Benchmark stumbles in first half of 2019

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Restructuring gives way to new losses.

Nutrition and genetics company Benchmark Holdings has been fiscally declining for the past couple of years and has reported on Tuesday the results of the six months ending March 31 2019. The period ended with a pre-tax loss of GBP 8.3 million.

The period has been marked by the company cleaning up shop, in which:

  • The company has sold away a production facility in Asia
  • One of Benchmark’s cleaning fish facilities was shut down
  • Its joint venture with AquaChile was dissolved
  • Refinancing of debt for USD 85m

Despite a troubled half, CEO Malcolm Pye appears to be satisfied with the report.

“We have delivered growth in adjusted EBITDA and made progress against our strategic priorities despite challenging conditions in the shrimp markets. We continue to implement operational and structural efficiency initiatives and we expect the Group to deliver broadly in line with market expectations for the full year.

“We are starting to see benefits from the investments we have made into a number of areas including our new facility in Salten, Norway. These investments, combined with the successful completion of our refinancing, leaves us well placed to deliver on our five year strategy to drive future growth and profitability,” he added.

Benchmark Holdings, which is listed on the London Stock Exchange, owns the two egg suppliers SalmoBreed and Stofnfiskur.

On Tuesday morning, Benchmark’s share price was down 3.2 percent to GBP 39.65, the lowest level its been in five years.