RETINAL imaging company Optos has hailed a record year for customer installations as it announced a doubling of underlying profits.

The company, which has its headquarters and research and development base in Dunfermline, recorded strong growth in its largest market of North America with revenue there rising by 11 per cent.

The first year of operations in both Latin and South America was said to have gone well with distributors established in markets such as Brazil, Chile, Argentina and Mexico.

Optos said the Middle East and Asia remain major growth prospects and said it was continuing to expand its presence in both areas.

In Europe trading was patchier as a result of the economic conditions although the business did highlight a record year for sales into the NHS in Britain through greater take up of its 200tx ophthalmology product. Chief executive Roy Davis also pointed out further sales into the Black & Lizars optical retail chain.

Across the group revenue grew seven per cent from $159.5 million (£102m) to $170.6m in the 12 months to September 30.

That was helped by 1,536 devices being installed in the year, up from 1,271, driven by further market penetration of its more portable Daytona device into the optometry sector.

There was also a trend towards the outright purchase of devices, up 28 per cent to $102m, rather than rental with income there falling 54 per cent to $8.6m.

The total number of devices now installed around the world rose 24 per cent to 7,376.

Underlying pre-tax profits rose from $9.2m to $18.5m. After absorbing $6.3m of exceptional costs the pre-tax profit figure still increased 28 per cent from $9.5m to $12.2m.

Optos confirmed the new California device, which offers ophthalmologists a way to take a more sophisticated picture of the eye, is expected to be on sale in the first half of the current financial year.

Mr Davis said: "Hopefully we will start being in a position to manufacture and ship the devices in our second quarter. That is subject to regulatory approval.

"I don't know if we are going to see the same level of devices as Daytona but from a growth potential [perspective] it has a good opportunity.

"It is a desktop device with improved functionality and we think that will be the engine driver of growth in ophthalmology."

A second new device, named Lotte, is also expected to make its debut towards the end of the trading period.

Mr Davis said Lotte will have applications in both optometry and ophthalmology. The composite product is going to be able to provide a wider retinal image while also allowing enhanced tomography, such as the slicing of sections of the image.

Both devices were developed in Dunfermline and will also be manufactured there.

Net debt at the end of the financial year was down 69 per cent to $12.2m, while Optos also signed a new $30m credit facility with Bank of Scotland which runs to 2017. Mr Davis acknowledged that put the business in a good position if acquisition opportunities came up but said the focus was on growing in its existing markets and through its current device portfolio. He said: "If there are things that inherently add value to Optos overall we will look at those as and when they occur."

The company also said it is participating in a number of clinical studies relating to the detection of diabetes, age-related macular degeneration and retinal vein occlusion.

Nicholas Keher at Investec said Optos's results were in line with expectations and it had provided a "positive outlook with [a] pipeline of new products".

Julie Simmonds, from Canaccord Genuity, kept a buy recommendation on the stock and said: "A confident outlook statement and on track development pipeline bodes well for continuing outperformance."

Shares in Optos were flat at 215p.