Change to Publication Date of Results
17 May 2022
Inspecs Group plc
("Inspecs" or "the Group")
Change to Publication Date of Results
Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear (sunglasses, optical frames and lenses) announces that its Final Results for the year ended 31 December 2021 will no longer be published on 19 May 2022 as previously announced. This delay is caused by an accounting issue in relation to a subsidiary company in the United States that was acquired in December 2020. This accounting issue is a non-cash item, is not expected to be material in the context of the Group's assets, and is currently being reviewed and finalised by both the Company and its auditors. It is expected that Group's Final Results will be published by mid-June 2022. Inspecs will update the market with a release date closer to the time.
For further information please contact:
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Inspecs Group plc Robin Totterman (CEO) Chris Kay (CFO)
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via FTI Consulting Tel: +44 (0) 20 3727 1000 |
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Peel Hunt (Nominated Adviser and Broker) Adrian Trimmings Andrew Clark Lalit Bose
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Tel: +44 (0) 20 7418 8900 |
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FTI Consulting (Financial PR) Alex Beagley Alice Newlyn Harriet Jackson
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Tel: +44 (0) 20 3727 1000 |
This announcement contains inside information within the meaning of the Market Abuse Regulation. The person responsible for arranging release of this announcement on behalf of Inspecs in Chris Kay, Chief Financial Officer.
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
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