StockMarketWire.com - Aquaculture technology firm Benchmark Holdings posted a 3% increase in first half revenue to £78.3m despite challenging conditions in the global shrimp markets, with growth in Genetics, Health and Knowledge Services more than offsetting a drop in advanced nutrition.

The company said full year results would be 'broadly in line with expectations'.

The company reported a £9.1m loss linked to increased depreciation following recent investments and higher finance costs, the previous half-year period also benefited from a £9.2m deferred tax credit.

Adjusted EBITDA increased by 25% to £7.5m (H1 2018: £6.0m) reflecting the contribution of higher value products, an increase in the value of biological assets as a result of growing sales and increasing capacity in Norway, and cost control.

Malcolm Pye, chief executive said: 'We have delivered growth in Adjusted EBITDA and made progress against our strategic priorities despite challenging conditions in the shrimp markets.

'We continue to implement operational and structural efficiency initiatives and we expect the Group to deliver broadly in line with market expectations for the full year.

'We are starting to see benefits from the investments we have made into a number of areas including our new facility in Salten, Norway.

'These investments, combined with the successful completion of our refinancing, leaves us well placed to deliver on our five year strategy to drive future growth and profitability.'




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