Supplier of Optomap may be worth 150m

The company which leases the Panoramic 200 retinal scanner to opticians has announced it is to float in London next month.

It is expected to be valued at 150m, creating an instant windfall for investors.

Dunfermline-based Optos plc, which was founded in 1992 by director Douglas Anderson after his son's retinal problems went undetected - subsequently losing sight in his left eye - was established to develop improved optical scanning equipment.

The company's device captures a detailed image of the retina in a quarter of a second, the 'Optomap', which can be saved before being emailed for further consultation.

Optos employs 170 people, though the expectation is that this total will grow following the flotation. Although the technology is well-known and used by British practitioners, the majority of its 2,000 Panoramic 200 scanners currently in use are in the US. Cash from the flotation is expected to finance expansion in Germany, France, Spain and Japan.

Chief executive Stephane Sallmard said: 'We believe that there is a significant, global market opportunity and the commercialisation of our business in North America and Europe is progressing well.

'Proceeds from the proposed flotation will support the company's existing activities and its expansion into new country markets so that we can maximise our potential.'

Optos had sales of $48.4m (27.3m) in the year to September 30, an operating profit of $2m, and claims it is involved in a market that could grow to $2bn.

Optometrists typically enter into an initial minimum three-year term, pay-per-patient agreement with the company. These agreements enable the practitioners to use the Panoramic 200 in their practice and offer the Optomap to their patients without capital outlay.

Optos receives revenues from the sale of the Optomap examination by the practitioner to the patient, subject to a minimum monthly payment over the life of the agreement.