Benchmark Holdings PLC (AIM:BMK) has confirmed it expects to deliver better-than-expected trading across its three business areas in the fourth quarter.
In a trading update ahead of its full-year results for the year ended 30 September 2022, the aquaculture biotechnology business said it anticipates reporting adjusted EBITDA of between £30mln and £31mln, well ahead of market predictions of £27.7mln.
The company said it ended the year strongly, with its genetics and advanced nutrition areas trading above expectations and its higher health revenues reflecting increased activity and customer uptake.
"We are pleased by the strong end to the year, which is a continuation of the consistent performance in the business over the last eight quarters,” said Trond Williksen, Benchmark's chief executive, in the statement.
The company is progressing towards a listing on Euronext Growth Oslo by the end of 2022, while it intends to be accepted on the Oslo Børs, the leading seafood and aquaculture market globally, in H1 of calendar year 2023, with timing subject to market conditions, it added.
Benchmark said it has made a good start to full-year 2023, with trading over the first few weeks strong across all its three business areas.
“Benchmark is a well-positioned, diversified business able to take advantage of commercial opportunities in the main aquaculture species across the world and to benefit from the underlying megatrends in the industry, which will support the Group's sustainable growth over the medium and long term,” Williksen noted.
The company said its September Capital Markets Day and site visit, which was attended by a broad range of analysts and investors, received positive feedback.
Despite these positive trends and developments, it also noted heightened volatility in debt and currency markets, which impacted financing costs including the currency revaluation of debt.
Benchmark shares rose 3.1% to 38.9p in early trading on Monday morning.