Inspecs Group PLC Half Year Trading Update (4687H)

TIDMSPEC

RNS Number : 4687H

Inspecs Group PLC

28 July 2023

28 July 2023

Inspecs Group plc

("Inspecs" or "the Group")

Half Year Trading Update

INSPECS Group plc, a leading designer, manufacturer, and distributor of eyewear (sunglasses, optical frames, lenses and low vision products), today announces a trading update for the six months ended 30 June 2023 ahead of reporting its interim results on 7 September 2023.

Trading

The Group has delivered a solid trading performance in the first half of 2023, in line with our expectations, with revenue increasing 6.0% to GBP111.1m (H1 2022: GBP104.8m). On a constant currency basis(1) , our revenue increased by 2.3% to GBP107.2m.

Financial position

The Group has delivered strong cash generation in the first half and, as a result, net debt (excluding leases) decreased by GBP5.0m to GBP22.6m (31 December 2022: GBP27.6m). During the period, the Group invested GBP0.9m on construction of our new manufacturing facility in Vietnam and paid a further GBP2.2m of deferred and contingent consideration relating to the EGO and BoDe acquisitions.

Richard Peck, Chief Executive Officer of INSPECS Group plc, commented:

"I am pleased that the positive momentum that we experienced in Q1 continued into Q2 and that all of the Group's major markets have performed consistently in H1 2023. We continue to focus on our strategy of driving sales and improving operational efficiency.

As a result of this performance in the first half of the year, notwithstanding the ongoing macroeconomic uncertainties, the Board remains confident in delivering full year results in line with market expectations."

1. Constant currency basis: figures on a constant currency basis have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.

For further information please contact:

 
Inspecs Group plc                         via FTI Consulting 
 Richard Peck (CEO)                        Tel: +44 (0) 20 
 Chris Kay (CFO)                           3727 1000 
Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 
 Adrian Trimmings                          7418 8900 
 Andrew Clark 
 Lalit Bose 
FTI Consulting (Financial PR)             Tel: +44 (0) 20 
 Alex Beagley                              3727 1000 
 Harriet Jackson 
 

About Inspecs Group plc

INSPECS is a global designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses. The Group produces a broad range of frames and lenses, covering optical, sunglasses and safety, which are either "Branded" (either under licence or under the Group's own proprietary brands), or "OEM" (including private label on behalf of retail customers, as well as unbranded).

INSPECS aims to be the leader in eyewear solutions through its vertically-integrated business model and has adopted a three-pillar growth strategy to achieve this: (i) continue to grow organically; (ii) undertake further acquisitions (and drive value through leveraging the Group's internal capabilities); and (iii) extend the Group's manufacturing capacity.

INSPECS customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 75,000 points of sale.

INSPECS has operations across the globe: with offices and subsidiaries in the UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK and Italy.

More information is available at: https://inspecs.com

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July 28, 2023 02:00 ET (06:00 GMT)