Aquaculture biotech firm, Benchmark, sees ongoing financial progress since revamp
Its various business segments - nutrition, genetics, and animal health - registered improvements during the company's third fiscal quarter.
The aquaculture biotechnology group also revealed it made progress toward its planned listing on Euronext Growth Oslo, which is expected by the end of the calendar year. Its eventual goal is a listing on the Oslo Børs in 2023, the leading seafood and aquaculture listing venue in the world.
“Q3 represents a continuation of the operational and financial progress reported consistently by Benchmark over the quarters following the 2020 restructuring,” said CEO, Trond Williksen.
Q3 financials
Looking at the figures, the company reported that Q3 FY22 revenues were £36.3m (US$42.8m), 28% ahead of the prior year.
Its genetics arm generated revenues 50% above Q3 FY21, said the company, citing the higher sales of salmon eggs and harvest revenues as the key driver.
Its nutrition unit reported revenues 5% above the prior year in-line with anticipated seasonal pattern, while the health business saw revenues some 213% above Q3 2021.
Adjusted EBITDA excluding fair value movements from biological assets was 99% higher than the prior year, it noted.
The company said it anticipates continued strong sales for its genetics and nutrition segments for the remainder of the year.
Productivity and sustainability
Benchmark’s three business segments are designed to support the productivity and sustainability of aquaculture across the production cycle.
The UK firm’s nutrition arm, which specializes in supporting early stage shrimp and fish production, operates in the global market as INVE Aquaculture. It has “secure” access to high-quality live feed (Artemia) to boost nutrition and resilience.
Its genetics services focus on salmon, tilapia, and shrimp production, with its breeding centres located in Norway, Iceland, Chile, the US, Brazil, and Colombia, while Benchmark's health arm looks to help the industry manage sea lice through medication - Ectosan Vet - and a purification system - CleanTreat.
