Benchmark Holdings PLC replenishes finances as seafood markets rebound
Benchmark Holdings PLC (AIM: BMK), the aquaculture specialist, has raised £ 20.7million through a placement to support the roll-out of its CleanTreat and Ectosan drinking water and sea lice treatments.
The shares were issued at 62 pence and the directors paid £ 0.2million.
The funding follows a resumption of trade following the launch of Clean Treat and Ectosan following regulatory approval and the start of a recovery in the shrimp market.
Revenue for the last quarter of the year ending in September jumped 48% to £ 37.3million, with sales for the year up 18% to £ 125million.
Underlying annual profits rose 34% to £ 19.4million thanks to the shrimp business while the genetics branch increased revenue by 15%.
Demand for salmon, sea bass and sea bream was also picking up, the Aim-listed group said.
Losses during the year fell to £ 11.6million from £ 31.9million, with the group posting small operating profit in the fourth quarter.
Trond Williksen, Managing Director, said: “2021 has been a very successful year for Benchmark with a lot of financial, operational and strategic accomplishments.
“The group achieved a solid financial performance in its three areas of activity, reflecting our new commercial orientation and supported by improving conditions, in particular in our important shrimp market which had been hit hardest by the pandemic. .
“Our activity is enjoying good momentum thanks to positive conditions on our markets which are contributing to a good start to the year in all areas of activity,” he added.