Benchmark Holdings PLC (AIM:BMK) released half-year results that were described as "excellent", including a 33% jump in revenue and a 100% rise in earnings (adjusted EBITDA) as the aquaculture biotech continued its emergence from its prior restructuring with “renewed commercial focus”.
In London, Benchmark shares advanced 4.65% to trade at 45p in Wednesday morning’s deals.
Revenue for the six months ended 31 March 2022 totalled £79.2mln (H1 2021: 59.5mln), driving £15.9mln of adjusted earnings (H1 2021: £7.9mln).
The company’s Advanced Nutrition business reported a 20% improvement in revenue with growth seen across all product areas – though a recovery in the shrimp market was highlighted – similarly, the Genetic business unit saw 20% revenue growth driven by higher harvest income and egg revenue.
Animal Health saw the best growth rate with its revenue up 358% thanks to the Ectosan Vet and CleanTreat product lines.
"Benchmark delivered an excellent performance in the first half of the year,” said chief executive Trond Williksen.
“Evidence continues of the benefits of a restructured organisation with renewed commercial focus and financial discipline driving growth and returns.”
Williksen added: “We have visible growth opportunities underpinned by existing infrastructure and are uniquely positioned in an industry with strong fundamentals driven by megatrends."
Looking ahead, Benchmark said it is trading in line with expectations whilst noting a strong outlook for salmon egg sales for the remainder of 2022, along with a "healthy" outlook for Advanced Nutrition and the company’s continued efforts to embed Ectosan Vet and CleanTreat into customers' sea lice strategies.