Earnings surge at Galaxy Optical

AN Altrincham-based business which runs the opticians in Tesco’s stores has recorded a sharp rise in earnings.

According to recently-filed accounts Galaxy Optical Services saw pre-tax profits jump 72% to £2.1m in the year to November 30 on sales of £38.1m, up 4%.

In their report the directors said sales and profitability increased after more opticians were opened.

The business also benefited from the full-year sales of those that opened in 2008.

“Significant investment has been made in the company’s manufacturing systems and management information systems to support the growth made by the business,” wrote the directors.

The directors recognised that the business’s close dependence on its relationship with Tesco was a risk but said this was mitigated by, “the degree of integration between Tesco Stores and the company”.

Galaxy optical Services was founded in 1998 and employs 253 staff. It is controlled by the Isle of Man-registered Bowes Limited which increased its holding from 86.5% to 94.7% during the year. The ultimate parent is the Jersey-based Monty Trust.