Essilor's first half profits for 2010 were hit by the €41.3m fine imposed by the German antitrust authority the BKA, down 1.3 per cent to €197.5m.
Without the fine, which is being appealed, the profit would have been up 19.3 per cent to €238.8m, in what Essilor described as a very good first half. Revenue sharply increased by 15.8 per cent to €1,926.8m, while there was a strong increase in free cash flow, up 72 per cent.
'In an ophthalmic optics market that is slowly but steadily improving, Essilor continued to increase its global market share by leveraging its innovative products and accelerating the deployment of its targeted acquisitions strategy. For the period, the company posted revenue growth of 5.9 per cent excluding the currency effect and strategic acquisitions, in line with its full-year objective.'
Essilor added that it had enhanced its competitiveness through ongoing programmes to optimise the production base and develop new services for eye care professionals.
It highlighted the integration of non-prescription reading glasses company FGXI and Signet Armorlite, as well as new product launches of Varilux Physio, the Xperio polarised lens and lenses produced by Eyecode technology.
'During the second half, in a still fragile business recovery, Essilor will continue to implement its growth strategy, based on new products, geographic expansion, bolt-on acquisitions and the mid segment,' it added.
Essilor confirmed objectives of revenue growth of 5 per cent to 7 per cent, excluding the currency effect and strategic acquisitions.