Benchmark's year of investment starts to yield results
Benchmark, the aquaculture biotechnology and food chain sustainability business, today said that a year of investment was beginning to yield results.
The company has published its results for the year ended September 30 2016.
The highlights included the acquisition of INVE Aquaculture in December 2015 for US$342m, to create a new advanced animal nutrition division.
The company’s like for like revenue rose 20 per cent to £30m.
Malcolm Pye, CEO of Benchmark, said: “I am pleased to announce that the group has delivered a financial performance in line with the board’s expectations, in a transformational year.
“Our strategy of diversification has mitigated the impact of environmental headwinds such as the drought caused by El Niño and the temporary Chilean border closure.
“Our acquisition strategy has already begun to show its strategic worth, providing access to a wider client base and technical insight which is enhancing our existing suite of products, as well as an established distribution network into fast growing markets. We continue to execute our strategy of deploying world leading technology through established distribution channels into long term growth markets.
“As planned, we have been investing in manufacturing capacity this year in order to serve our fast growing portfolio of products, with our state-of-the-art plant in Braintree in its commissioning phase. This increased capacity will allow us to deliver our product pipeline which continues to progress well, with a number of products expected to enter commercialisation from 2017 to 2019. Seafood is becoming a more desirable and important component of diets across the world, driven by increasing health, wealth and the limitations of the current food chain. We are now the world’s biggest player in aquaculture biotechnology, placing us at the forefront of this ‘Blue Revolution’.”