An Aberdeen-based optical and hearing care chain put a loss in its latest accounts down to investments and moving headquarters.
The newly filed Duncan and Todd accounts, for the year ending March 31 2023, show a pre-tax loss of £511,440, compared to a profit of £889,396 in 2022.
The company invested £1.5 million in relocating to a new lens manufacturing laboratory in Dyce last March.
Chief executive Mat Norris believes Duncan and Todd is now in a “pivotal phase” of its growth with ongoing investments.
Duncan and Todd is seeing investments pay off, says chief executive
The new “state-of-the-art” lab has allowed Duncan and Todd to triple its capacity, according to Mr Norris.
He said: “At the start of the year, we opened our new lab following around £1.5m of investment.
“The move came after we outgrew the former site in Aberdeen city centre.
“After more than 40 years at the previous site, we moved all 66 employees.
“Since moving we have been able to create a bespoke space and invest in the very latest equipment.
“The new site has tripled our capacity, enabling us to supply technically advanced lenses to a greater number of independent opticians throughout the UK.”
Staff costs rose to more than £10m from £8.9m as the number of employees increased by 18 to 342.
Mr Norris said the cost-of-living crisis also contributed to the loss in the latest accounts.
He added: “We have not been immune to the cost-of-living crisis and customers are being more considered with their spending.
“We need to continue to stay agile and respond to changing market conditions.”
‘Pivotal’ phase of growth as firm sets visions
Mr Norris believes the firm is in the process of evolving to meet the needs of its customers.
He said: “Duncan and Todd Group is currently in a pivotal phase of its growth.
“I am identifying how our strengths can be further enhanced and finetuned to maximise our growth opportunities.
“Our primary focus is on optimising our current portfolio and delivering exceptional care within our existing communities.
“We will be focused on staying close to our customers and ensure we are evolving to meet their needs.”
The firm saw an increase of more than £1.2m in its turnover – taking it up to £24.4m.
The firm is also investing in its people – both staff and customers.
Mr Norris added: “We are aiming for a consistent “best in class” standard across our operations.
“We are also exploring technologies that will elevate our customers’ experience, improve accessibility, and enhance overall customer care.”
Duncan and Todd Group was founded in 1972 by Norman Duncan and Stewart Todd, when they opened their first branch in Peterhead.
It has since expanded significantly and now has more than 44 branches across Scotland.
Conversation