Glasses manufacturer sees annual revenues hit the £111m mark
A Bath-based firm which designs and manufactures glasses says revenues increased by 6.1 per cent this year.
Inpsecs said revenues rose from £104.8m to £111.2m over the last 12 months.
As a result operating profit increased by 25.1 per cent to £4.6m.
The company sold 6.9m frames in the first half of the year and saw strong growth in most regions.
It also started work on building a new factory in Vietnam which is due to be completed in the spring of next year.
Chief executive Richard Peck said: “The group has made steady progress during the period, with an improved trading and cash generation performance. We remain focused on achieving operational efficiency gains and continue to identify integration opportunities across our global trading platform.
“Construction of our new manufacturing facility in Vietnam commenced in May 2023, with expected completion in H1 2024. Once fully operational, this will increase the manufacturing capacity of the Group to circa 12 million units per year.
“Trading in the second half to date has been in line with our expectations and our order books remain at a good level.
“Whilst we remain cautious in relation to global economic and political events, we remain confident with our full year outlook.”
Inspecs produces a broad range of eyewear frames, low vision aids and lenses, covering optical, sunglasses and safety, which are either branded or private label on behalf of retail customers.
The group has operations across the globe with offices and subsidiaries in the UK, Germany, Portugal, Scandinavia, the US and China and manufacturing facilities in Vietnam, China, the UK and Italy.
The company has made key licence renewals, including Marco Polo and Ted Baker, as well as receiving a significant order from a global retailer for a key licence brand which will be delivered by the end of the year.
