Inspecs reports “strong” first quarter performance
The company reported revenues of $67 million for the first three months of the year
06 May 2021
Inspecs Group has reported a “strong” trading performance in the first three months of 2021, with revenues of $67m (£48m) in the first quarter.
The company shared the quarter one update ahead of the release of its final results on 18 June.
The company noted that this performance was achieved despite nationwide lockdowns in the UK, Germany and France, as well as during a variety of state lockdowns in the US.
Speaking to OT, a spokesperson for Inspecs described the figures as “encouraging news,” adding that: “Overall the board is pleased with the performance despite lockdowns and continued appreciation by the optical market of the capabilities of the Inspecs Group.”
Providing an indication of how performance in the first quarter this year compared to the same period in 2020, the spokesperson shared that sales are up around 5% despite COVID-19.
Commenting on the first quarter performance, the company spokesperson told OT: “The optical market has remained resilient and Inspecs has continued to work during the last six months to ensure that our sales teams and design teams, despite lockdowns, have fully engaged with both chains and independent opticians to ensure that as the market recovers Inspecs is on radar with all buyers.”
Despite the “positive start to the year,” Inspecs confirmed it remains “cautious on 2021 as COVID-19 remains prevalent across the world.”
As well as providing the trading notice, the company shared that the integration of Eschenbach Holdings is continuing to progress to plan.
Inspecs Group announced the proposed acquisition of Eschenbach in November last year. The German eyewear supplier has a portfolio of more than 15 in house and licensed brands, more than 12 international subsidiaries and also owns the American eyewear company, Tura.
Providing an update on the progress, Inspecs shared in its statement: “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.”