Executives at Optos, the Dunfermline-based retinal imaging company, earned $495,000 (£298,000) in bonuses last year after drawing a blank in 2013.
Chief executive Roy Davis and chief financial officer Robert Kennedy earned a bonus pay-out worth 55 per cent of salary, according to the annual report just published. The award was based on Optos achieving 'threshold' performance (the minimum qualifying level) in both revenue and profitability last year, while cash generation was said to be above the 'target' or second level benchmark.
Mr Davis earned a £187,000 bonus on his £340,000 salary, while Mr Kennedy's bonus was £118,250 on his £215,000 salary. Optos however reports all packages in dollars, and records Mr Davis's total remuneration including pension benefit as $955,000, which equates to £575,300 at last year's average exchange rate, while Mr Kennedy received $586,000 (£353,000).
That compares with the $598,000 paid to Mr Davis the previous year, while Mr Kennedy's predecessor Louisa Burdett received $531,000. Ms Burdett, who was with the company for 17 months, received a total $212,438 in compensation for giving up shares in her previous employment. No bonuses were paid in 2012-13.
Optos also made share awards last year , under its long-term incentive plan, with a face value equivalent to the two executives' respective annual salaries, or ££555,000 in total.
Two months ago Optos announced a doubling of underlying profits from $9.2m to $18.5m (£11.1m), while pre-tax profits rose by 28 per cent to $12.2m (£7.3m). Revenue grew by 7 per cent to $171m (£103m).
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.
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