entrepreneur David Moulsdale's Optical Express is confident of making a speedy return to profitability and has highlighted the opportunities that are being created by an ageing population.
Writing in the latest accounts for the parent DCM (Optical Holdings) operation, directors said they expected the Optical Express group to return to profitability "within the short term" following a costly restructuring.
This saw the group dispose of a number of unprofitable stores amid competition from online retailers. The group increased investment in providing advisory services, which may be more profitable than selling spectacles.
In the accounts for the year to December 28, directors noted the group had opened 52 refractive consultation clinics across the UK in the past two years. Optical Express says its refractive optometrists will determine whether people are suitable candidates for laser vision correction.
The accounts show that DCM (Optical Holdings) cut pre-tax losses to £6.3m in the year to December 28, from £15.1m in the preceding period.
In their report, dated September 1, directors wrote: "The outlook for the group remains very positive. The restructuring combined with the additional refractive consultation clinics finds it best placed to maximise its return going forward from its broad spectrum of clientele, including an ever-ageing population."
The directors said the group had restructured its funding during the year, resulting in a big improvement in its financial position and the removal of its need to service a significant debt burden.
In July last year, Mr Moulsdale secured a deal to buy out the group's £30 million of debt from Royal Bank of Scotland.
Mr Moulsdale was said to have launched the deal after Optical Express asked for additional funds from the bank to help it pay its 1,800 staff, including more than 800 in Scotland.
Ayrshire entrepreneur Sir Tom Hunter was reported to have put up some of the money for the deal.
Founded by Mr Moulsdale in 1991, Optical Express has its headquarters in Cumbernauld.
Turnover fell to £143m in the latest year from £169m in the preceding period. Directors said the fall reflected the consolidation of the store portfolio during the year and the continued significant economic slowdown on the high street and in consumer confidence.
The group had bank loans and overdrafts totalling around £200,000 outstanding at December 28, compared with £29.7m at the end of the preceding year. Net debt increased to £41.6m from £38.6m at the end of the preceding period.
The total creditors at the end of both periods included a loan of £7.8m from Mr Moulsdale.
The accounts state: "During the year, the group restructured its funding with £29,324,000 being reclassified as due in greater than five years."
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