TIDMBMK
RNS Number : 1690G
Benchmark Holdings PLC
25 May 2017
Benchmark Holdings PLC
25 May 2017
Benchmark Holdings plc
("Benchmark", the "Company" or the "Group")
Trading Update and Notice of Results
Benchmark, the aquaculture biotechnology and food chain
sustainability business, announces that Group performance for the
six months to 31 March 2017 was broadly in line with the Board's
expectations.
Highlights of the first half year include:
-- Benchmark signed a joint venture agreement with SalMar ASA,
through which it will provide genetics, health and knowledge
services to the world's third largest salmon producer. This is an
important acknowledgement of Benchmark's technology, and
exemplifies its strategy to provide a suite of technology solutions
to the aquaculture industry.
-- Construction of the Group's new salmon egg production
facility in Norway continued on schedule. This important
development will underpin Benchmark Breeding and Genetics' market
leading position in the sector.
-- Good progress was made in Advanced Animal Nutrition towards
the goal of delivering 100% live replacement for feeding juvenile
shrimp, a key to unlocking future growth potential for the
industry.
-- As anticipated, the Animal Health division saw significantly
lower demand for Salmosan in Norway due to an industry focus on new
solutions to the significant sea lice challenge.
-- Good progress was made towards the commercial field trials
launch of a ground-breaking sea lice treatment. Significant
revenues from this product are anticipated in H2 and beyond, which
are projected to support achievement of the Board's expectations
for FY 2017 following the challenging first half for Salmosan.
-- The new state-of-the-art vaccine manufacturing facility in
Braintree is being commissioned and first commercial batches are
expected in H2.
In the shrimp sector, disease challenge coupled with low market
prices resulted in delayed sector investment and lower growth rates
in the first half year. The Group has proceeded cautiously with new
investments, whilst continuing to progress core infrastructure
projects which support long term growth.
The Group is seeking to grow sales and market share in
developing markets, including China, for its Breeding and Genetics
and Advanced Animal Nutrition Divisions, and is progressing towards
establishing strategic relationships in those regions. Further
progress has been made with the development of the Group-wide
customer account management programme, which will promote the full
benefit of Benchmark's integrated technology solutions in
aquaculture.
The long term drivers of growth in the Company's sectors, which
include the growing global demand for aquaculture products and an
ever increasing pressure to limit the use of antibiotics in the
food chain, remain strong, with increasing momentum and interest in
the aquaculture market. The Company continues to focus on delivery
of its strategy to deploy leading technologies drawn from across
the Group, through established distribution channels, into
long-term growth markets.
Benchmark expects to announce its interim results for the six
months to 31 March 2017 during the week commencing 26 June
2017.
Commenting on trading, Benchmark's Chief Executive Officer,
Malcolm Pye, said:
"The agreement with SalMar is an example of the value we can
deliver to our customers by aggregating leading technologies to
provide integrated solutions to the issues faced by the food
production industry. There are a number of technologies in the
later stages of development that we are particularly excited about,
and we look forward to delivering these, through our distribution
networks, including into the significant Asian and Latin American
shrimp and tilapia markets."
-Ends-
For further information, please contact:
Benchmark Holdings plc
Tel: 020 7920 3150
Malcolm Pye, CEO
Roland Bonney, COO
Rachel Aninakwah, Communications
Numis
Tel: 020 7260 1000
Michael Meade / Freddie Barnfield (NOMAD)
James Black (Corporate Broking)
Tavistock
Tel: 020 7920 3150
Niall Walsh / Simon Hudson
Notes to Editors:
Benchmark challenges the status quo in aquaculture, agriculture
and animal healthcare.
Since 2000, Benchmark has consistently worked to build a
platform to serve its customers, helping farmers to take control of
their biological environment through the combination of genetics,
nutrition, health and knowledge services. Through its in-depth
knowledge of animal biology Benchmark is able to tackle the key
issues in the aquaculture, livestock and companion animal
sectors.
The Company has proven distribution capabilities in high growth
markets and operates internationally with R&D facilities,
commercial farms, diagnostic laboratories, manufacturing sites,
production facilities and commercial offices across 27 countries in
five continents. As at 28 February 2017, Benchmark employed 900
people.
For further information on Benchmark please visit
www.benchmarkplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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