Aquaculture health and nutrition group Benchmark reported a surge in revenue and profit for the first quarter of 2022, after its long-awaited sea lice treatment CleanTreat launched its first commercial operations.
Group revenue increased 38% year-on-year to £40m (Q1 2021: £3m) and Adjusted EBITDA (earnings before interest, tax, depreciation, amortization and depreciation) increased by 145% to £7.4m (Q1 2021: £3m). 1.8m).
Benchmark said the successful launch of Ectosan® Vet and CleanTreat® increased revenue in its Healthcare business by 347% compared to the first quarter of 2021, to £5.8 million. Two CleanTreat systems are in operation in Norway, and the treatments have shown good efficacy as expected. A third CleanTreat® system has just been ordered.
Ectosan is a pesticide also known as imidacloprid, a neonicotinoid that is banned for outdoor use in the European Union, but the CleanTreat system is designed to deliver the dose into a closed tank and then remove the pesticide before the waste water is disposed of.
Revenue from Advanced Nutrition was up 26% to £19.1 million for the first quarter, with growth in all three product areas. Benchmark said, “Advanced Nutrition’s progress and business focus has been solidified under the new leadership of Patrick Waty.”
Genetics reported revenue growth of 20% to £15.2m for the quarter. Benchmark said this was due to increased harvesting revenue from the company’s broodstock license in Salten, where it sells surplus broodstock as harvested fish, as well as higher revenue from spawn eggs. salmon and prawns SPR. The company recently announced the appointment of lead geneticist, Professor Ross Houston.
Benchmark CEO Trond Williksen commented: “Our performance is in line with market expectations for the full year, with continued good performance across all business areas. The positive market environment in our main species, our leading market positions, as well as our focused strategy and financial discipline position the group well to achieve profitability and generate growth.