Eyecare Partners has issued a statement to the Australian Stock Exchange showing that the listed company’s revenues for the quarter “totalled approximately AUD$5.9m, an increase of 85 per cent over the same period in the prior year, reflecting the effect of acquisitions and organic growth from all practices”.
The commentary stated: “The closing cash and cash equivalents at the end of the quarter were AUD$2.3m. The cash flow for the quarter from operations reflected the increased receipts and payments as a result of acquisitions. The practice businesses contributed positive operating cash flow of AUD$1.1m to the group for the quarter (after corporate office costs) and the primary use of cash was the acquisition of the optometry practices and optometric equipment for practices and the payment of the final fully franked dividend of AUD$0.8m which brought the full year fully franked dividend to AUD$0.01 per share.”
The Eyecare Partners’ also announced that it had added another 12 practices to the group bringing the total to 38. The new practices are located at Camberwell, Burwood and Ballarat in Victoria, Karalee, Boonah, Mermaid Beach and Robina in Queensland, Subiaco in Western Australia and St Ives, Kincumber, Toukley, and Umina in New South Wales. The practices in aggregate are expected to add AUD$8.7m in annualised gross revenue to the group.