Specsavers, the largest optical chain in Europe, has shown impressive financial performance during the pandemic. Despite a decline in sales, the company managed to more than double its profits in the year ending February 2021. This highlights the adaptability and resilience of the company in the face of challenging market conditions.
According to its accounts filed at Companies House, Specsavers reported a significant increase in pre-tax profits from £240.4 million to £441.5 million. Its net profit also surged to £339.7 million from £151.8 million. These figures demonstrate the company’s ability to weather the impact of the global health crisis.
Owned by the billionaire Perkins family, Specsavers has built a strong presence with over 2,100 locations in nine countries. It operates in the UK and Ireland, Australia, New Zealand, Scandinavia, and the Netherlands, employing more than 32,000 people. Despite a decrease in customer numbers due to the pandemic, Specsavers continued to operate as its services were considered essential.
To control costs in the challenging economic environment, Specsavers paused its five-year strategic plan and cut 450 head office jobs. It also took advantage of government support funding in the early stages of the pandemic. However, the company was able to sustain its operations without this assistance from October 2020 onwards.
As Covid restrictions eased in the summer, Specsavers experienced an increase in business, particularly in eyecare and hearing tests. This growth in demand allowed the company to rehire some of the staff it had previously let go. It demonstrates the continued importance of accessible and reliable optical and audiology services, even in times of crisis.
Specsavers’ performance showcases its ability to adapt and thrive in an uncertain market. Through effective cost management, government support, and a focus on meeting customer needs, the company has successfully navigated the challenges posed by the global health crisis. As the world continues to grapple with the effects of the pandemic, Specsavers serves as a testament to the resilience and strength of the optical industry.
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