In an update ahead of its full year results for the year to 30 September 2021, Benchmark Holdings told investors that it has seen continued momentum following a positive 3Q21.
The aquaculture biotechnology business said it has delivered a stronger than expected trading performance across its three business areas driven by continued strong commercial focus, disciplined cost control as well as further recovery in the Company's end markets.
As a result, Benchmark has carried its recent positive financial results from 3Q into 4Q21.
The Group said its Advanced Nutrition business area has continued to deliver ‘excellent year-on-year growth’ while its Genetics business area delivered a strong end to the year.
Benchmark has also witnessed a strong performance across its Health business area while the Company achieved its first revenues from its sea lice treatment, Ectosan® Vet and CleanTreat®. All business areas delivered above expectations in September, it reported.
As a result, whilst still subject to audit, the Company noted that its Adjusted EBITDA for FY21 is expected to be significantly ahead of the current market consensus which is £15.9 million.
Chief Executive Officer of Benchmark Holdings, Trond Williksen, commented this morning: "We are pleased by the continuing momentum in the business, which reflects the benefits of our clear commercial focus, having streamlined the organisation, our continued disciplined approach to cost control and good demand for our products in our recovering markets.”
He added, "As a focused aquaculture biotechnology company with three strong business areas, we are well positioned to capture market opportunities and deliver profitable growth."
Last month, Benchmark announced to investors that the Aquaculture Stewardship Council (ASC), the world's leading independent certification scheme for farmed aquaculture, confirmed a score of 'zero' for the Company’s water purification system, CleanTreat®.CleanTreat® is a water purification system that removes medicines from treatment water before safely returning cleaned water to the sea. It also removes the organic material from treatment water, an essential step in combating parasitic resistance to medicines.
Following an extensive review, the ASC included CleanTreat® as a mitigation tool in its current 'Weighted Number of Medicinal Treatments'. ASC concluded that any treatments performed in a closed contained system, that then applies water purification steps to remove the veterinary medicine, will receive a score of 'zero' - the best score possible.
At the time, Benchmark said the news represented a major milestone for the Company since it is an encouraging endorsement of its CleanTreat® system. An ASC scoring of 'zero' for Benchmark's CleanTreat® system will support farmers in meeting key ASC criteria, providing a valuable tool, which does not increase the 'Weighted Number of Medicinal Treatments'.
It said the effective use of Benchmark's CleanTreat® will further enable the sustainable growth of the aquaculture industry whilst protecting the surrounding environment.
Williksen said: "Our mission is to drive sustainability in aquaculture and we are delighted to have received the highest recognition possible by the ASC for our CleanTreat® system.
We are proud to help farmers and the wider industry take a responsible approach to medicine use and are excited to play a major role in driving sustainability across the industry."
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