StockMarketWire.com - Aquaculture health, nutrition and genetics business Benchmark reported narrower third-quarter losses, underpinned by higher revenue and margins in its genetics business.

For the 3 months ended 30 June 2020, pre-tax losses narrowed by 69.2% to £8.5m on-year as revenue increased to £24.5m from £22.8m.

The uptick in revenue reflected higher revenues, higher margins in its genetics business as external production moved in-house, and a reduction in operating costs and R&D expenses from measures taken during Covid-19, the company said.

In the year through the end of June, revenue was down 9.4% on-year, driven by the impact from weak shrimp markets which offset a strong performance in genetics and an improvement in animal health driven by cost savings, it added.

Looking ahead, the company said it expected to deliver annual performance in line with market expectations even as weak shrimp markets looked set to continue.

'Salmon industry remains resilient and sea bass/bream markets stable; however, conditions in the shrimp market continue to be challenging, and we expect these trends to continue in FY21,' Benchmark said.



Story provided by StockMarketWire.com