The UK-based fish treatments giant posted solid earnings for last year.
Benchmark announced its full year results for the year ended 30 September 2018 this morning, with an impressive turnover GPB 151.5 million – an increase of eight percent from the previous year. Adjusted EBITDA is GPB 17 million. This is an increase of 68% from the 2017 result of £ 10.1 million.
Malcolm Pye, Benchmark CEO commented that:
“2018 was a successful year for Benchmark. The Group achieved good growth in revenues and underlying earnings, and made substantial progress in implementing its strategy. Particular highlights in the year included the successful commercial scale trials for our next generation sea lice treatment, the opening of our state of the art salmon egg facility in Norway, and the successful trials for our disease resistant shrimp in three Asian markets.”
Pye added that growth drivers for the business remain strong, with “the increasing need for solutions that improve productivity in the growing aquaculture sector to support sustainable food production meaning that the areas of the market we address are growing considerably faster than the overall aquaculture market.”
The Group has started the current financial year trading ahead of the same period last year, and is trading in line with expectations for the full year.
“Trading has commenced strongly in Genetics, with high demand for our disease and sea lice resistant salmon eggs (…). In Animal Health, we are planning to extend trials of our next generation sea lice treatment into new markets in 2019 and we are making substantial progress towards establishing a partnership for our companion animal products,” said Pye.
Looking ahead, Benchmark said that it would invest in sea lice treatment, new aquaculture vaccines and probiotics, together with its new facility in Norway.