Fielmann on rollercoaster

Giant German opticians Fielmann has reported disappointing results for 2004 - but remains confident that 2005 will prove fruitful.

Pre-tax profits for the Hamburg-based business fell from Û112.2m (2003) to Û71.9m last year due in part to the reform of Germany's health system, which led to spectacle wearers losing their entitlement to prescription lenses under the statutory health insurance at the end of 2003.

However, 2005 is looking up for the company with a 30 per cent increase in new orders compared to last year. Fielmann anticipates a 'clear upturn in demand during 2005 and is confident of expanding its market share throughout Europe with a corresponding rise in earnings'.