Benchmark Holdings PLC (AIM:BMK) saw revenue rise 17% year-on-year in the April-June quarter, with the group seeing strong performance across all business areas.
The aquaculture biotechnology business said revenue from continuing operations in what is the third quarter of the group’s fiscal year rose 25% on a constant exchange rates (CER) basis to £28.3mln from a restated £24.1mln in the same quarter of 2020.
Adjusted underlying earnings (EBITDA) jumped 110% (+ 123% CER) to £4.4mln from a restated £2.1mln the previous year. Excluding changes in the book value of biological assets, adjusted EBITDA was up 37% (CER: +47%) at £4.1mln from £3.0mln a year earlier.
The statutory loss before tax from continuing operations narrowed to £2.7mln from £6.2mln in the third quarter of the previous fiscal year.
The Advanced Nutrition business saw revenue rise 15% (CER: +20%) and adjusted EBITDA jump 39% (CER: +57%).
The Genetics division’s revenue rose 21% (CER: +18%) while adjusted EBITDA improved 83% (CER: +75%).
The Health unit’s revenue climbed 20% while the underlying loss narrowed to £1.2mln from the previous year’s loss of £1.3mln.
Net debt at the end of June stood at £76.1mln (£52.7mln excluding lease liabilities), compared to £54.7mln (£45.3mln) at the end of June 2020.
The group said it is trading in line with market expectations for the full year with good revenue visibility for the remainder of the year.
Looking forward to the next fiscal year, consistency in performance is expected to continue in Genetics and Advanced Nutrition, while Health should start to feel the benefit from the Ectosan Vet and CleanTreat revenue streams.
"We are very pleased with the results and progress in Q3 2021 and the subsequent period. Our three business areas performed strongly, and we achieved a major strategic milestone with the successful commercial launch of Ectosan Vet and CleanTreat. We now have the basis to have three profitable business areas moving the group closer to overall profitability,” said Trond Williksen, the chief executive officer.
"There is good momentum in the business following the streamlining exercise conducted in 2020 and the adoption of a new commercial focus. Our end markets are gradually recovering from the impact of Covid-19, creating a positive environment for our business. All this provides confidence in our ability to deliver full-year results in line with market expectations as well as progress in future years,” he added.
Shares in Benchmark were up 3.3% at 62p in the first hour of trading.