Weak shrimp markets and pandemic weigh on Benchmark Holdings results

Benchmark, the aquaculture health, genetics and advanced nutrition business, has announced its unaudited interim results for the six months ended March 31 2020.

The company said its first half results reflected a good performance in genetics driven by successful ramp-up of its Salten facility and continued impact of weak shrimp markets and Artemia oversupply in its advanced nutrition business.

The group reported revenues from continuing operations in the first half of £57.0m, compared with a restated figure of £67.4m in the same period the year before.

Peter George, executive chairman, commented: “Our results for the first half of the year were disappointing reflecting the weakness in the shrimp markets and oversupply of Artemia, and the additional challenges of Covid-19 in the latter part of the period.

"Our salmon business has been more robust in the face of the global lockdown with good visibility, and this, together with a solid cash position after our fundraising in February and our cash conservation plan, gives us confidence in managing Benchmark through this crisis.

“Our priority continues to be on completing the restructuring of the group to focus on our core aquaculture disciplines, reducing our cost base, increasing efficiency and transitioning from R&D investment into profitability.

"Longer term the fundamentals of our business are very attractive with an increasing need for products and solutions that enable sustainable food production.

“I am delighted to welcome Trond Williksen as CEO of Benchmark who brings deep, relevant aquaculture expertise and has proven operational, strategic, M&A, and managerial experience spanning both producers and technology providers in the industry.”

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