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Benchmark Holdings plans acceleration of restructuring and cost saving plans

The company said it is “in a stronger financial position” to prepare for the launch of its BMK08 sea lice treatment following a £42mln fundraising earlier this week

Benchmark Holdings PLC - Benchmark Holdings plans acceleration of restructuring and cost saving plans

Benchmark Holdings PLC (LON:BMK) is planning to accelerate its restricting and cost savings plans as it reiterated that it anticipates meeting expectations for its full year.

In an outlook statement accompanying its results for the three months ended 31 December, the AIM-listed firm said trends in its genetics and health business continue to be positive and that following a £42mln fundraising on Thursday it is “in a stronger financial position” to prepare for the launch of its BMK08 sea lice treatment.

WATCH: Benchmark team discuss £43mln raise and commercial development of CleanTreat

Executive chairman Peter George noted that the impact of the coronavirus on the company was “minimal” and that the firm remained “on track” to complete planned disposals in 2020 accelerate restructuring to “offset the ongoing adverse conditions in Advanced Nutrition and deliver on expectations for the full year”.

In the figures, Benchmark reported a loss before tax from continuing operations of £5.9mln, flat year-on-year, while revenues fell to £25mln from £29.6mln.

George said the quarter had seen a continuation of trends reported at the end of its previous financial year, with “weak shrimp and Mediterranean seabass/bream markets” affecting the company’s advanced nutrition business and outweighing a good performance in genetics.

Quick facts: Benchmark Holdings PLC

Price: 30 GBX

AIM:BMK
Market: AIM
Market Cap: £200.28 m
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Benchmark Holdings 'in a strong cash position' and focused on servicing its...

Benchmark Holdings PLC's (LON:BMK) chairman Peter George and CFO Septima Maguire talk Proactive London's Andrew Scott through the measures they've put in place to deal with the uncertainty and disruption around the recent virus outbreak. Having raised £42mln through a share placing and open...

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