REG - Inspecs Group PLC - Trading Update

InspecsAnnouncement

30/10/2023 07:15

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RNS Number : 5964R  Inspecs Group PLC  30 October 2023

30 October 2023

Inspecs Group plc

("Inspecs" or "the Group")

 

Trading Update

 

INSPECS Group plc, a global eyewear and lens design house and manufacturer,
today announces a trading update for the nine months ended 30 September 2023
(the "Period").

 

Trading

The Group has delivered a solid trading performance in the Period, in line
with our expectations, with revenue increasing by 4.6% to £159.1m (nine
months ended 30 September 2022: £152.1m). On a constant currency basis(1),
our revenue increased by 2.4% to £155.7m.

 

Financial position

The Group has delivered strong cash generation in the Period and, as a result,
net debt (excluding leases) decreased by £6.4m to £21.2m (31 December 2022:
£27.6m). During the three-month period from 1 July to 30 September 2023, the
Group invested a further £0.8m in construction of our new manufacturing
facility in Vietnam and reduced net debt (excluding leases) by £1.5m.

 

Richard Peck, Chief Executive Officer of INSPECS Group plc, commented:

"All of the Group's major markets are performing as we expected. Construction
of our new manufacturing facility in Vietnam is progressing well with
completion expected in H1 2024.

 

Our focus on improving the Group's operational efficiencies continues and,
notwithstanding the ongoing macroeconomic uncertainties, with our current
order book the Board remains confident of 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 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
drivers: increasing the penetration of its own-brand portfolio, increasing
distribution in Asian Pacific markets, 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: www.INSPECS.com (http://www.INSPECS.com)

 

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