Bench­mark re­ports earn­ings up in first half

Fish Farmer - - United Kingdom News -

BENCH­MARK Hold­ings re­ported a re­duced op­er­at­ing loss in the six months ended March 31, 2018, from £6.7 mil­lion to £6 mil­lion.

The aqua­cul­ture health, ge­net­ics and ad­vanced nu­tri­tion busi­ness in­creased rev­enue by nine per cent to £75.7 mil­lion (H1 2017: £69.2 mil­lion).

Ad­justed earn­ings be­fore in­ter­est, taxes, de­pre­ci­a­tion and amor­ti­za­tion (EBITDA) in­creased by 91 per cent to £6.3 mil­lion (H1 2017: £3.3 mil­lion) driven by rev­enue growth in higher mar­gin nu­tri­tion and ge­net­ics prod­ucts, and de­spite a £2.1 mil­lion re­duc­tion in the an­i­mal health di­vi­sion.

The in­crease in net debt to £41.3 mil­lion was as ex­pected, said the com­pany, pri­mar­ily due to £15.1 mil­lion cap­i­tal ex­pen­di­ture, which in­cluded in­vest­ment as­so­ci­ated with the field tri­als of Bench­mark’s new sea lice treat­ment.

The ad­vanced nu­tri­tion di­vi­sion saw 16 per cent growth, driven by high de­mand for spe­cial­ist di­ets and health prod­ucts in most mar­kets and par­tic­u­larly in In­dia.

There was also con­tin­ued de­mand for ge­net­ics prod­ucts, with rev­enue up 11 per cent.

Mal­colm Pye, CEO of Bench­mark, said: ‘The group has de­liv­ered good or­ganic rev­enue growth and im­prov­ing prof­itabil­ity on an ad­justed ba­sis, while we con­tin­ued to in­vest in our pipe­line of new prod­ucts and in­fra­struc­ture.

‘The out­look for the group is pos­i­tive as the driv­ers for our busi­ness are stronger than ever be­fore, with con­tin­ued growth in aqua­cul­ture and in­creas­ing recog­ni­tion from con­sumers, pro­duc­ers and reg­u­la­tors of the need for sus­tain­able so­lu­tions to en­able fu­ture growth.

‘Over­all, we re­main on track to achieve our ex­pec­ta­tions for the cur­rent year, and are con­fi­dent of Bench­mark’s ca­pac­ity to gen­er­ate at­trac­tive re­turns in the years to come.’

Above: Mal­colm Pye, CEO of Bench­mark

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