Optos shares soar on unexpected boost to turnover figures

SHARES in Optos jumped almost 20 per cent yesterday after the Dunfermline-based eye scanner maker revealed full-year turnover will be about one-third higher than last year’s $106 million (£67m).

The firm said revenues for the year to 30 September would be above $138m, beating analysts’ consensus forecasts of $137m.

In a short pre-close trading update ahead of the results on 22 November, Optos said the expansion of its customer base had hit 8 per cent, accelerating from 3 per cent in the previous 12 months.

The increase is in line with chief executive Roy Davis’ strategy for the company, which has seen it move to selling its equipment rather than leasing it to eye doctors. The firm does much of its business in the US.

News of the rise in sales came as Optos unveiled its “Daytona” machine, a smaller and cheaper-to-produce version of its equipment, which Davis said would be a “game changer” for the firm.

Daytona – which is named after the Nascar racing circuit in the US – went on show at the American Academy of Optometry’s annual meeting in Boston on Wednesday night. Davis said: “We had a piper playing and all the Optos team were dressed in their kilts, flying the flag for Scotland.

“The reception has been fantastic – not only is Daytona packed full of market-leading technology but we also believe the design of the instrument makes it more desirable. Many people are comparing it to some of Apple’s designs for the iPod and iPhone.”

The new product is expected to boost profits because it has much lower production costs, around $10,000-$15,000 compared with $45,000-$70,000 for existing machines.

Shares closed up 19 per cent or 30.38p at 190p, having hit 193.25p earlier in the session.