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Australian News
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Friday, 03 September 2010 |
Eyecare Partners faced a number of challenges both externally and internally this year. Externally the operating environment in this financial year has been typified by the Global Financial Crisis and increasing competition from new and existing franchisors and competitors in the retail optometry market. Internally there were a number of significant changes in personnel with the appointment of two new board members and the appointment of a new Chief Executive Officer.
In spite of the above changes in the operating environment, revenue from operations totalled $30.2m compared to the prior year revenues of $27.9 representing an increase of 8.2%. Organic sales growth from practices when measured on a like for like basis increased 0.6% for the year and the balance of sales growth is attributed to the full year effect of acquisitions completed in the 2009/10 financial year, which records sales from the date of acquisition only. Gross profit increased by $1.4m which was 7.2% above the prior year and Gross margins were 68.3%. The operating loss before income tax was $4.13m compared to the prior year profit before tax of $1.96m and net loss
after tax was $4.37m compared to the prior year profit after tax of $1.38m. Main contributors to the operating loss were a $4.9m impairment charge and personnel charges were up $1.6m an increase of 13.4%.
During the course of the financial year Eyecare Partners did not acquire any additional optometry practices. During the year, Eyecare Partners did not draw down any additional amounts from its financing facilities for the funding of acquisitions.
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