By Joe Hoppe
Benchmark Holdings PLC said Thursday that its third-quarter pretax loss significantly widened on a major increase in net finance costs, though revenue rose.
The aquaculture biotechnology company posted a pretax loss of 11.2 million pounds ($13.2 million) for the three months ended June 30 compared with a loss of GBP2.7 million a year earlier. It attributed the loss to foreign-exchange losses, and a reduction in fair value of financial instruments.
Revenue stood at GBP36.3 million, up from GBP28.3 million in the same quarter last year, due to a strong performance from its genetics and health units.
The company said it was performing in line with its full-year expectations, with a strong outlook for its genetics and advanced nutrition sales for the remainder of fiscal 2022.
Benchmark said fiscal 2023 is expected to be a transitional year for its health business, as it assumes transfer of some of its CleanTreat product capacity to a new business model. It said this will result in limited growth in health adjusted earnings in fiscal 2023 but lead to a less capital intensive solution after.
“We are excited about the development of a new configuration and business model for CleanTreat, which although reducing our growth rate for next year, increases our confidence in the solution and enhances Benchmark’s long term prospects,” Chief Executive Trond Williksen said.
Write to Joe Hoppe at [email protected]
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