REG - Inspecs Group PLC - Half Year Trading Update

InspecsAnnouncement

28/07/2023 07:00

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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 £111.1m (H1
2022: £104.8m). On a constant currency basis(1), our revenue increased by
2.3% to £107.2m.

 

Financial position

The Group has delivered strong cash generation in the first half and, as a
result, net debt (excluding leases) decreased by £5.0m to £22.6m (31
December 2022: £27.6m). During the period, the Group invested £0.9m on
construction of our new manufacturing facility in Vietnam and paid a further
£2.2m 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 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

 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 (https://inspecs.com)

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