Benchmark cuts losses as group takes lead in aquaculture sector
BIOTECH FIRM Benchmark Holdings, which develops vaccines to keep fish healthy rather than using antibiotics to treat disease, has halved its interim losses as it gears up for growth.
The Sheffield-based firm said it helps make the food chain more ethically sound, economically viable and environmentally sustainable. Its major focus is on treating fish such as salmon at a time when fish has overtaken beef globally as a source of protein.
Benchmark anticipates making a pre-tax profit in 2019 after investing heavily in research and development in aquaculture (fish farming).
The group’s CEO Malcolm Pye said: “We saw a huge opportunity in aquaculture. The opportunity was so enormous to bring new technology in. We needed to inject much more money into research. We are now one of the biggest biotech players in aquaculture.”
Fish is a much more efficient protein than many meats, with salmon only requiring 1.1kg of feed to produce 1kg of protein whilst beef has a ratio that is closer to 8:1.
Benchmark has four divisions. Animal Health provides vaccines and non-antibiotic based treatments for health challenges such as sea lice in salmon. Its Breeding & Genetics division identifies helpful genetic properties such as meat yield and resistance to cold weather in brood stock and then produces fish eggs for farmers to meet their needs. In colder waters, it can breed salmon that can resist the cold.
Its Advanced Animal Nutrition division provides early stage nutritional products to the shrimp industry. Its Knowledge Services division acts as a consultant to firms including IKEA and M&S.