27th Nov 2020 11:55
(Alliance News) - Benchmark Holdings PLC on Friday reported a narrowed loss in the fourth quarter of its financial year, as revenue continued to grow due to a good performance in Genetics.
Benchmark develops treatments and preventative measures for diseases in farmed fish. It also develops disease-resistant salmon and shrimp.
The company reported that its pretax loss of GBP2.9 million in the three months ended September 30, narrowed from restated GBP46.9 million in the same period last year.
Group revenue decreased by 29% to GBP25.2 million from restated GBP35.6 million in the same period of 2019. This decrease was a result of the impact of weak shrimp markets.
However, Benchmark said it had a continued good performance in its Genetics division, with revenue 18% ahead of the prior year. It also had a reduction in operating costs and research and development expenses due to measures taken during the Covid-19 pandemic.
During its 2020 financial year, the company saw its pretax loss narrow to GBP22.6 million from restated GBP58.5 million. Revenue decreased by 15% to GBP105.6 million from restated GBP124.0 million.
Benchmark said that the shrimp market continues to be challenging as a result of Covid-19, with low demand and prices which have significantly affected major producing countries. The salmon industry continues to be resilient however, with the sea bass and sea bream market staying relatively stable.
Looking ahead, Benchmark said "whilst the outlook for the shrimp market retains some uncertainty, the outlook for the salmon sector (underpinning the Genetics and Health businesses) remains positive and the directors therefore believe that large parts of the group are well placed to deal with the uncertain global economic future ahead."
Shares in Benchmark were down 3.5% at 55.00 pence in London on Friday.
By Zoe Wickens; [email protected]
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