Benchmark results better than expected
Adjusted EBITDA will be around 10% higher than market forecasts
Aquaculture biotechnology company Benchmark Holdings made a higher-than-expected operating profit for its 2022 financial year (FY22), it announced today.
Following strong third-quarter results and a continued positive performance throughout FY22, Benchmark said that subject to audit it expects to report Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) in the range of £30 million-£31 million, ahead of consensus market expectations of £27.7m. Benchmark’s financial year runs from October 1 to September 30.
All three divisions – Genetics, Advanced Nutrition, and Health – performed well, said Benchmark.
Strong demand
Genetics ended the year above management expectations, benefiting from strong demand for salmon eggs in Q4, which Benchmark was able to fulfil through a recent investment in a new bio-secure incubation centre in Iceland.
Advanced Nutrition saw a continuation of the excellent performance throughout the year, delivering revenues ahead of plan across all product areas.
In Health, Benchmark said revenues from its Ectosan Vet lice treatment and associated CleanTreat water filtration technology reflected increased activity and customer uptake as the sector moved into the main sea lice treatment season.
More improvement forecast
UK-registered Benchmark, which intends to list on the Oslo stock exchange in the first half of calendar year 2023, said it had had a good start to its 2023 financial year, with trading remaining strong across all three business areas.
Directors are confident about the company’s prospects for FY23 and beyond, delivering significant operational and financial progress and substantially improving reported performance and cash generation.
Chief executive Trond Williksen said: “We are pleased by the strong end to the year, which is a continuation of the consistent performance in the business over the last eight quarters. Looking ahead, we have had a good start to FY23 and the outlook for the business remains positive.
“Benchmark is a well-positioned, diversified business able to take advantage of commercial opportunities in the main aquaculture species across the world and to benefit from the underlying megatrends in the industry, which will support the group’s sustainable growth over the medium and long term.”
