Eyewear manufacturer sees revenues rise to £111m

Wiltshire based eyewear manufacturer Inspecs says revenues increased by six per cent in the first half of the year.

The company which designs, manufactures and distributes glasses has issued a six month trading update.

It said it has delivered a solid trading performance in the first half of 2023, in line with market expectations.

Revenue increased by six per cent to £111.1m compared to £104.8m in the same period last year.

The group delivered strong cash generation in the first half and, as a result, net debt decreased by £5m to £22.6m.

During the period Inspecs invested £900,000 on construction of a new manufacturing facility in Vietnam and paid a further £2.2m of deferred and contingent consideration relating to the acquisition of EGO and BoDe.

Chief executive  Richard Peck said: “I am pleased that the positive momentum that we experienced in the first quarter continued into the second quarter and that all of the group’s major markets have performed consistently in the first half.

“We continue to focus on our strategy of driving sales and improving operational efficiency.

“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.”