Inspecs says 2023 performance 'below expectations'

Eyewear manufacturer Inspecs on Monday warned fill-year results would be below expectations after softer trading conditions in December.

The company said it expected to report a 16.1% rise in unaudited adjusted underlying core earnings to £18m.

Group revenue of £200.3m was broadly flat on 2022, below expectations. Inspecs said it would continue to focus on delivering further operational efficiencies and reducing costs, while also cutting net debt.

“Whilst our revenue performance was affected by a soft market in December, I am encouraged that our focus on operational efficiencies in 2024 delivered an improvement in our margins,” said chief executive Richard Peck.

Net debt excluding leases fell by £3.3m during the year to £24.3m. Inspecs also invested £3m in its new Vietnam factory to provide additional capacity in the first half of 2024.

Reporting by Frank Prenesti for Sharecast.com