Strong FY2022 results delivered ahead of original market expectations with progress made in commercialisation of new solutions, including Ectosan® Vet and CleanTreat® and the construction of a new incubation centre for salmon eggs.
30 November 2022 – Benchmark Holdings, the aquaculture biotechnology company, has reported strong growth with a 27% increase in revenue and an 82% increase in Adjusted EBITDA, with each of its three business areas delivering strong performances.
Today, Benchmark Holdings publishes its Full Year Results and Annual Report for the Financial Year ended 30 September 2022. A detailed breakdown of the financial results is available here. In addition to strong financial results, Benchmark has made strategic progress in a number of areas that are already benefitting customers and stakeholders.
Meeting increased demand for specialist salmon eggs
A key investment in 2022 was the construction of a new incubation centre for salmon eggs in Iceland, designed to allow Benchmark to meet seasonal periods of peak demand for its biosecure specialist salmon eggs. Having this increased capacity in place was particularly important this year when customers experienced a shortage of supply.
The new incubation centre – built to the highest standards of biosecurity and water management – has a 400 million egg capacity, equivalent to 1 million tonnes of harvested salmon.
Rolling out Ectosan® Vet and CleanTreat®
The commercial deployment of Ectosan® Vet and CleanTreat® is one of Benchmark’s key strategic priorities. Over the course of the year, the business made good progress, increasing adoption of the new solution in the market and continuing to deliver excellent outcomes. Since launching last year, the business has achieved several important milestones to optimise its sealice solution. These included reducing overall treatment times by increasing the water transfer rate, securing a marketing extension for a second reuse of treatment water, and obtaining a Marketing Authorisation for the use of Ectosan® Vet and CleanTreat® in the Faroe Islands.
Since deployment, Ectosan® Vet and CleanTreat® have delivered consistent efficacy in the removal of sea lice, with CleanTreat® purifying 1,000,000m3 of treatment water, equivalent to 400 Olympic size swimming pools or the volume of water which flows over Niagara Falls every 7 minutes.
‘One Benchmark’ transformation
Over the last 24 months Benchmark has undergone a period of transformation and continued integration, aligning the Group’s resources to extract synergies and increase its commercial impact.
By bringing together our three complementary areas, Genetics, Advanced Nutrition, and Health, we can deliver the best solutions and service to our customers, creating a ‘one stop’ shop.
Our Sustainability Commitment
Benchmark’s mission is to drive sustainability in aquaculture and over the last 12 months the business has made significant progress in a number of areas. This year, Benchmark made strides towards its Net Zero goals by developing a comprehensive emissions reduction programme including the installation of solar panels at its main Advanced Nutrition production facility in Phichit, Thailand. Once complete, it is expected to provide 30% of electricity requirements for the site.
Benchmark’s strong ESG credentials enabled it to issue its first Green Bond to refinance its main debt facility strengthening the financial position for the Company’s next phase.
In 2022 we delivered another year of growth and strategic progress, underpinned by four quarters of consistently improved financial results. I am delighted with the momentum in the business which, combined with positive dynamics in our industry, are creating significant opportunities to deliver value for all our stakeholders. I am looking forward to making further progress on our ambitions in 2023.
