Optegra losses grow despite rise in turnover

Optegra UK Ltd, the specialist provider of ophthalmic services, increased turnover but posted its biggest losses to date in the year to 30 June 2012, largely as a result of administrative expenses’ of £16.1m (more than the entire revenue of the company) which are unexplained in the accounts. Turnover rose to £13.6m (2011: £9.0m). Cost of sales however increased to £7.0m (2011: £4.8m) as did administrative expenses to £16.1m (2011: £12.5m). Interest of £2.1m was received but this was down significantly from £12.1m the previous year and didn’t help the loss before tax of £9.5m (£8.3m). EBITDAR was -£5.4m (2011: -£4.3m). In the period Optegra built another hospital in Manchester and acquired Prospect Eye Clinic. The company is backed by Moonray, the private equity arm of Fidelity International Ltd, which acquired Lexum, the provider of ophthalmology in Czech Republic and Poland, at the end of 2012, which it intends to combine with Optegra.