Benchmark Holdings set to deliver full year results ahead of market expectations

The company said it ended the year strongly, delivering better than expected trading across its three business areas in the fourth quarter.

As a result, the Sheffield-based company expects to report adjusted EBITDA in the range of £30m to £31m, which is ahead of consensus market expectations of £27.7m.

Benchmark has a broad portfolio of products and services, including salmon eggs, live feed (Artemia), specialist diets, probiotics and sea lice treatments.

In a statement, Benchmark said: “Genetics ended the year above management expectations, benefitting from strong demand for our salmon eggs in Q4 (the fourth quarter), which we were able to fulfil through our recent investment in a new bio-secure incubation centre in Iceland.

"Advanced Nutrition saw a continuation of the excellent performance throughout the year, delivering revenues ahead of plan across all product areas. In health, revenues from Ectosan Vet and CleanTreat reflect increased activity and customer uptake as we move into the main sea lice treatment season.”

The company’s net debt excluding lease liabilities on September 30 was £47.5m.

The statement added: “The company has continued to progress towards a listing on Euronext Growth Oslo by the end of calendar year 2022.

"The company intends to uplist to the Oslo Børs, the leading seafood and aquaculture market globally, in H1 (the first half) of the calendar year 2023.

"The timing of both the listing on Euronext Growth Oslo and intended uplist to the Oslo Børs are subject to market conditions.”

The company said trading over the first few weeks of the new financial year has remained strong across all three of our business areas.

The statement added: “The board is confident about the group's prospects for FY23 and beyond, delivering significant operational and financial progress and substantially improving our reported performance and cash generation.”

Trond Williksen, the company’s CEO, commented: "We are pleased by the strong end to the year, which is a continuation of the consistent performance in the business over the last eight quarters.

"Looking ahead, we have had a good start to FY23 and the outlook for the business remains positive.

He added: “Benchmark is a well-positioned, diversified business able to take advantage of commercial opportunities in the main aquaculture species across the world and to benefit from the underlying megatrends in the industry, which will support the group’s sustainable growth over the medium and long term.”