Inspecs Group PLC Trading Update (5964R)

TIDMSPEC

RNS Number : 5964R

Inspecs Group PLC

30 October 2023

30 October 2023

Inspecs Group plc

("Inspecs" or "the Group")

Trading Update

INSPECS Group plc, a global eyewear and lens design house and manufacturer, today announces a trading update for the nine months ended 30 September 2023 (the "Period").

Trading

The Group has delivered a solid trading performance in the Period, in line with our expectations, with revenue increasing by 4.6% to GBP159.1m (nine months ended 30 September 2022: GBP152.1m). On a constant currency basis(1) , our revenue increased by 2.4% to GBP155.7m.

Financial position

The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by GBP6.4m to GBP21.2m (31 December 2022: GBP27.6m). During the three-month period from 1 July to 30 September 2023, the Group invested a further GBP0.8m in construction of our new manufacturing facility in Vietnam and reduced net debt (excluding leases) by GBP1.5m.

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

"All of the Group's major markets are performing as we expected. Construction of our new manufacturing facility in Vietnam is progressing well with completion expected in H1 2024.

Our focus on improving the Group's operational efficiencies continues and, notwithstanding the ongoing macroeconomic uncertainties, with our current order book the Board remains confident of 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 leading provider of eyewear solutions to the global eyewear market. The Group produces a broad range of eyewear frames, low vision aids and lenses, covering optical, sunglasses and safety, which are either "Branded" (under licence or under the Group's own proprietary brands), or "OEM" (unbranded or private label on behalf of retail customers).

INSPECS is building a global eyewear business through its vertically integrated business model. Its continued growth is underpinned by six core drivers: increasing the penetration of its own-brand portfolio, increasing distribution in Asian Pacific markets, growing its travel retail markets, maximising group synergies, expanding its manufacturing capacity and scaling the research and development department as it develops new and innovative eyewear products.

The Group 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.

INSPECS customers are global optical and non-optical retailers, global distributors and independent opticians. Its distribution network covers over 80 countries and reaches approximately 75,000 points of sale.

More information is available at: www.INSPECS.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTUBUSROWURUAA

(END) Dow Jones Newswires

October 30, 2023 03:00 ET (07:00 GMT)