Inspecs sees continuing positive momentum

Inspecs Group has reported a “solid trading performance” for the first half of 2023, with a continuing positive momentum.

The eyewear company shared a trading update for the six months ending 30 June 2023, ahead of its interim results report on 7 September.

The group reported an increase in revenue of 6.0% to £111.1 million, compared to £104.8 million in the first half of 2022.

On a constant currency basis, revenue increased by 2.3% to £107.2 million.

A strong cash generation in the first half of the year saw net debt (excluding leases) decrease by £5.0 million to £22.6 million, compared to £27.6 million at the end of December 2022.

The group shared that, during this period, it invested £0.9 million on construction of a new manufacturing facility in Vietnam. It also paid a further £2.2 million of deferred and contingent consideration relating to the Ego and BoDe acquisitions.

Richard Peck, chief executive officer of Inspecs Group, said: “I am pleased that the positive momentum that we experienced in Q1 continued into Q2 and that all of the group’s major markets have performed consistently in H1 2023.”

The company will continue focusing on driving sales and improving operational efficiency, he added.

Peck continued: “As a result of this performance in the first half of the year, notwithstanding the ongoing macroeconomic uncertainties, the Board remains confident in delivering full year results in line with market expectations.”