Benchmark ‘transformed’ by acquisition

THE Benchmark Group said 2016 was a ‘transformative’ year, which saw it encompass genetics, egg production, specialist nutrition and the provision of veterinary services and health products for the global aquaculture sector.

Revenue for the year was £109.4 million, compared to £44.2 million in 2015, but the operating loss was £20.5 million (£11.6 million) following the acquisition in December 2015 of Belgian fish nutrition firm INVE Aquaculture for around £230 million.

This created a new Advanced Animal Nutrition division and Benchmark now has a significant market presence in the three key aquaculture species – salmon, tilapia and shrimp.

INVE reported a turnover of £55 million, which Benchmark said was ‘in line with expectations’.

The company plans to continue ‘making value enhancing bolt-on acquisitions, and investing in some important strategic joint ventures to deliver significant synergies and sales growth’.

‘I am pleased to announce that the group has delivered a financial performance in line with the board’s expectations, in a transformational year,’ said Malcolm Pye, Benchmark CEO.