Eyewear company announces record sales
Eyewear manufacturer Inspecs says is delivered record sales last year in the face of tough market conditions.
In total it sold more than 10m glasses and sunglasses across the world.
The Bath based business had group revenues of £198m last year a slight increase on the previous 12 months.
As a result gross profit was up by 5.6 per cent to £97m compared to £92m the previous year.
The firm made a loss before tax of more than £7m over the period covered by the results.
Inspsecs saw Increased sales of its branded frames worldwide including Superdry, Botaniq, O’Neill and Saville Row Titanium the
The company say it implemented a number of cost reductions to improve operational efficiencies
Inspecs said trading in the first quarter of the current financial year is in line with expectations, driven by a rebound in European markets and continued growth in other markets.
Chief executive Richard Peck said: “I am pleased to report that the group delivered record sales and increased the number of frames sold in what can only be described as a year of two halves.
“Whilst I assumed the role of CEO on 1 December, I have been on the Inspecs board since IPO and have experienced the progress the group made during the year in review.
“External headwinds, combined with the ongoing efforts to enhance operations at Norville, meant the board needed to implement operational efficiencies and I am pleased to say that the initiatives put in place are having a positive effect.
“Sales of our branded products including Botaniq, Superdry and Savile Row Titanium, gained momentum during the year, and the expansion of branded products is a core part of our growth strategy moving forward. Elsewhere, Skunkworks delivered inaugural revenues and we look forward to growing this revenue stream as the research and development team continue to deliver innovative new eyewear solutions.
“Expansion of our manufacturing facility in Vietnam remains on track, with construction expected to start in the second half of 2023.
“Operating in a resilient growing market, I am confident that our product offering, business model and strategy for growth will enable us to capitalise on the significant opportunities that lie ahead.
“Our talented and dedicated teams across all territories are also an integral part of our success and they will enable us to drive performance.
“The first quarter of 2023 has delivered a performance in line with our expectations and indicates that the European markets are rebounding. There are a number of exciting opportunities on the horizon for INSPECS.”
