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Benchmark Holdings highlights positive start to current financial year as it swings into profit

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Benchmark Holdings PLC (LON:BMK) said it had made a “positive start” to its current year as it swung into profit in its first quarter.

In its results for the three months to December 31, the aquaculture specialist reported an adjusted operating profit from continuing operations of £1.3mln compared to a £1.1mln loss a year ago, while revenues climbed to £29mln from £24.7mln.

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The company attributed the improved performance to a 32% jump in revenues from its Advanced Nutrition business following what it said was “slight improvement in certain markets” where coronavirus (COVID-19) restrictions have eased, alongside continued good performance in its Genetics segment and in-line revenues in its Health business.

Looking to its current performance and outlook, Benchmark said trading is “in line with market expectations” and that its Advanced Nutrition segment was still seeing resilient trading despite “continued challenging market conditions”.

The firm also said it saw “good visibility” of revenues for the Genetics arm in the coming year which it said is “underpinned by long production cycle in salmon and a resilient salmon industry”.

“We have had a positive start to 2021 with good trading, improved [first quarter] profitability and delivery against our strategic priorities in each of our three business areas. The benefits of operating as a streamlined, increasingly integrated aquaculture business are starting to be realised. Our focus remains on becoming sustainably profitable, maintaining financial strength through the ongoing pandemic and continuing to invest selectively in our business to deliver future growth”, Benchmark chief executive Trond Williksen said in a statement.

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