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Benchmark narrows annual losses following 'good' Q4 performance in Genetics business
StockMarketWire.com
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Benchmark reported narrower annual losses following a good performance in its genetics business in the final quarter of the year from the previous year.
For the 12 months ended 30 September 2020, pre-tax losses to £31.9 million from £83.1 million year-on-year, while revenue fell to £105.6 million from £124 million yea-on-year.
'Full year group revenues and adjusted EBITDA from continuing operations were below the prior year reflecting lower group revenues and margins as a result of the impact of weak shrimp markets which offset a strong performance in genetics and a reduction in operating costs across the group, the company said.
For the fourth quarter, narrowed to £8.8m from £61.5 million year-on-year and revenue fell to £25.2 million to £35.6 million.
Performance in the fourth quarter reflected 'continuing good performance in genetics supported by relatively stable salmon markets offset by the impact of ongoing weak shrimp markets in advanced nutrition,' the company said.
Looking ahead, Benchmark said the trend of weak shrimp markets, resilient salmon markets and sea bass/bream markets, which had experienced modest impact from Covid-19, would continue into 2021.
At 9:11am: (LON:BMK) Benchmark Holdings PLC share price was 0p at 54p
Story provided by StockMarketWire.com
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