Eyecare Partners (EPL) announced significant changes that Chief Executive Officer, Michael Kotow says will create operational efficiencies with “resultant improved profitability and financial performance”.
In an announcement made to the ASX on Friday 22 July, the company said it will change its name to EyeQ Optometrists, close unprofitable practices and introduce a standardised human resources policy across the group. Head office staff will move to one national office, a common practice management software program will be implemented and supplier purchasing agreements renegotiated. An integrated supply chain with all practices will further enhance profitability and efficiencies.
The changes are the result of a strategic review completed in March this year following input from “key personnel and independent advice”.
That review identified a number of unprofitable practices within the group. Two of those practices have already been sold and the remaining unprofitable practices will either be sold or closed down by September.
The changes are the result of a strategic review completed in March this year following input from “key personnel and independent advice”…
The company’s new name, which will be in place across all stores by October 21 this year, will help EPL achieve a consistent marketing approach. Currently the company operates under five different brand names, with Eyecare Plus being the predominant trading name.
Mr. Kotow said the strategic and operational changes will “enable EPL to grow and better compete in the current optical market. Board and management are optimistic that these projects will deliver the expected outcomes.”
EPL shares, trading at an all-time low of .04c, remained unchanged after the announcement.