The Rodenstock Group has reported successful completion of a capital increase of up to 75 million euros with funds exclusively coming from existing shareholders. The additional financial resources strengthen the liquidity and capital base of Rodenstock and support its ambitious growth objectives for the core business.
Additionally, the German ophthalmic lens company has reported that sales have recovered post-COVID-19 faster than expected. In-line with its business plan, Rodenstock continues to focus on its core competencies in the production of high-quality progressive lenses known as Biometric Intelligent Glasses (B.I.G).
“The successful capital increase demonstrates the confidence of the shareholders in our strategy and our sustained growth,” said Rodenstock Group CEO Anders Hedegaard. “2019 was a record year for Rodenstock. Following a strong start to the year, the corona pandemic caused a sharp downturn; however, the business is now experiencing a rebound. In May, we have already reached an order intake from independent opticians in Germany nearly at the level of the pre-Corona crisis period. We are expecting to continue our growth path in the years to come.”
Progressive Lens Sales Drive Growth
The recent capital increase follows a financial year 2019 with record results. Sales grew to €450 million (previous year: €425 million) with sales growth more than doubling to 6%. Operating earnings (EBITDA) increased by 13% to €103 million (previous year: €91 million). The EBITDA margin improved by two percentage points to a record of 23%.
With our Biometric Intelligent Glasses, every consumer can see as clearly and sharply as currently possible from a technical perspective
Demand was particularly strong for the patented biometric measurement technology, which stands at the core of Rodenstock’s business strategy. It enables the production of high-quality progressive glasses (Biometric Intelligent Glasses) that deliver superior vision performance. The supporting businesses including eye measurement devices, services and the two frame brands Rodenstock and Porsche Design.
“We are driving a paradigm shift in progressive lenses” said Mr Hedegaard. “With our Biometric Intelligent Glasses, every consumer can see as clearly and sharply as currently possible from a technical perspective. In addition, opticians are increasingly becoming highly qualified consultants and our service meets their requirements head-on. This unique value proposition sets us and our partnering opticians apart from an extremely competitive environment and secures us a strong position in a highly attractive market.”
“Digital Fingerprint” of Each Eye Core to Strategy
Recognising that every eye is different, Rodenstock produces glasses based on an individual eye model and to this end, launched the eye measurement device DNEye scanner in 2012. It enables opticians to determine the biometrics of the whole eye by measuring thousands of data points of the consumers eye. This ultimately provides consumers with the sharpest vision possible at any angle or with every gaze, both in the glasses’ peripheral zones and at distances from mid, near and far. Rodenstock is the first lens manufacturer producing glasses built on an eye’s individual “digital fingerprint”.