Specsavers Audiology recorded its fastest growth globally in 2023-2024 in Australia and New Zealand, the organisation’s latest annual review reveals.
The network said it celebrated a record year for its audiology business in Australia and New Zealand (ANZ) in the past financial year, with a 30% increase in customers through its doors compared with 2022-2023.
It said Specsavers now offered hearing services in most of its optometry stores in Australia and New Zealand after achieving a record year in hearing-aid sales for the region.
“Our fastest area of growth last year was in Australia and New Zealand, where customers can now benefit from best-value hearing care in almost 80% of our stores in the region,” the Specsavers 2023-2024 annual review stated.
“We celebrated a record year, with a 30% volume increase on 2022-2023.”
In terms of overall performance, the review showed the Australian business, including optometry and audiology, contributed €874.5 million (AU$1.42 billion) to the company’s global group revenue of €4.01b (AU$6.5 billion) to the end of February 2024.
Australia achieved 17.7% growth, on top of the 10.3% reported in 2022-2023.
Of the 11 countries Specsavers operates in, the UK topped the field for revenue at €2.17 billion (AU$3.54 billion) with Australia being its second biggest market.
As of 6 November 2024, 311 of 393 Specsavers optometry stores in Australia and 48 of 61 stores in New Zealand provide audiology services, a spokesperson confirmed. There were also store enhancement upgrades and capacity reinvestments in 58% of stores across Australia and New Zealand.
The report said Specsavers Audiology “enjoyed another successful year … dispensing almost three quarters of a million hearing aids globally in 2023-2024”. Its audiology businesses sold 717,899 hearing aids worldwide from July 2023 to the end of February 2024.
“We continued to grow our capacity and change the industry for the better by offering the best possible value in the provision of audiology outcomes,” the report stated.
Connectivity a feature of broadened product portfolio
Mr Paul Bott, Specsavers ANZ managing director, said that through its joint venture partnership model, Specsavers was working hand-in-hand in tough economies with optometry, retail and audiology partners to ensure they were well set up to care for their local communities.
Mr Tom Craw, managing director Specsavers Audiology ANZ, added: “We are incredibly proud of the difference Specsavers Audiology has made to the lives of Australians and Kiwis.
“Our mission has always been to make eye and hearing care accessible as well as affordable.
“Thanks to all of our people, in stores and in the support office, who are dedicated to ensuring everyone who chooses Specsavers receives exceptional service and care, coupled with great value where and when they need it.”
Keeping at the forefront of innovations was key to offering advanced products as they come to the market, Specsavers said.
“Last year, we broadened our portfolio with the addition of next-generation Bluetooth LE Audio,” the report said.
“The new standard for connectivity enables multiple simultaneous connections and hands-free calls with other compatible devices as well as higher sound quality with significantly lower battery consumption. In addition, we introduced Auracast broadcast audio, which transforms how people experience sound in both public and private locations.”
The launch of speech-in-noise (QuickSIN) testing across audiology markets helped customers make a more informed choice when buying hearing aids, the review stated. “The test measures the ability to distinguish speech amongst background noise – a challenge many of our customers face,” Specsavers said. “It also more accurately advises our clinicians on the type of hearing instruments required and whether an additional device, such as a remote microphone, would better meet a customer’s needs.”
During the past 12 months, the network served more than 23.5 million customers online, in-store or at home globally. In February 2024, there were 2,721 optical, audiology, domiciliary and ophthalmology Specsavers businesses operating worldwide.
Pipeline to partnership
The organisation has nearly 50,000 employees worldwide including almost 5,500 partners and 44,000 store and support office team members.
Australia and New Zealand’s partnership development program launched in 2022, and during 2023-2024, 98% of partners participated to improve capabilities. Specsavers Pathway, an in-house program for those aspiring to partnership, provides an internal pipeline to partnership, the review said.
“A success in all our markets, pathway candidates receive bespoke training and support in preparation for formal appointment,” Specsavers said. “Last year, the program resulted in hundreds of graduates globally – with 98 candidates in ANZ alone – who are now ready to move into business ownership.”
