Benchmark earnings ahead of expectation

BIOTECH business Benchmark Holdings has reported earnings of £10m, ahead of previous expectations.

Malcolm Pye of Benchmark Holdings

The Sheffield-based firm, which develops vaccines to keep fish healthy rather than using antibiotics, said the increase was driven by positive trading in genetics and advanced nutrition.

Benchmark posted revenues of £138m, in line with market expectations, with like-for-like revenues up by 21 per cent.

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Malcolm Pye, chief executive at Benchmark said: “Benchmark has delivered organic growth and has achieved significant operational milestones, whilst continuing to invest in the development of its pipeline and infrastructure despite the challenges faced through the year. These, together, position us as a leader in one of the fastest growing segments in the food industry with great opportunities for further robust growth in the future.”

Benchmark also reported strong sales growth with a 49 per cent increase driven by increasing demand for salmon products, with sales in salmon eggs up on prior year in every major market

Continued signs of recovery in key shrimp markets resulted in strong growth in sales of compound hatchery diets and health products. It currently has a pipeline of 46 products in process, of which five are in regulatory phase, and 10 are in pre-regulatory development trials.

It will announce its full year results on January 23.