Q1 Trading Update and Notice of Results

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 rates¹.

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 Robin Totterman (CEO) Chris Kay (CFO)	via FTI Consulting Tel: [phone]
Peel Hunt (Nominated Adviser and Broker) Adrian Trimmings Andrew Clark Lalit Bose	Tel: [phone]
FTI Consulting (Financial PR) Alex Beagley Alice Newlyn Harriet Jackson	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).

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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