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No bonus for Optos boss after targets missed

RETINAL imaging company Optos has said its chief executive received no bonus and got the same level of pay rise as the rest of its staff.

The Dunfermline company's annual report shows Roy Davis received a 2.5% increase in his basic salary from £331,460 to £340,000.

Rosalyn Wilton, chairman of the remuneration committee, said: "This is in line with the range of increases in base pay awarded to employees across the group."

In the 12 months to September 30 last year, Optos saw revenue drop from $194.6 million (£120.5m) to $159.5m, with pre-tax profits before exceptional items going from $26.3m to $9.2m.

The annual report shows Mr Davis received no bonus, compared to around £320,000 the previous year, after targets were not hit.

Mr Davis could earn 100% of his salary in cash and shares under a short-term incentive plan with a further 100% available under long-term bonus terms.

Ms Wilton said: "In light of overall group performance, no bonuses were earned by executive directors for the year and no long-term incentive awards vested.

"Throughout the year, the committee continued to apply the remuneration policy prudently with a strong alignment to the interests of shareholders."

The company, which this week unveiled a 10% increase in customer numbers for the first three months of its financial year, said fees for non-executive directors had risen from £35,000 to £37,000.

Optos also confirmed that Louisa Burdett, formerly chief financial officer, received no additional payments for loss of office when she left the business in November.

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