Q3 Trading Update

RNS Number : 4901Q

Inspecs Group PLC

28 October 2021

 

28 October 2021

Inspecs Group plc

("Inspecs", the "Company" or "the Group")

Q3 Trading Update

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear frames, today announces a trading update for the nine months to 30 September 2021.

The Group's strong trading performance delivered in the first half has continued into the third quarter with unaudited revenues for the nine months to 30 September 2021 of $185.0m (six months to 30 June 2021: $125.7m). The Board remains cautious of headwinds in the fourth quarter as COVID-19 continues to impact the global supply chain, but the Group remains confident in its full year outlook and notes the 2022 order book is in line with management's expectations.

For further information please contact:

Inspecs Group plc Robin Totterman (CEO) Chris Kay (CFO)	via FTI Consulting Tel: [phone]
Peel Hunt (Nominated Adviser and Broker) Adrian Trimmings Andrew Clark	Tel: [phone]
FTI Consulting (Financial PR) Alex Beagley Fern Duncan Alice Newlyn	Tel: [phone]

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).

In December 2020, INSPECS acquired Eschenbach, a leading, global, eyewear supplier headquartered in Nuremberg, Germany, which includes the American company Tura. The acquisition extended the Group's presence internationally in key global markets. 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. As one of only a few companies that can offer this one-stop-shop solution to global retail chains, INSPECS is well positioned to continue to take market share in the globally expanding eyewear 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.

The Group's growth strategy going forward is to: (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.

More information is available at www.INSPECS.com.

 

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