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(Alliance News) - Benchmark Holdings PLC on Wednesday announced its loss widened, as it prepares for listing in Oslo.
The Sheffield, England-based aquaculture genetics, health and nutrition company said its pretax loss for the year ended September 30 more than doubled to GBP23.2 million from GBP9.2 million a year ago.
The company blamed the loss on increased depreciation relating to its CleanTreat water purification operations and the cost of refinancing its pre-existing NOK850 million bond, or around GBP71.6 million.
Benchmark said it is pursuing a dual listing in Oslo, as it is the world's leading market for seafood and aquaculture. The planned private placement and retail offer will represent 5% of the company's issued share capital, and is required to meet the admission requirements of Euronext Growth Oslo.
Through the private placement and Norwegian retail offering, Benchmark will issue up to 35.2 million new shares at NOK4.50 per share, raising up to NOK158 million or GBP13.2 million.
Benchmark's revenue increased for financial 2022 up by 27% to GBP158.3 million from GBP125.1 million the year prior. Chief executive officer Trond Williksen said: "Our strategic and commercial focus have contributed to strong results. Going into the new financial year, there is good momentum in line with our expectations."
The company proposed no dividends for financial 2022, unchanged from last year which also saw no dividends paid.
Benchmark shares were up 8.0% trading at 40.50 pence per share on Wednesday afternoon in London.
By Harvey Dorset; harveydorset@alliancenews.com
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