Every little helps as Tesco boosts Galaxy

THE drive by supermarket giant Tesco into the eye care market is paying off for Galaxy Optical Services.

Galaxy, based in Broadheath near Altrincham, supports and supplies Tesco’s in-store optician branches.

Accounts for the year to the end of November 2010 show continued growth in sales and profits at the privately-owned firm, which has around 220 staff.

Tesco, which also runs in-store pharmacies, is the fastest-growing optician business in the UK.

Galaxy’s turnover grew  6% from £38.2m to £40.8m, while profits rose from £2.1m to £2.4m.

In a report accompanying the accounts, director and secretary Jocelyn Morgan said directors were ‘pleased’ with the results and performance had met forecasts.

“Sales and profitability have again increased following the growth in the number of opticians opened. The company has also benefited from full year sales of opticians opened in 2009. Significant investment has been made in the company’s manufacturing systems and management information systems to support the growth made by the business, especially with the openings of in-store optician across Europe.”

The company said it would continue to invest during 2011, with manufacturing and IT systems key areas of focus.

Galaxy Optical Services, which was founded in 1998, carries out a range of services for Tesco, ranging from in-store design and installation to the  recruitment of trained optometrists.

In its accounts the group recognises that having one large customer is a risk, but said this was “mitigated by the continued close relationship enjoyed by the company and its customer and the degree of integration between Tesco and the company.”