30 October 2023

Inspecs Group plc

("Inspecs" or "the Group")

Trading Update

INSPECS Group plc, a global eyewear and lens design house and manufacturer, today announces a trading update for the nine months ended 30 September 2023 (the "Period").

Trading

The Group has delivered a solid trading performance in the Period, in line with our expectations, with revenue increasing by 4.6% to £159.1m (nine months ended 30 September 2022: £152.1m). On a constant currency basis¹, our revenue increased by 2.4% to £155.7m.

Financial position

The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by £6.4m to £21.2m (31 December 2022: £27.6m). During the three-month period from 1 July to 30 September 2023, the Group invested a further £0.8m in construction of our new manufacturing facility in Vietnam and reduced net debt (excluding leases) by £1.5m.

Richard Peck, Chief Executive Officer of INSPECS Group plc, commented:

"All of the Group's major markets are performing as we expected. Construction of our new manufacturing facility in Vietnam is progressing well with completion expected in H1 2024.

Our focus on improving the Group's operational efficiencies continues and, notwithstanding the ongoing macroeconomic uncertainties, with our current order book the Board remains confident of delivering full year results in line with market expectations."

1. Constant currency basis: figures on a constant currency basis have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.

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About INSPECS Group plc

INSPECS is a leading provider of eyewear solutions to the global eyewear market. The Group produces a broad range of eyewear frames, low vision aids and lenses, covering optical, sunglasses and safety, which are either "Branded" (under licence or under the Group's own proprietary brands), or "OEM" (unbranded or private label on behalf of retail customers).

INSPECS is building a global eyewear business through its vertically integrated business model. Its continued growth is underpinned by six core drivers: increasing the penetration of its own-brand portfolio, increasing distribution in Asian Pacific markets, growing its travel retail markets, maximising group synergies, expanding its manufacturing capacity and scaling the research and development department as it develops new and innovative eyewear products. 

The Group has operations across the globe: with offices and subsidiaries in the UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK and Italy.

INSPECS customers are global optical and non-optical retailers, global distributors and independent opticians. Its distribution network covers over 80 countries and reaches approximately 75,000 points of sale.

More information is available at: www.INSPECS.com