Several key announcments from 2018 played a key role in its earnings.

The company said that demand for their sea lice resistant eggs outstripped supply. They also reported that commericial trials with Ectosan Cleantreatâ – a new sea lice treatment – in Norway with salmon producers showed 100% efficacy and no environmental impact.

In June, the Sheffield based company signed an agreement to fund a Chilean breeding and genetics joint venture with Empresas AquaChile. It has acquired a 49 per cent interest in the venture for $16.25m (£12.2m).

Furthmore in September, Benchmark also started production of salmon eggs at its new land based breeding facility in Salten, Norway, increasing its in-house production capacity by 75%.

Malcolm Pye, Chief Executive of Benchmark, said:
“We performed well during the year. We have delivered revenue and profit growth, while undertaking significant strategic projects that have enhanced our position in our key markets and provide a strengthened platform for the future.

“This together with the continued progress in our pipeline and corporate structure leaves us well placed to address the significant opportunities in our markets, which have stronger drivers than ever before amid increasing recognition from consumers, producers and regulators of the need for sustainable aquaculture solutions.”