Benchmark obtained better results than expected in the year finishing on September 30.
Benchmark achieves higher than expected growth
Friday, November 09, 2018, 02:50 (GMT + 9)
Benchmark achieved a significant growth and higher profits than expected in the year ended September 30 and the Group's Board expect the startegic projects being developed will drive its development and profitability in the future.
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The Group reported that its profits increased by 7 per cent from the same period in 2017, to GBP 150 million and the adjusted EBITDA grew by 65 per cent, to GBP 16.5 million. This result was attributed to strong performance in Advanced Nutrition and Genetics driven by increased sales of their innovative products, and very encouraging progress in AquaHealth.
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"We performed well during the year. We have delivered revenue and profit growth, while undertaking significant strategic projects that have enhanced our position in our key markets and provide a strengthened platform for the future,” stated Malcolm Pye, Chief Executive of Benchmark.
"This together with the continued progress in our pipeline and corporate structure leaves us well placed to address the significant opportunities in our markets, which have stronger drivers than ever before amid increasing recognition from consumers, producers and regulators of the need for sustainable aquaculture solutions," the executive added.
Representatives of the firm pointed out that in Advanced Nutrition, earnings growth was driven by sales of their premium specialist diets for shrimp and sea bass and sea bream.
In Genetics, their investment in developing disease resistant salmon eggs has translated into their continued market penetration and growth, with demand for their sea lice resistant eggs outstripping supply.
“Our recently completed Salten facility is designed to address this demand and allow for further growth,” it was stressed in the Group’s statement.
In Health, the Group achieved significant milestones towards the full commercial launch of Ectosan Cleantreatâ, their sea lice treatment.
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From the company, it was explained that they have now conducted 14 very successful trials in Norway with three of the world's leading salmon producers showing 100 per cent efficacy and no environmental impact.
During the period, the Group concluded and progressed a number of strategic projects, among which the Group highlights a joint venture in Chile (with salmon producer AquaChile) and the start of salmon egg production in Salten facilities, Norway.