Benchmark Holdings PLC (AIM:BMK) reported more than 25% jumps in third-quarter sales and earnings and said the outlook for the remainder of the year was strong.
The aquaculture biotechnology group also revealed it made progress toward its planned listing on Euronext Growth Oslo that is expected by the end of the calendar year.
With this secondary listing a “first step” towards a listing on the Oslo Børs in 2023, the leading seafood and aquaculture listing venue in the world, the board said it intends to consult with shareholders on whether to maintain its AIM admission.
The 2023 fiscal year is expected to be “a transitional year” for the Health arm, Benchmark said, as it moves to a new business model where customers buying CleanTreat systems with the right to use and operate the systems under license
The company said it assumes transitioning some of the existing CleanTreat capacity to the new wellboat model will result in lower revenues in FY23 and will result in limited growth in adjusted EBITDA for the Health that year but “will be of strategic importance for the ongoing commercial roll-out of Ectosan Vet and CleanTreat”.
Medium term targets for the group and for Health remain unchanged, it said.
For the third quarter, revenues were £36.3mln, up 28% year on year, with Genetics revenues up 50%, Advanced Nutrition up 5% and Health revenues up 213%.
Adjusted EBITDA, excluding fair value movements from biological assets, rose 26% as a result of higher revenues, higher asset utilisation and cost discipline.
For the three quarters of the year to date, group revenues were 32% higher and adjusted EBITDA excluding fair value movements from biological assets was 99% higher.
Cash stood at £37.3mln and liquidity of circa £50mln as at 23 August 2022.