REG - Inspecs Group PLC - Full Year Trading Update

InspecsAnnouncement

01/02/2022 07:00

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RNS Number : 2280A  Inspecs Group PLC  01 February 2022

1 February 2022

 

Inspecs Group plc

("Inspecs" or "the Group")

 

Full Year Trading Update

 

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear
(sunglasses, optical frames and lenses) today announces a trading update for
the year ended 31 December 2021 ahead of its final results in May 2022.

Highlights:

·    Full year trading in line with Board expectations.

·   Completed acquisitions of Swedish eyewear company EGO Eyewear Ltd and
German distributor BoDe Design.

·    Successful purchase of intellectual property including trademarks of
Hardy Amies worldwide.

·    New state of the art lens manufacturing facility in Gloucester
nearing completion and production started end of December 2021.

 

The Group's trading performance for the year despite Covid-19 restrictions was
in line with management's expectations delivering Group revenue of $241.0m
(2020: $47.4m). The integration of the Group's Eschenbach acquisition in
December 2020 is progressing to plan and the business delivered positive
trading in 2021. The Group will continue to realise further synergies from the
acquisition into 2022.

During the period, the Group completed the strategic acquisitions of Swedish
eyewear company EGO Eyewear Ltd, along with its subsidiaries, and of German
distributor BoDe Design. Both acquisitions will enhance the Group's brand
portfolio and broadens the distribution of products around the world.

Our main markets in Europe and America have proved to be resilient, and early
indications show that, despite restrictions in many of the countries in which
we operate, the optical market remains open and current trading is in line
with expectations for 2022.

·    In Asia, our factories maintained production throughout most of the
year, despite both supply chain and Covid-19 restrictions.

·    Our new facility in Vietnam is now fully operational, and work has
started on the design and planning for our third facility in Vietnam on our
additional land purchased in 2021.

·   The Group continues to work on its wider environmental and
sustainability targets. Botaniq, our new sustainable collection manufactured
from bio-based materials, has had a successful launch in 2021 and will
continue to grow in 2022.

·    The Group has won a number of design and green awards, including four
red dot awards and the industry Green Award in 2021.

Inspecs trading outlook for 2022 remains positive with growth prospects
underpinned by recent acquisitions and multiple opportunities to continue to
grow the business across the globe. The management team remains confident that
this strategy will continue to deliver sustained growth in 2022 and over the
long-term.

 

Robin Totterman, Chief Executive Officer commented:

"The results achieved in 2021 follow on from the hard work our employees put
in over the last 12-months and the implementation of our continuing strategy
to build a fully integrated global eyewear business. The Group now has over 35
licensed and owned brands available to our customers around the world, and the
ability to provide a sustainable one-stop-shop frame and lens package
continues to gain momentum.

I remain confident about the Group's ability to continue to grow organically
and through acquisition in the long-term and to continue to deliver further
positive results for our customers, shareholders and all stakeholders."

 

For further information please contact:

 

 Inspecs Group plc                         via FTI Consulting

 Robin Totterman (CEO)                     Tel: +44 (0) 20 3727 1000

 Chris Kay (CFO)

 Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 7418 8900

 Adrian Trimmings

 Andrew Clark

 Lalit Bose

 FTI Consulting (Financial PR)             Tel: +44 (0) 20 3727 1000

 Alex Beagley

 Alice Newlyn

 Harriet Jackson

 

About Inspecs Group plc

 

INSPECS is a Bath-based 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 and
un-branded).

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.

 

The Group has completed a number of significant acquisitions since its IPO in
February 2020. In December 2020, INSPECS acquired Eschenbach, a leading,
global, eyewear supplier headquartered in Nuremberg, Germany, which includes
the American company Tura. This followed the acquisition of lens maker
Norville in July 2020, whereby INSPECS combined two heritage brands in British
optical, Savile Row frame maker, and Norville lens maker, further enhancing
its vertically integrated business model. In December 2021 the Group acquired
Ego Eyewear, a design and licensing company which uses third party eyewear
manufacturers to produce premium fashion brands, and BoDe, a distributor of
optical and sunglasses frames principally to the German market.

 

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 70,000 points of sale.

 

INSPECS has operations across the globe: with offices in the UK, Portugal,
Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and
manufacturing facilities in Vietnam, China, the UK and Italy. With the
acquisition of Eschenbach, the Group's international reach further extends
across Europe and the American markets.

 

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

 

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