Benchmark Holdings PLC (LON:BMK), the aquaculture biotechnology company, saw growth in revenues and earnings in the six months to the end of March.
Revenue from continuing operations rose to £59.5mln from £56.2mln in the corresponding period a year earlier. Had exchange rates stayed the same from a year earlier, revenue would have been up 11% year-on-year at £62.3mln.
Adjusted underlying earnings (EBITDA) rose to £7.9mln (£8.7mln on a constant exchange rates, or CER basis) from £7.7mln a year earlier.
The statutory loss before tax from continuing operations narrowed significantly to £3.3mln from a loss of £13.4mln in the corresponding period of 2019/20.
Benchmark said its Advanced Nutrition business put in a strong performance while Genetics and Health enjoyed solid trading.
The second quarter of the financial year saw seasonal fluctuations in the Genetics business and a lower contribution from biological asset movements due to normalised biomass growth.
Operating cash outflow in the half-year totalled £1.5mln, including £7.2mln from an increase in working capital in line with expectations; a net cash outflow of £17.3mln includes a £9.1mln outflow from investing activities in the period and a £6.8mln outflow from financing activities, Benchmark said.
Net debt at the end of March was £56.5mln, versus net debt of £37.6mln at the end of September 2020.
Current trading is in line with management expectations with good visibility of revenues for the second half of the year.
Progress has been made towards the commercialisation of the BMK08 sea lice treatment and the CleanTreat water purification technology, Benchmark added.
"Benchmark has performed well in the first half and has made good strategic progress across our three business areas. This reflects our successful restructuring and the new focus and discipline on delivering on our strategic priorities to create profitable growth,” said Trond Wilkinson, the chief executive of Benchmark.
"Our financial discipline including cost containment and strict cash management enables us to invest selectively in our core business, strengthen our position in our markets and deliver on the growth opportunities ahead.
"As a leading aquaculture biotechnology company focused on delivering sustainable solutions, we are well positioned to make a positive impact on our industry and create value for all our stakeholders,” he added.