Specsavers revenue increases to £2.61bn

Specsavers’ overall global revenue rose to £2.61bn, including total UK revenue of £1.39bn, in the financial year ended February 2018.

The multiple has published its annual review for 2017–18, which reveals a 7% increase in overall global revenue when compared to 2016–17.

UK managing director of Specsavers, Paul Marshall, said: “2017–18 has been a year of innovation, underpinned by our uncompromising focus on delivering great value and outstanding service. Performance has been strong in terms of both sales growth and customer volumes.”

Specsavers added 300 new test rooms to its UK and Republic of Ireland practices. The total number of practices increased to 845, with 41 new openings through its partnership with Sainsbury’s as well as relocation and expansion projects.

There was a 6% rise in revenue from domiciliary services, which was achieved through 49 partnerships that reached 111,000 UK patients. Additionally, there was a 13% sales growth for audiology businesses.

The annual review also highlights the Specsavers partnership scheme, which the multiple explained has expanded the services offered into primary eye health care.

Through its Newmedica partnership and continued investment in training, Specsavers said it is relieving the pressure on hospital services.

The multiple noted that more than 1800 optometrists in England achieved a WOPEC level 2 accreditation in glaucoma, 2500 completed level 2 minor eye conditions accreditation, as well as 1197 completing their level 1 cataracts accreditation.

Specsavers co-founders, Doug and Mary Perkins, said: “Disruptive forces in healthcare mean that every aspect of our business will transform: how we train and develop our teams, how we interact with our customers in store and online and the ways in which we provide the highest standard of care to our patients.

“It is an incredibly exciting future, and we have absolute confidence that it will be shaped and successfully delivered.”