The Group achieved good growth in revenues and underlying earnings and made substantial progress in implementing its strategy.
“2018 was a successful year for Benchmark. The Group achieved good growth in revenues and underlying earnings, and made substantial progress in implementing its strategy. Particular highlights in the year included the successful commercial scale trials for our next generation sea lice treatment, the opening of our state of the art salmon egg facility in Norway, and the successful trials for our disease resistant shrimp in three Asian markets” said Malcom Pye, Benchmark CEO. Total group adjusted EBITDA was up to £17.0m from £10.1m in 2017, an increase of 68%
Advanced Nutrition business has strong growth in established markets driven by sales of premium specialist diets for shrimp, new hatchery and nursery feeding protocols for inducing faster growth of sea bass/bream fry and good harvest of Artemia at the Great Salt Lake in Utah.
During 2018 Benchmark launched four new products, Easy Dry Selco and NATURA for marine fish and Sanocare FIT and Sanolife PRO-2 for shrimp and increased market penetration due to China Shrimp Breeding Innovation Alliance and the Thai awarded factory that allows Benchmark exports to Ecuador.
Over the next 18 months Benchmark expects to see their investment in a number of areas, such as next generation sea lice treatment, disease resistant shrimp, new aquaculture vaccines and probiotics, together with a new facility in Norway, starting to deliver, resulting in high growth in revenues, attractive margins and cash generation, which will increase financial flexibility and deliver attractive shareholder returns.
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