Benchmark drives sustainability in aquaculture by delivering products and solutions that improve farming efficiency and animal health and welfare for aquaculture producers.
Benchmark Holdings
Benchmark Holdings, the aquaculture biotechnology business, has published its unaudited results for the three months ended 31 December 2023, which constitute the first quarter for the fiscal year ("FY") 2024.
In more detail, the company has announced that Q1 FY24 revenues were £40.5m, 26% below Q1 FY23 (-19% CER). In addition, the adjusted EBITDA excluding fair value movements from biological assets was £7.5m (Q1 FY23: £12.5m) due to lower revenues partially offset by a reduction in operating costs.
Regarding this, CEO Trond Williksen said: "We have had a busy quarter where we have maintained momentum in our two largest business areas and the Group is on track to meet management's expectations for the year."
In addition, he noted: "We have good visibility of revenues in Genetics, continuing good performance in Advanced Nutrition, and have taken actions in Health to transition to a new business model for Ectosan® Vet and CleanTreat® which will increase its commercial attractiveness and strengthen our portfolio of sea lice solutions."
Despite the detection of the ISA virus (Infectious Salmon Anaemia) in a single tank at the Salten facility, according to the statement published, there was "no impact on the Company's ability to meet customer demand for salmon eggs."
Finally, Benchmark confirmed no additional indications of ISA at the facility or in the particular tank where the fish came from have been detected.
WeAreAquaculture reported in January that Benchmark is considering its strategic options, including a full or partial share of the company, after consulting with its major shareholders.
Therefore, the company entered an "offer period", where interested parties should contact Benchmark’s financial advisers, Evercore and Rabobank.
The sale process will involve a preliminary phase with an information pack and submission of non-binding indicative offers, followed by a selective second phase.