StockMarketWire.com - Benchmark, the aquaculture biotechnology and food chain sustainability business, saw revenues rise to £109.4m in the year to the end of September, up from £44.2m in 2015.

Earnings before interest, tax, depreciation and amortisation from trading activities increased to £22.3m from £2.4m and the group posts adjusted EBITDA of £9.2m against a loss of £5.7m a year ago.

Operating losses rose to £20.5m - up from £11.6m last time.

Chief executive Malcolm Pye said the group had delivered a financial performance in
line with the board's expectations, in a transformational year.

He said: "Our strategy of diversification has mitigated the impact of environmental headwinds such as the drought caused by El Niño and the temporary Chilean border closure.

"Our acquisition strategy has already begun to show its strategic worth, providing access to a wider client base and technical insight which is enhancing our existing suite of products, as well as an established distribution network into fast growing markets.

"We continue to execute our strategy of deploying world leading technology through established distribution channels into long term growth markets.

"As planned, we have been investing in manufacturing capacity this year in order to serve our fast growing portfolio of products, with our state-of-the-art plant in Braintree in its commissioning phase.

"This increased capacity will allow us to deliver our product pipeline which continues to progress well, with a number of products expected to enter commercialisation from 2017 to 2019.

"Seafood is becoming a more desirable and important component of diets across the world, driven by increasing health, wealth and the limitations of the current food chain.

"We are now the world's biggest player in aquaculture biotechnology, placing us at the forefront of this 'Blue Revolution'."






At 8:18am: [LON:BMK] Benchmark Holdings Plc Ord 0.1p share price was -0.5p at 92.5p



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