Profit warning at Inspecs Group as forecasts fog up

Glasses manufacturer Inspecs Group has issued a profit warning after its clear vision of a good fourth quarter failed to materialise.

In September the Wiltshire group said it was “confident in meeting market expectations for the full year”, but has been forced to backtrack today.

Inspecs has told shareholders that the improvement in Q4 sales has not been as strong as anticipated.

Revenues for 2024 are expected to be £197m – compared to £203.3m last year, with underlying earnings also now forecast to be lower than last year, between £17.4m-£17.9m.

It blamed “the slower recovery in our European markets and the deferral of orders for some of the Group’s larger customers”.

The group designs, manufactures and distributes a range of products including sunglasses, optical frames, lenses and low vision products.

It has still seen year-on-year growth in the second half, but not enough to make up for a difficult first half. Inspecs’ new manufacturing facility in Vietnam has now been completed, and it anticipates “stepping up production to meet demand through 2025”.