Benchmark announces revenues of £138m
Benchmark, the UK owner of Norwegian salmon egg producer SalmoBreed, has announced unaudited revenues of £138 million for the year ending September 30, in line with market expectations.
Adjusted operating profit is £10m, ahead of the the aquaculture health, nutrition, and genetics business's guidance of £8.7m-£9.3m provided in an announcement of September 8.
The company said improved result from previous guidance was driven by positive trading in genetics and advanced nutrition, and lower bonus accruals, partially offset by foreign exchange movements, animal health and lumpfish sales.
Key shrimp markets
Overall, like for like revenues for the advanced nutrition division grew by 21 per cent (or by 8 per cent on a constant currency basis over the prior year). Continued signs of recovery in key shrimp markets resulted in strong growth in sales of compound hatchery diets and health products, Benchmark said.
The genetics division reported strong sales growth with a 49 per cent increase (up 23 per cent on a constant currency basis), driven by increasing demand for salmon products with sales in salmon eggs up on the previous year in every major market.
Products in the pipeline
The animal health division (medicines and vaccines) reported continued progress in the pipeline for 46 products, of which five are in regulatory phase, and ten are in pre-regulatory development trials.
Benchmark reported a net debt at the year end of £24m.
Chief executive Malcolm Pye said: "Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year. These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future."
Benchmark will announce its full year results for the year ended September 30, 2017 on Tuesday, January 23, 2018.
