Eyewear specialist Inspecs has announced positive results in its half-year trading update. The company, which holds licenses from well-known brands including Joseph, Barbour, Liberty, Superdry, and Temperley, as well as having its own labels, achieved a 6% increase in revenue to £111.1 million. This aligns with the company’s expectations; however, on a constant currency basis, the revenue only rose 2.3% to £107.2 million.
Inspecs experienced strong cash flow during the first half of the year, resulting in a reduction in net debt (excluding leases) by £5 million to £22.6 million. The company also invested £0.9 million in the construction of a new manufacturing facility in Vietnam and paid £2.2 million as part of its previous acquisitions of EGO and BoDe.
CEO Richard Peck expressed satisfaction with the continuation of positive momentum from Q1 into Q2. Peck highlighted the consistent performance of all major markets in the first half of 2023. While Inspecs remains confident in meeting market expectations for the full year, Peck acknowledged the presence of ongoing macroeconomic uncertainties.
Despite facing challenges such as leadership transitions, cost cuts, and currency exchange issues in the first nine months of the year, Inspecs reported a record year earlier in 2023. The company’s revenue reached $248.6 million, up from $246.5 million (reported in US dollars). The final results for the half-year will be announced in September.
Useful links:
1. Inspecs Official Website
2. Insight Success Article on Inspecs
