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INSPECS Group PLC Announces Its Final Results

“2021 marked another successful year for Inspecs as we continued to gain momentum through our proven vertically-integrated business model.”

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(PRESS RELEASE) INSPECS Group plc, a leading designer, manufacturer and distributor of eyewear frames, announces its Final Results for the year ended 31 December 2021.

Key Financials

  • Group revenue increased 420% to $246.5m (2020: $47.4m);
  • Adjusted Underlying EBITDA increased 376% to $27.6m (2020: $5.8m);
  • Gross profit up 465% to $115.8m (2020: $20.5m);
  • Loss after tax decreased 39% to $5.4m (2020: $8.9m);
  • Diluted EPS of $(0.05)c (2020: $(0.13)c);
  • Net current assets of $48.1m (2020: $56.2m);
  • Net cash from operating activities up $20.8m to $20.0m (2020: $(0.8)m);
  • Maiden dividend proposed of 1.25p per share (2020: Nil).

Operational Highlights

  • Acquisition of EGO Eyewear Limited and its subsidiaries in December 2021 who distributes brands to major optical chains known for its innovative and creative designs;
  • Acquisition of BoDe Design Vertriebs GmbH in December 2021, who distributes eyewear to chains and online retailers principally in the German and Austrian markets;
  • Purchased the trademarks, rights and licences to Hardy Amies, a leading British fashion brand in October 2021;
  • Successfully completed construction and fit out of Norville’s new state-of-the-art lens-making facility in Gloucester, now fully operational;
  • Number of eyewear units sold globally increased 112% to 10.4 million (2020: 4.9m);
  • Enhanced Vietnam operations with a second plant, increasing total production facility to 8,800 sqm2 and increasing supply by 72% from 2.18m to 3.75m units;
  • Manufacturing in China (Torkai) increased from 1.59m to 1.82m units;
  • Manufacturing in Vietnam (Neo) increased from 2.18m to 3.75m units;
  • Two new in-house brands added in 2021;
  • 11 new global branded licences added to the brand portfolio;
  • Awarded multiple Red Dot awards and the SILMO d’Or.

Robin Totterman, CEO of INSPECS said:

“2021 marked another successful year for Inspecs as we continued to gain momentum through our proven vertically-integrated business model. Whilst we were not immune from the well-documented global supply chain challenges and the regional lockdowns relating to COVID-19, we were able to navigate market conditions and deliver an exceptional performance.

Our ability to more than double our revenue, EBITDA and gross profit in the year is a reflection of our continued strategic investments in the period, coupled with organic growth. The acquisitions of BoDe, EGO Eyewear and Hardy Amies have diversified our brand portfolio and broadened the distribution of our products around the world. In addition, we have invested in our manufacturing facilities in order to enhance our production capabilities. During the period, we opened Norville’s new state-of-the-art lens manufacturing facility on time and within budget, scaled-up our operations in Vietnam, and looking ahead, we have advanced our plans to build a new factory in Portugal.

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Our commitment to sustainability has been integral to the business and this can be reflected though the launch of the new sustainable, eco-friendly BOTANIQ range, as well as our investment in cutting-edge technologies that will enable us to explore and create sustainable products. I look forward to rolling out further initiatives in the years to come.

Despite the current macro-environment, we are fortunate to be operating in a resilient market and I am pleased to report that we experienced strong trading in the first three months of the FY22 fiscal year. The significant progress we are making proves that our growth strategy is the right one, and I am confident that we will continue to deliver shareholder value in the long term.”

The Annual Report for the year ended 31 December 2021 will shortly be available on the Group’s website (here) and will be sent to shareholders. The INSPECS Annual General Meeting will be held at 11am on 11 August 2022, at Kelso Place, Bath, UK.

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