Benchmark reports strong growth, raises a further £20m
Aquaculture biotech group Benchmark has reported big increases in revenue and profit for the 2020/21 financial year. Revenue for the group’s parent, Benchmark Holdings, for the 12 months to 30 September 2021 was up by 18% to £125.1m and adjusted EBITDA (from continuing operations) was up 34%.
The company also announced today that it had carried out a share placing, raising £20.7m (before expenses) from existing shareholders, to fund additional growth.
The company’s Chief Executive Officer (CEO), Trond Williksen, said: “Benchmark has delivered a good financial performance in FY2021 as reported today, demonstrating the success of our renewed commercial focus and financial discipline. We have a positive outlook with good momentum in our business, attractive market dynamics and significant growth opportunities.
“We are pleased with the strong shareholder support demonstrated by the Placing being successfully executed at market price, and the Placing proceeds will provide additional headroom to maintain this momentum and to continue to fund our ongoing growth initiatives.”
The group’s Advanced Nutrition division saw a return to growth, driven by increased demand in the shrimp markets, with revenue up 19%. Benchmark Genetics reported revenue up 13%.
Benchmark Animal Health reported a loss of £2.7m (down from a loss of £3.7m for 2020) but the company notes that its investment in the Ectosan/CleanTreat sea lice treatment is progressing well, with approval for use and patents granted.
Meanwhile, industry veteran Atle Eide has been appointed as a non-executive board member. Eide is a former Chairman of SalMar and a former CEO with Mowi.