REG - Inspecs Group PLC - Q1 Trading Update and Notice of Results

InspecsAnnouncement

27/04/2022 07:00

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RNS Number : 4190J  Inspecs Group PLC  27 April 2022

27 April 2022

 

Inspecs Group plc

("Inspecs" or "the Group")

 

Q1 Trading Update and Notice of Results

 

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear
(sunglasses, optical frames and lenses) today announces a trading update for
the three months to 31 March 2022.

The Group delivered a strong trading performance in the first quarter with
revenues up $7.9m on the prior year to $75.1m (2021 Q1: $67.2m).

 

Revenues increased by 18.5% at constant exchange rates(1).

 

This performance was achieved through both organic growth of existing
entities, alongside strong starts to the year by the acquisitions made in
December 2021.

 

The integration of BoDe Design GmbH and EGO Eyewear continues to progress to
plan and we look forward to providing a more detailed update on progress at
the Group's Final Results on 19 May 2022.

 

 

1      Constant exchange rates: figures at constant exchange rates 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

 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 75,000 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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