Bench­mark re­ports earn­ings rise

Fish Farmer - - News United Kingdom -

BENCH­MARK, the aqua­cul­ture health busi­ness, has re­ported a 65 per cent growth in its an­nual earn­ings be­fore tax (EBITDA), to £16.5 mil­lion.

In a trad­ing up­date for the year ended Sep­tem­ber 30, 2018, the com­pany recorded rev­enues above £150 mil­lion (2017: £140.2 mil­lion), a growth of seven per cent.

Un­der­ly­ing earn­ings were ahead of mar­ket ex­pec­ta­tions and de­liv­ery of strate­gic projects will drive fu­ture growth and prof­itabil­ity, said Bench­mark in a press re­lease.

It saw progress in all the key ar­eas of its busi­ness, with de­mand for sea lice re­sis­tant salmon eggs out­strip­ping sup­ply.

The com­pany’s new fa­cil­ity in Sal­ten in Nor­way has boosted in-house ca­pac­ity for egg pro­duc­tion by 75 per cent, and in June it en­tered into a breed­ing and ge­net­ics joint ven­ture with AquaChile.

Bench­mark also said its new sea lice treat­ment, Ec­tosan Clean Treat, showed 100 per cent ef­fi­cacy, with no en­vi­ron­men­tal im­pact, after 14 tri­als with ma­jor salmon pro­ducers.

The com­pany strength­ened its board and man­age­ment team and im­ple­mented a new op­er­a­tional struc­ture dur­ing the year.

The out­look is pos­i­tive, said Bench­mark, with favourable con­di­tions in core salmon and shrimp mar­kets, and ‘an in­creas­ing trend to­wards pro­fes­sion­al­i­sa­tion and con­sol­i­da­tion amongst cus­tomers’.

‘This, com­bined with an in­creas­ing recog­ni­tion of the role that our in­no­va­tive prod­ucts can play in boost­ing yield, qual­ity and sus­tain­abil­ity, pro­vides us with con­fi­dence in the fu­ture out­look.’

Above: Mal­colm Pye

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.