Benchmark hail successful year as revenues grow

Benchmark search for new CEO has founder steps down
Salmon eggs as used by Benchmark

Benchmark, the listed Sheffield-based biotech business, has chalked up growth in revenues and underlying earnings as it unveils its latest results.

For the year ended 30 September 2018, the company reported a 13% rise in revenue to £151.5 million. Gross margin for the group was up from 2017’s 45% to 49% while adjusted EDBITDA rose 68% to £17 million.

During this period the company invested £32.7 million in new production facilities, which includes the land-based salmon egg facility in Norway. This increased its capacity by 75%.

It also invested £19.4 million in R&D.

CEO Malcolm Pye said: “The growth drivers for our business remain strong, with the increasing need for solutions that improve productivity in the growing aquaculture sector to support sustainable food production meaning that the areas of the market we address are growing considerably faster than the overall aquaculture market.

“The Group has started the current financial year trading ahead of the same period last year and is trading in line with expectations for the full year. Trading has commenced strongly in Genetics, with high demand for our disease and sea lice resistant salmon eggs.”

He added: “Over the next 18 months we expect to see our investment in a number of areas, such as our next generation sea lice treatment, our disease resistant shrimp, new aquaculture vaccines and probiotics, together with our new facility in Norway, starting to deliver, resulting in high growth in revenues, attractive margins and cash generation, which will increase our financial flexibility and deliver attractive shareholder returns.”