(PRESS RELEASE) Inspecs Group plc, a designer, manufacturer and distributor of eyewear frames to global retail chains, announces its Final Results for the year ended 31 December 2019.
Group Highlights
- Group revenue increased 6.9% to $61.25m (2018: $57.30m)
- Underlying EBITDA increased 9.4% to $12.99m (2018: $11.87m)
- Profit Before Tax increased 102.4% to $7.35m (2018: $3.63m)
- Basic EPS increased 84.0% to $16.38c (2018: $8.90c)
- Diluted EPS increased 81.8% to $14.80c (2018: $8.14c)
- Manufactured 4.55m eyewear frames, up 19.7% (2018: 3.80m)
- Expansion of Vietnam factory from 4,300 square meters to 8,800 square meters
Post Period End
- Successful flotation on the London Stock Exchange’s Alternative Investment Market (AIM) in February 2020
- Appointed Angela Farrugia to the Board as a Non-Executive Director on 12 May 2020
- Winner of the Queen’s Award for Enterprise: International Trade for Outstanding Short-Term Growth in overseas sales
Robin Totterman, CEO of Inspecs said:
“This was a milestone year for Inspecs as we successfully listed on AIM and continued to make significant progress with our growth strategy, culminating in a strong set of results.
“Despite this pleasing performance, in recent months our focus as a management team and across the business has of course been squarely on managing the impact of COVID-19 on our operations. We have taken a number of actions to reduce costs, preserve cash and protect our balance sheet and we are confident that we have a robust liquidity position which will see us through the challenges ahead.
“Our number one priority at all times has been the health, safety and wellbeing of our brilliant people and I am proud of the way our core values have shone through. Nowhere was this better demonstrated than by the speed at which we diverted production to supply safety eyewear to frontline medical professionals in the NHS.
“Over the long term, the structural growth drivers in the $131 billion global eyewear market remain unchanged and people will still require vision correction. Our resilient vertically integrated business model and manufacturing capabilities combined with the innovation of our design teams and the strength of our customer relationships, leaves us well positioned to benefit from the recovery as a leaner, more efficient business.”