Turnover increased by 15 per cent to £19 million in the year ended 31 March, generating an operating profit of £468,000, compared with a slim loss of £74,000 a year earlier.
In March 2018, the business – founded in 1973 – secured a £15m investment package from private equity investor LDC to expand its Scottish retail presence.
The last year has seen the acquisition of seven practices, with the purchase of a further nine practices from Black & Lizars in April 2019, bringing the total to 41 across Scotland. The latest results show that almost £1m has also been invested in store refits.
The group also saw a further 11 per cent growth from Caledonian Optical, its dedicated lens manufacturing facility. This produces a range of spectacle lenses both for the company’s own branches and increasingly for third-party opticians, chiefly in England and Wales.
Managing director Frances Rus said the strong financial results paved the way for continued growth and increased profits.
“We have seen a strong start to the current financial year, despite the difficulties in the retail sector, and we are ahead of the same period in the previous year so we’re on track to achieve a significant increase in profitability in the coming year,” she said.
Colin Bennet, investment director at LDC in Scotland, added: “Expanding the group’s Scottish retail footprint was quickly identified as a key growth objective for the business when we partnered with Frances and her team last year. Since then, we have supported Duncan and Todd to realise this ambition through an acquisitive programme of growth.”
The group also trades under the 20 20 Opticians brand.