Benchmark announced today its interim results for Q2 2023. The group delivered positive results, with revenue growth of 25% and strategic progress in all business areas.
"Benchmark had an excellent first half, delivering double-digit growth. We continue to focus on achieving profitability and cash generation whilst making good progress toward our medium-term objectives. We remain on track to deliver strong growth for the year in line with market expectations," said Trond Williksen, the CEO.
The excellent results have been driven by good performance in different business areas. These include a 25% growth in revenues, totaling £98.9 million (EUR 113.79 million/USD 122.63 million), and a 39% increase in EBITDA, resulting in £22.1 million (EUR 25.43 million/USD 27.4 million).
Moreover, its market expectations point to continued growth in 2023, where sales of salmon eggs from Norway and Iceland are expected to stand out. Regarding other species, on the one hand, shrimp market conditions are expected to remain unchanged in the short term, well positioned to gain resilience and market share. On the other hand, the context is positive in the Mediterranean marine fish market.
"Our fundamentals are strong and we have significant opportunities to continue building our track record of consistent growth. Aquaculture is a growth industry, supported by robust megatrends. Benchmark is well positioned to play an important role in helping the aquaculture industry deliver sustainable growth and meet the needs of a rising population," said Williksen.
There are further achievements to highlight, including those related to genetics. Salmon, the core of the business, continued its strategic progress, with revenues up 30%, driven by higher sales of salmon from Norway and Iceland. The total has now reached 181m salmon eggs sold.
Meanwhile, trade in Chile continues to advance and gain customers, and even Benchmark's salmon obtained the "disease-free compatibility status" from the Chilean regulation. Therefore, this strengthens the biosecurity that will allow the export of salmon eggs from Chile or the completed configuration at the facilities in Norway.
Finally, the total salmon egg capacity with 400 million eggs: 150 million in Norway, 200 million in Iceland, and 50 million in Chile. Currently, a scientific team is working on further positioning new technologies to improve genotyping capabilities.
Benchmark is a market leading aquaculture biotechnology company. Benchmark's mission is to drive
sustainability in aquaculture by delivering products and solutions in genetics, advanced nutrition and
health which improve yield, growth, animal health and welfare. They concentrate on three interrelated business sectors: Genetics, Health, and Advanced Nutrition. There are the main points in the productivity and sustainability of aquaculture throughout the production cycle.
Finally, through a global footprint in 26 countries and a broad portfolio of products and solutions, Benchmark
addresses the major aquaculture species in all the major aquaculture regions around the world.