Eyecare Partners Limited has released half yearly results that reflect a 7 per cent decline in revenue.
In a statement, Michael Kotow Eyecare Partners CEO said: “Against a very subdued and competitive retail environment for the past six months our sales revenue was down 7 per cent compared to the same time last year. EPL’s NPAT was AUD$498.0k for the period versus a loss of AUD$3.3m to December 2009, a turnaround of AUD$3.7m.
“EPL earnings before interest, tax, depreciation and impairment were AUD$1.4m to December 2010, versus AUD$1.5m to December 2009, which is pleasing considering the decline in revenue.
“This earnings result has been achieved by improving margins by 3.3 per cent, which contributed an additional AUD$468K of gross profit and reducing expenses by AUD$496K. EPL’s working capital position was improved by AUD$533K by reducing inventory and debtor levels.
EPL earnings before interest, tax, depreciation and impairment were AUD$1.4m to December 2010, versus AUD$1.5m to December 2009, which is pleasing considering the decline in revenue
“Our focus over the past six months has been to strengthen the financial position of the company after a period of rapid expansion. This has involved working closer with our suppliers, setting benchmarks within the practices and expanding our offering to our patients to enable EPL to compete competitively, in this highly competitive optical market.”
“Currently EPL is finalising its strategic review, which was announced at the last AGM. This review will form the basis for a financially stronger and profitable EPL in the future.”
