StockMarketWire.com - Nutrition business Benchmark reported wider half-yearly losses as weak shrimp markets and rising competition dented performance in its advanced nutrition business.
For the six months ended 31 March 2020, pre-tax losses widened to £18.9m from £6.2m on-year as revenue fell dropped to £57m from £67.4m.
Advanced nutrition revenues fell 23.5% to £31.3m, reflecting an 'ongoing weak shrimp market with low shrimp prices, continued competition in Artemia leading to significantly lower Artemia volumes and prices,' the company said.
'We expect market conditions in shrimp and the operational and economic effects from the Covid-19 pandemic to continue to impact our advanced nutrition business for the rest of the financial year,' the company said.
'In line with the market we expect an average three-month lockdown phased in territories across the globe, followed by a gradual six to twelve month recovery period. In territories coming out of lockdown we are starting to see cautious signs of recovery,' it added.
At 9:41am: [LON:BMK] Benchmark Holdings PLC share price was 0p at 30p
Story provided by StockMarketWire.com
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