Benchmark Holdings, the UK-based aquaculture health and nutrition company, reported a decline in full-year revenues for 2024, alongside a major strategic pivot following the sale of its genetics division.
Revenue for the year ending September 30, 2024, was £147.7 million, down from £169.7 million in 2023. The figure includes revenues from operations that have since been sold or discontinued.
The company’s fourth-quarter revenue was £36.8 million, a 1% increase year-on-year. However, the full-year earnings reveal significant challenges and structural adjustments.
Benchmark’s Advanced Nutrition division generated £18.7 million in revenue in Q4, a 9% increase from the previous year, despite facing what the company described as “challenging conditions in global shrimp markets.” Advanced Nutrition is now positioned as the company’s core revenue driver following the sale of its genetics business.
The Health division saw a sharp revenue decline of 66% to £2.6 million. This was attributed to a pause in the use of its Ectosan Vet and CleanTreat systems. Benchmark noted that CleanTreat is now being operated under a less capital-intensive model.
Meanwhile, the Genetics division, which was sold to Denmark’s Novo Holdings for NOK 3.6 billion, reported a modest 2% revenue increase to £17.2 million, driven by early harvesting of spring 2023-generation fish, offsetting lower salmon egg volumes.
Benchmark posted an EBIT loss of £20.8 million for the quarter, with a net loss of £20.4 million. Net debt, excluding lease liabilities, stood at £45.4 million at the end of the quarter.
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Strategic Pivot
CEO Trond Williksen emphasized the importance of the sale of the genetics division during Thursday’s results presentation. The divestiture marks a significant strategic shift for Benchmark, allowing the company to focus on its Advanced Nutrition and Health businesses.
“This is a step forward in refocusing Benchmark on its core strengths while ensuring a more sustainable financial structure,” Williksen remarked.
The genetics division’s revenue and performance were included in the Q4 results but will be excluded from future reporting.
