Benchmark highlights strong sales growth in trading update

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Benchmark, the aquaculture biotechnology and food chain sustainability business, today issues a trading update for the year ending 30 September 2017.

Overall performance across the Group has been good, with strong sales growth in the Breeding and Genetics Division, and improved market conditions for the Advanced Animal Nutrition Division in the second half.

The Animal Health Division continues to manage a valuable portfolio of products in development, and the board remains confident of delivering the Company’s medium and long term strategy of an increasingly diversified portfolio of both products and services.

The Group is approaching the launch of commercial field trials of its innovative new sea lice treatment, and is closely engaged with major salmon producers, with the bulk of the equipment and licenses for the trials now in place.

Management are confident that commercial field trials will be running before the end of 2017, although the exact timing of these trials remains unclear and they are unlikely to commence before the end of September. Consequently, contributions attributable to this new product are unlikely to be recognized in FY17.

As a result, the Company is providing guidance that it expects Group revenues to be in line with market expectations, and adjusted EBITDA to be in the range £8.7m to £9.3m, for the full year.