28th Feb 2020 15:29
(Alliance News) - Aquaculture business Benchmark Holdings PLC on Friday reported a first quarter revenue fall, driven by weakness in its Advanced Nutrition unit.
In the three months to December 31, revenue was 16% lower year-on-year at GBP25.0 million from GBP29.6 million. Its pretax loss was unchanged at GBP5.9 million.
Benchmark swung to a loss before interest, tax, depreciation and amortisation of GBP2.1 million from earnings of GBP2.3 million in the year prior.
In Advanced Nutrition, revenue was 28% lower at GBP11.4 million from GBP15.9 in the first quarter of last year.
In Genetics, revenue was 2.5% higher year-on-year at GBP12.1 million. In Animal Health, revenue nudged down 2.9% to GBP3.4 million.
Executive Chair Peter George said: "As expected, our first quarter saw a continuation of the trends reported at year end, with weak shrimp and Mediterranean seabass/bream markets affecting Advanced Nutrition and outweighing a good performance in Genetics."
The company added it is "monitoring" the impact from the spread of the coronavirus, which Benchmark said has led to the suspension of shrimp imports to China. The firm said this has mainly hurt shrimp producers in Ecuador and India.
George added: "So far the impact from coronavirus has been minimal but we remain cautious given our exposure to the Asian end markets."
Shares in the company were 16% lower at 32.00 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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