Aquaculture biotech business Benchmark Genetics has reported lower revenues and reduced EBITDA earnings, but says the company is in a stronger financial position following restructuring.
Revenue from continuing operations was £105.6 million for the year ending 30 September 2020 (2019: £124 million) and adjusted EBITDA for the period, before exceptional items and acquisition-related expenditure, was £12.4 million (2019: £20.8 million).
2020 has seen a programme of disposals of non-core assets by the group, raising around £44 million. Benchmark ends the financial year with liquidity – cash and available facility – at £83.2 million (Q: £67 million) and net debt of £37.6 million (Q3; £54.7 million).
The company said its Genetics division had performed well, with revenues up 18 per cent year on year, but its Advanced Nutrition division had been impacted by weal shrimp markets.
The company hopes to roll out its CleanTreat product – a medical treatment for fish – in Q2 of calendar year 2021.