Benchmark Holdings PLC (AIM:BMK), the aquaculture biotechnology business, said it is trading in line with expectations following a good performance in the final quarter of 2021.
Group revenues were up 38% year-on-year with all three parts of the business showing “good growth”: Advance Nutrition (+26%); Genetics +20% and Health (+347%).
All divisions were profitable in the quarter, contributing to underlying earnings (EBITDA) of £7.4mln, up 145% on the same period of the previous year. The EBITDA margin in the period surged to 18.6% from 10.4% the year before.
The reported loss before tax was £3.7mln, versus a loss a year earlier of £0.5mln.
Net debt narrowed to £64.3mln from £80.9mln at the end of September after the company tapped the market in November.
"Benchmark has delivered an excellent Q1 performance, reporting a 38% annual growth in revenue and 145% increase in adjusted EBITDA,” said Trond Williksen, the chief executive officer of Benchmark.
(The final quarter of the calendar year is the first quarter of Benchmark’s fiscal year).
“This reflects an excellent performance in Advanced Nutrition, continued good performance in Genetics and the benefit of revenues from the recently launched Ectosanâ Vet and CleanTreatâ in our Health business area.
"We are performing in line with market expectations for the full year, with building momentum in our commercial, operating and financial performance in all business areas. The positive market environment in our core species, our leading market positions, together with our focused strategy and financial discipline positions the group well to reach profitability and deliver growth," Williksen said.