Why Sheffield-based biotech firm Benchmark has seen its earnings double

Biotech firm Benchmark Holdings saw its earnings double and its revenues lift by a third in the six months to March 31, 2022, as the business continued to benefit from its restructure.

The Sheffield-based aquaculture biotechnology business reported revenue growth of 33 per cent to £79.2m up from £59.5m in the first half of the previous year. While it also enjoyed a 100 per cent increase in adjusted EBITDA to £15.9m, up from £7.9m in 2021.

Benchmark also announced its unaudited results for the three months ended March 31, 2022. It represented a fourth consecutive quarter of year-on-year and quarter-on-quarter adjusted EBITDA growth.

Sign up to our Business newsletter

Trond Williksen, CEO of Benchmark, said: "Benchmark delivered an excellent performance in the first half of the year.

Benchmark Holdings.

“Evidence continues of the benefits of a restructured organisation with renewed commercial focus and financial discipline driving growth and returns.

“The group delivered strong double digit revenue growth across all our business areas, a doubling of adjusted EBITDA and a significant increase in adjusted EBITDA margin.

“Q2 represented the fourth consecutive quarter of substantial growth in the group's revenues and adjusted EBITDA.

“We have visible growth opportunities underpinned by existing infrastructure and are uniquely positioned in an industry with strong fundamentals driven by megatrends.”