The eye care company run by Scottish entrepreneur David Moulsdale, Optical Express, has said it is in good shape to face the challenges of the Covid 19 coronavirus outbreak, having resolved the effects of the March closure.
After trade resumed in stores that had been closed when sanctions were placed on optical specialists, the Cumbernauld-based company said sales returned to pre-Covid crisis levels in early summer.
For the nine months to Sept. 30, the company reported a profit that met expectations, leaving management adamant that amid worries about the prospects for the UK, the outlook for the company is strong. Economics.
” We started the year very well. But when the pandemic hit, like most businesses, we were forced to close,” said finance director Stewart Mein.
“Thanks to the dedication of our employees, we weathered that storm and saw profit growth in the nine months through September, while reducing our cost base without compromising the quality of our product and service offerings.”
He added: “We are confident that, subject to further forced closures, we will finish the year strong and deliver further growth in 2021.”
In a statement released yesterday, Mr. Mein made his remarks. It came at a time when corporations in the U.K. They were trying to determine how they will be impacted by the drastic tightening of restrictions reported over the weekend because of the coronavirus.
The danger of Brexit relying on Optical Express after the rise in profits
Under the stricter lockdown measures announced by First Minister Nicola Sturgeon and Prime Minister Boris Johnson, opticians will be able to remain open along with stores deemed necessary.
Optical Express states on its website that its clinics are open. In recent years, the company has invested heavily to help expand the market for refractive surgery. It identifies itself as the U.K.’s number one laser eye surgery provider.
It operates in Ireland, Germany and Croatia as well.
The business will have to wait to see how the effect of the coronavirus outbreak affects the market for surgery.
“In the latest accounts for the parent company Lorena Investments Group, the directors wrote: “As the market leader in the UK and Ireland, through its vast network of clinics, Optical Express continues to carry out the majority of refractive procedures.
“The company is therefore well placed to benefit as consumer confidence in refractive surgery returns and new refractive surgery procedures are introduced to the market.”
The financial statements show that in the year to December 28, 2019, the company increased sales to £ 117 million, compared to £ 108 million in the previous year.
From £ 6.5 million, adjusted profit before one-off items rose to £ 8 million.
Cuts amid High Street stress at Scottish optical chain Black & Lizars.
Last year, however, the company reported extraordinary costs of £ 4 million. Management noted that these included an undisclosed sum related to “losses on the write-down of assets of closed stores.”
There are about 130 shops in Optical Express, 105 of which are in the U.K.
In 2019, Mr. Moulsdale reported that Brexit presents a direct risk to the continued success of the group.
The managers claimed in the latest accounts, “The group significantly reduced its cost base during 2020 and did not have to borrow from third parties.”
“Given the strength of trading and profitability in 2020, the order book and bank balances at the date of signing the financial statements, the directors believe that the group has more than adequate reserves should there be any further closures that may impact trading.”
On November 19, the financial statements were signed.
In 2019, from £ 97.6 million the previous year, the company raised UK revenue to £ 107.4 million.
Sales in Europe dropped from 10,4 million pounds to 9,7 million pounds.
Opticians with a presence on Scottish high streets are facing stiff competition from major high-street distributors including Boots and online retailers.
In order to alleviate pressure on the NHS, Mr. Moulsdale has placed Optical Express to benefit from official attempts to expand the use of optometrists.
After his, Mr. Moulsdale started