Inspecs confident in sustaining growth over 2022
The company has released a trading update outlining a revenue in 2021 of approximately £178 million
08 February 2022
Inspecs has reported signs of a “positive” outlook in the year ahead, as the company shared a trading update overviewing 2021.
Ahead of the final trading results, due in May, the company revealed that Inspecs Group delivered revenue of $241 million (approximately £178 million) in 2021.
This was in line with expectations for the group, and an increase on 2020’s $47.4 million, (£35 million).
Over the past year, the company completed a number of acquisitions, including the strategic acquisition of the Swedish eyewear company, EGO Eyewear, along with its subsidiaries, and German distributor, BoDe Design.
Meanwhile, following its acquisition in December 2020, Inspecs has been integrating Eschenbach into the group, and highlighted that the business delivered positive trading in 2021.
The company noted that the trading performance was despite COVID-19 restrictions throughout the year and shared that its main markets in Europe and America have showed resilience. The company shared in the update: “Early indications show that, despite restrictions in many of the countries in which we operate, the optical market remains open and current trading is in line with expectations for 2022.”
Inspecs’ factories in Asia maintained production through most of the year, despite COVID-19 and supply chain restrictions, while the company’s new facility in Vietnam is fully operational. Inspecs has already begun to plan a third facility in the country.
Robin Totterman, Inspecs’ chief executive officer, said: “The results achieved in 2021 follow on from the hard work our employees put in over the last 12 months and the implementation of our continuing strategy to build a fully integrated global eyewear business.
“The group now has over 35 licensed and owned brands available to our customers around the world, and the ability to provide a sustainable one-stop-shop frame and lens package continues to gain momentum.”
Totterman added that he is confident in the group’s ability to “continue to grow organically, and through acquisition, in the long-term.”
The company said the trading outlook for 2022 “remains positive, with growth prospects underpinned by recent acquisitions and multiple opportunities to grow the business around the globe.”