6 June
2024
Inspecs Group plc
("Inspecs" or "the
Group")
AGM
Statement
Inspecs Group plc, a leading
designer, manufacturer, and distributor of eyewear (sunglasses,
optical frames, lenses and low vision products) announces, in
advance of its Annual General Meeting to be held later today, a
trading update for the year ending 31 December 2024
("FY24").
Following the record result for H1
23, which in part was due to elevated levels of ordering as
retailers sought to secure their inventory positions post Covid,
the Group anticipates revenue and EBITDA for H1 24 to be lower than
the prior year, more in line with historic trading.
Later today, we will launch our
first in house designed direct to consumer gaming eyewear range in
London. The Group will benefit from extra capacity in the new
facility in Vietnam in the second half of 2024.
We expect momentum to improve across
the Group's markets and to benefit from increased distribution and
ongoing operational efficiencies. As a result, Group guidance for
the full year remains unchanged.
For further
information please contact:
|
Inspecs Group
plc
Richard Peck (CEO)
Chris Kay (CFO)
|
via FTI
Consulting
Tel: +44 (0)
20 3727 1000
|
|
Peel Hunt
(Nominated Adviser and Broker)
George Sellar
Andrew Clark
|
Tel: +44 (0)
20 7418 8900
|
|
FTI Consulting (Financial
PR)
Alex Beagley
Harriet Jackson
Amy Goldup
|
Tel: +44 (0)
20 3727 1000
|
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
pillars: increasing the penetration of its own-brand portfolio,
increasing distribution, 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:
https://inspecs.com