Benchmark Holdings drops as markets digest results

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Benchmark Holdings drops as markets digest results
Master Investor Magazine

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AIM-listed aquaculture and advanced nutrition business Benchmark Holdings (LON:BMK) has seen its share price fall by 7.32% to 38p (as of 13:30 BST) after its pre-tax losses widened by 48% for the half year ended 31st March. Revenues for the six months were up by 3% as the company dealt with a difficult shrimp market, but increased finance costs and depreciation ate into earnings.

CEO Malcolm Pye commented: “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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