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OHL Produces Another Strong Result

1 November 2001

Independent New Zealand optometry company Optical Holdings Ltd has reported a strong financial performance for the 2000-2001 financial year.

The overall consolidated result for Optical Holdings, which is fully owned and directed by New Zealand independent optometrists, was an operating surplus of $578,000 in line with the surplus for the previous financial year.

Shareholders will receive a final dividend of 5 cents per share, fully imputed, for the year ended 30 June 2001. The dividend will be declared at Optical Holdings’s annual meeting on 9 November and will be paid during the week commencing 26 November 2001.

Chairman Neil Richardson described the result as excellent, enabling the company to write off the full development costs of its retail marketing entity Visique Limited that began trading in November 2000.

“The 2000-2001 financial year has been one of progress and action,” said Mr Richardson. “After exhaustive research and consultation Optical Holdings launched Visique Ltd as a major strategic development to strengthen the position of independent optometry and improve the company’s long-term financial performance.”

Key activities for Optical Holdings include the marketing and distribution of optical frames, sunglasses, contact lenses, solutions and ancillary optical products; the distribution and servicing of ophthalmic equipment; management of a retail optical marketing system and marketing support and training programs for optical practices.

Mr Richardson said the major developments for Optical Holdings over the past year were:

 Formation of Visique Ltd and its successful launch
 Development of practice support programs and practice staff training
 Increased resourcing of the equipment division and product line improvements
 Increased resourcing for contact lens sales and establishment of a closer relationship with lens suppliers
 Product range development for optical frames and sunglasses

“The future success of Optical Holdings is linked to the long-term success of independent optometry,” said Mr Richardson. “Our planning will ensure that we take a leadership role in the various sectors of the optical industry in which we operate. We will continue to drive the changes required to support independent optometry and provide a solid financial return for shareholders.”

ENDS

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