Inspecs reports figures for 2024

Inspecs Group has seen a slight decline in revenue to year end following a slow start to business in 2024.

Releasing results for the year which ended 31 December 2024, Inspecs reported overall revenue of £200.5m, down against £203.3m in 2023, while underlying EBITDA closed at £17.5m, down against £18.0m in 2023. However, second half year figures for 2024 reported a 5.9% increase in revenue to £97.5m against £92.1m for the same period in 2023.

During the same trading period, the group reported that its gross profit margin increased from 50.9% to 51.4%, while it was also able to reduce its net debt, excluding leases, by £1.3m to £22.9m.

Commenting on the trading period, Inspecs chief executive officer, Richard Peck, said: “Whilst total revenue and underlying EBITDA for the group in 2024 was behind our original expectations, revenue growth was achieved in the second half of the year.”

He said that he was also “pleased that the group increased its gross profit margin for the full year,” adding: “During the period, we continued to focus on our operational efficiencies and, despite the inflationary pressures experienced in 2024, our operational costs have remained flat.”

During the trading period, Inspecs confirmed that the integration of its US businesses were completed and fully amalgamated. A new facility in Vietnam, in which it invested £700,000, became fully operational, with the aim of providing additional capacity with improved sustainable efficiency.

Peak explained: “The Group has also reduced net debt while investing in significant additional manufacturing capacity which is now operational, following the successful completion of construction in Vietnam.”

Peak said that 2025 had “started well,” adding that the business’ key objectives for the year were to “raise the group’s revenue and increase our underlying EBITDA margins across the group, while continuing to reduce our net debt.”

Releasing the results, the company reported that its focus would continue to be on “delivering further operational efficiencies and reducing costs, while also reducing net debt and leverage.”

It added that the group has made a “solid start to 2025, and is confident of its ability to continue to reduce debt and increase margins and underlying EBITDA.”