Q1 Trading Update & Notice of Results

RNS Number : 9539W

Inspecs Group PLC

29 April 2021

 

29^th April 2021

Inspecs Group plc

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

Q1 Trading Update & Notice of Results

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear frames, today announces a trading update for the three months to 31 March 2021 ahead of announcing Final Results on 18 June 2021.

The Group delivered a strong trading performance in the first quarter with revenues of $67m. This performance was achieved despite nationwide lockdowns in the UK, Germany and France and a variety of state lockdowns in the USA. Whilst this performance marks a positive start to the year, the Board remains cautious on 2021 as COVID-19 remains prevalent across the world.

The integration of Eschenbach Holdings continues progressing to plan and the benefits of the enlarged group working together are starting to be realised, with a number of joint projects underway. We look forward to driving further synergies and will provide a more detailed update on progress at the Group's Final Results.

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 Will Bell	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 Holdings, a leading, global, eyewear supplier headquartered in Nürnberg, 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.

Today 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, London and more recently, Italy. With the acquisition of Eschenbach Holdings, the Group's international reach further extends throughout Europe and Japan.

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: https://inspecs.com  

 

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