Benchmark narrows losses in FY2023 despite drop in earnings in Q4

A vessel with Benchmark's CleanTreat system installed.

Sheffield, U.K.-headquartered aquaculture biotechnology company Benchmark Holdings recorded revenue growth and improved profitability across all of its business areas, as well as lower losses compared to previous periods, for the fiscal year ending 30 September 2023, despite facing some challenging conditions – particularly within the global shrimp market.

Company-wide revenue for Benchmark in 2023 increased 7 percent year over year to GBP 169.5 million (USD 214 million, EUR 197.7 million), and its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) climbed 15 percent to GBP 35.6 million (USD 44.9 million, EUR 41.5 million). Its adjusted operating profit also rose 61 percent to GBP 14.7 million (USD 18.6 million, EUR 17.1 million) in the period.

However, the company posted a statutory operating loss of GBP 21.6 million (USD 27.2 million, EUR 25.2 million), including discontinued operations, in FY 2023. That total includes an operating loss from continuing operations of GBP 5.3 million (USD 6.7 million, EUR 6.2 million).

Those totals are an improvement compared to the loss of GBP 30.5 million (USD 38.4 million, EUR 35.6 million), and GBP 6.2 million (USD 7.8 million, EUR 7.2 million), respectively, in FY2022. The company said it recorded lower losses despite increased inflationary pressure, which affected production costs and margins. It was also able to lower its net debt to GBP 65.5 million (USD 82.5 million, EUR 76.5 million), down from GBP 73.7 million (USD 92.8 million, EUR 86 million) in 2022.

“If you look at the key financial metrics of the group, we have improved all of them during the last financial year,” Benchmark CEO Trond Williksen said. “Given the market conditions that we have been through during the year, we are satisfied with the progress we have been able to achieve.”

Despite a difficult Q4 2023, which saw the company’s revenue and adjusted EBITDA drop 14 percent and 21 percent year over year, Williksen said the company is continuing to achieve the goals it set

Photo courtesy of Benchmark Holdings

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