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Benchmark flags weak third quarter

Analysts have downgraded forecasts for the fish farming specialist's adjusted cash profits this year
Benchmark flags weak third quarter

Benchmark (BMK) shares fell by as much as a third after the fish farming specialist revealed that challenging conditions in the global shrimp and Mediterranean seabass and bream markets could weigh on revenue and profits this year.

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Those tough trading conditions impacted sales volumes for the advanced nutrition business during the third quarter, while pre-licence animal health products also made a reduced contribution due to fewer successful trials and trial delays. Management said its expectations for revenue and profit mix had changed - commercial licensing deals for its non-core animal vaccines could offset weakness elsewhere if completed this year.