In its Annual Report and Accounts 2021, Benchmark announced that delivered a strong financial performance across its three business areas with revenue and adjusted EBITDA 18% and 34% above the previous year, respectively, reflecting its renewed commercial focus and supported by improving conditions in its core shrimp market.
“Strategically, we achieved an important milestone for the group and the aquaculture industry with the launch of our sea lice treatment Ectosan® Vet and CleanTreat®, a solution that addresses one of the largest sustainability challenges in salmon production as well as an important environmental challenge by avoiding ocean contamination. We continued to invest with discipline to grow organically in our core established areas including salmon genetics and Advanced Nutrition, as well as in new growth markets such as SPR shrimp and tilapia genetics,” said Peter George, Chairman at Benchmark in the report.
Advanced Nutrition reported revenue from continuing operations of £70.5m, 19% ahead of FY20 driven by increased sales in the three product areas, Artemia, Health and Diets, with significant growth in Asia, India and Indonesia in particular, offsetting a drop in the Americas due to poor market conditions, particularly in Ecuador. Adjusted EBITDA of £13.8m more than doubled (FY21: £6.4m) as a result of higher sales and margins and continued cost control.
“Our strategy in Advanced Nutrition is to stay highly specialized, addressing areas where our technology-rich solutions can have a significant impact for our customers. By focusing on the early stages of aquaculture production with specialized nutrition and health solutions we can increase the productivity and sustainability throughout the production cycle, creating value for our customers,” said Trond Williksen, CEO of Benchmark, in the report.