26th May 2016 10:10
LONDON (Alliance News) - Biotechnology and food chain sustainability business Benchmark Holdings PLC on Thursday said trading in the first half of its financial year was in line with management expectations.
Benchmark said the integration of nutrition and health products company INVE, which it bought in late 2015, is progressing well, with operational synergies being realised to support the launch of Benchmark's new aquaculture vaccines and use of INVE's products in the breeding and genetics division's lumpfish programme.
The advanced animal nutrition division performed slightly ahead of management's expectations, Benchmark said, while the animal health, sustainability science and technical publishing divisions all performed in line.
Benchmark added that its development pipeline is progressing well, with a new aquaculture vaccine targeted at the Mediterranean region expected to be commercialised this year.
On a more negative note, the breeding and genetics division had a difficult first half, in line with previous guidance, as a result of the closure of the Chilean border to Icelandic salmon eggs. Recovery was slower than anticipated, aggravated by lower stocking in the Chilean industry in response to environmental challenges, Benchmark said, which significantly hit sales.
However, this underperformance was balanced by positive performances from the other divisions, Benchmark said.
"Having completed the process of creating a scalable group structure, the outlook for Benchmark is extremely promising. With all of the pressures being placed upon these industries, we are an increasingly important partner to our customers. Against this backdrop, we will continue our work to achieve our long term potential and create value, by launching the new products our customers urgently need and growing sales," Chief Executive Malcolm Pye said in a statement.
Benchmark will release its first-half results for the six months ended March 31 on June 28.
Shares in Benchmark were trading up 1.1% at 53.60 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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