Benchmark Holdings, a global aquaculture genetics, health and nutrition firm, saw a steep increase in earnings and revenue in the first half of its fiscal year, due in part to a restructured organization and an increased commercial focus.

Group revenue during the six-month period ending March 31 increased 33 percent to £79.2 million (€93.3 million/$98.2 million), while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) doubled to £15.9 million (€18.7 million/$19.7 million) compared with the same period last year.

Benchmark hailed the results as a continued sign of the success of its restructuring program, where it disposed of all its non-core assets, raising £44 million (€49.2 million/$58.6 million) in the process.

The project resulted in several divestments, including the sale of FishVet to Zoetis, and the sale of its vaccine manufacturing facilities to Cell and Gene Therapy Catapult.

All of Benchmark's business segments -- which now include advanced nutrition, genetics and animal health -- showed improvements in the first half.

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Among the most important of Benchmark's current projects is the company’s water purification and lice removal system, CleanTreat. The technology will be tested in Scotland for the first time at a Mowi salmon farm, the company announced last month.

The system will be tested over the next month in a trial supported by the University of Stirling’s Institute of Aquaculture and the Sustainable Aquaculture Innovation Centre (SAIC).

Despite the improved results, Benchmark is still not fully out of the woods. It posted a pre-tax loss of £5.1 million (€6 million/$6.3 million), compared to £3.3 (€3.9/$4.1) during the same period last year.

The company, which trades on the London Stock Exchange, plans to list on Euronext Growth during the second half of 2022, and has appointed DNB Markets and Pareto Securities as joint coordinators. It will later move to Oslo's main stock exchange within 12 months.