Benchmark monitors virus effect as the shrimp market weakens

BENCHMARK HOLDINGS, the aquaculture health, nutrition and genetics business, said that it was monitoring the potential impact of the coronavirus on its business.

The Sheffield-based company develops vaccines to keep fish healthy rather than using antibiotics to treat disease Benchmark Holdings said its first quarter results were impacted by continuing market weakness in its advanced nutrition business.

As a result, group revenues from continuing operations were 15.5 per cent below the prior year.

To date, the coronavirus has led to a suspension of shrimp imports to China, affecting shrimp producers principally in Ecuador and India.

Shrimp production in Vietnam and Thailand has decreased as a result of preventative measures constraining activities and consumption across Asian markets has declined, Benchmark said.

Peter George, the executive chairman, commented: “As expected, our first quarter saw a continuation of the trends reported at year end, with weak shrimp and Mediterranean sea bass/bream markets affecting Advanced Nutrition and outweighing a good performance in Genetics.

“So far the impact from coronavirus has been minimal but we remain cautious given our exposure to the Asian end markets.

“The submission of our regulatory dossier for BMK08, our novel sea lice treatment, is a significant milestone.”

Mr George added yesterday: “Following the recent fundraise we are in a strong financial position to prepare for the commercial launch. We remain on track to complete our planned disposals in 2020.”