Vision Group, Australia’s largest private provider of ophthalmic care, has announced that its focus for the 2009 and 2010 financial years will be driving organic growth, consolidating and building scale within the existing infrastructure and improving profitability.
Since listing in 2004, Vision has acquired and integrated a large number of clinics and day theatres on the eastern sea board. During this period the company has experienced significant growth, with revenues growing from AUD$53m in FY05 to AUD$113m in the last financial year.
The company reported an EBITDA of AUD$33.4m for the FY09, however, normalised EBITDA was AUD$37.5m. Strong cash flows of AUD$24.1m were also reported for FY09.
A company spokesman says: “With a robust underlying non-discretionary revenue base, strong cash flows and improving economic conditions, Vision is well positioned to improve its growth outlook. Vision has also made considerable progress in re-contracting key doctors and continues to develop its base of doctors with the number of Doctor Partners growing from 42 in FY08 to 45 in FY09.
“Against a background of the global financial crisis and slowing economic growth, Vision is focussed on improving operational performance and margin improvement to help off-set the impact of slowing discretionary revenues as well as ensuring that it uses its strong cash flows to reduce debt and build a stronger more agile organisation.”