Benchmark Holdings plc, an aquaculture biotechnology company, has announced its full-year audited results for the financial year ended 30 September 2023. The company reported a 7% increase in revenue from continuing operations, with strong performances in all business areas. Advanced Nutrition saw a strong performance in challenging shrimp markets, Genetics achieved record salmon egg sales, and Health experienced growing adoption of its sea lice solution and increased sales of its veterinary products. Adjusted EBITDA from continuing operations increased by 15%, and adjusted operating profit increased by 36%. The company also saw a significant improvement in cash generation and a reduction in net debt.
In terms of business area performance, Genetics achieved revenue growth of 14%, Advanced Nutrition saw a slight decrease in revenue of 2%, and Health achieved revenue growth of 27%. Adjusted EBITDA for Genetics decreased by 10%, while Advanced Nutrition saw a decrease of 3%. However, Health achieved a significant increase in adjusted EBITDA of 4,295%.
In terms of operational highlights, Advanced Nutrition focused on commercial activities and implemented a program of operational efficiencies. The company also launched an AI-enabled live feed counting tool and established new R&D collaborations. Genetics achieved record sales of salmon eggs and acquired the remaining minority interest in Benchmark Genetics Iceland. The company also expanded its R&D team.
Overall, Benchmark Holdings plc reported a third consecutive year of financial and strategic delivery, with revenue growth, improved profitability, and progress towards profitability. The company has taken strategic steps to streamline and integrate the group, positioning it for the next phase of growth.