7th Nov 2018 10:20
LONDON (Alliance News) - Aquaculture health and nutrition firm Benchmark Holdings PLC said Wednesday it expects to record a significant increase in its annual revenue and earnings.
For the year ended September 30, Benchmark expects revenue to be above GBP150 million, up at least 7% on the prior year's GBP140.2 million.
Adjusted earnings before interest, taxes, depreciation and amortisation are expected to rise 65% to GBP16.5 million from GBP10.0 million reported a year before.
"2018 was a successful year for Benchmark with underlying earnings ahead of market expectations and delivery of strategic projects that will drive future growth and profitability," the firm explained.
In its Advanced Nutrition division, Benchmark said earnings growth was driven by sales of its premium specialist diets for shrimp, sea bass, and sea bream.
In Genetics, demand for the company's sea lice resistant eggs "outstripped supply", while in Health the company "achieved significant milestones" towards the full commercial launch of Ectosan Cleantreata, its sea lice treatment.
"We have now conducted 14 very successful trials in Norway with three of the world's leading salmon producers showing 100% efficacy and no environmental impact. Sea lice continues to be the single largest recognised challenge in the salmon industry, and feedback from customers point to the potential for broad adoption of our solution," Benchmark said.
Benchmark will publish its full-year results on January 24. Shares were trading down 0.5% on Wednesday at 60.18 pence each.
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