Aquaculture biotechnology company Benchmark reported “strong” full-year results until September, with revenue from continuing operations increasing 18% to almost u$ 167 million, or 24% at constant exchange rates. It recorded also a strong trading performance, with strategic progress across its three business areas.
The firm reports its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was ahead 34% for the year ended 30 September at almost u$ 167 million. It recorded also a strong trading 26 million, or 43% at constant currency, which it put down to its “transformation” and “focused” strategy.
In advanced nutrition, Benchmark returned to growth thanks to a renewed commercial focus and a recovery in shrimp markets, with revenues improving by 19%, explain Sharecast.com.
As they said in the new report, genetics saw continued revenue growth of 13%, or 15% at constant currency, with “significant” investment made, and progress reported towards its growth opportunities. In health, Benchmark launched a new sea lice solution ‘Ectosan Vet’, as well as ‘CleanTreat’ in Norway and achieved first sales, with the treatments said to be delivering “excellent” efficacy.
“Benchmarks directors told that it made “disciplined” investment in growth areas during the year, with capital expenditure totaling 31 million dollars.“
“2021 was a very successful year for Benchmark with much accomplished financially, operationally and strategically, said chief executive officer Trond Williksen. “The Group delivered a strong financial performance across its three business areas reflecting our new commercial focus and supported by improving conditions, particularly in our important shrimp market which had been hardest hit by the pandemic”, he added.
Williksen said there was a “good momentum” in their business, “helped by positive conditions in our markets contributing to a good start to the new financial year across all business areas, consistent with our outlook for the year as a whole”.
In his opinion, “the aquaculture industry increasingly recognizes the importance of an integrated approach to sustainability across the value chain which Benchmark is uniquely positioned to deliver through our range of solutions, underpinning our focus on delivering profitable growth.”
20 years driving improvements
Founded in 2000, Benchmark was established to drive improvements in the food supply chain. Since then, the company has been built through organic innovation and strategic acquisitions. In 2013, they listed on the AIM market of the London Stock Exchange.
Their mission, they think, is to enable aquaculture producers to improve their sustainability and profitability. The company develop products and solutions in genetics, health and nutrition that improve performance, animal health and welfare, and reduce environmental impact across the aquaculture production cycle. Their aim is “to be aquaculture’s leading supplier of solutions in genetics, health and advanced nutrition”.
“Benchmark are present in multiple major aquaculture market and species, focusing on three: salmon, shrimp, bass/bream. Their locations are in Norway, Iceland, Colombia, Chile and the United States.“
They think they have laid solid foundations for their business with a clear strategy, financial discipline, culture and operational focus. “Together with the good momentum we are seeing in each of our business areas and the growing need in our markets for sustainable aquaculture solutions, this creates a positive outlook in the near and the long term. We remain focused on becoming profitable and on delivering profitable growth for our shareholders through disciplined investment”.
“The aquaculture industry increasingly recognizes the importance of an integrated approach to sustainability across the value chain which Benchmark is uniquely positioned to deliver through our range of solutions, underpinning our focus on delivering profitable growth”.
Ectosan Vet authorized in Norway
Last July, the company was pleased to announce that their creation, Ecotsan Vet, has received Marketing Authorisation (MA) from the Norwegian Medicines Agency. “The granting of the MA is a major milestone and a transformational solution for the salmon industry, supporting sustainable growth by reducing the economic and operational impact of sea lice whilst improving fish welfare and protecting the environment”.
Sea lice, they explained, are one of the biggest biological challenges in salmon farming, estimated to cost producers more than one billion dollars annually, and 600 million dollars in Norway alone. Ectosan Vet is now the first sea lice veterinary medicinal treatment to be introduced to the Norwegian salmon market in over a decade.