Inspecs Group PLC Full Year Trading Update (2838N)
29 January 2021 - 6:00PM
UK Regulatory
TIDMSPEC
RNS Number : 2838N
Inspecs Group PLC
29 January 2021
29 January 2021
Inspecs Group plc
("Inspecs", the "Company" or "the Group")
Full Year Trading Update
Inspecs Group plc, a leading designer, manufacturer and
distributor of eyewear frames, today announces a trading update for
the year ended 31 December 2020 ahead of its Final Results in May
2021.
The Group's trading performance for the year was in line with
management's expectations, delivering Group revenue of $46.2m
(2019: $61.2m). The Group completed two acquisitions in the year,
namely the assets of The Norville Group Ltd ("Norville") on 14 July
2020 and Eschenbach Optik GmbH ("Eschenbach Optik") on 16 December
2020. These businesses contributed revenue of $4.2m and $3.1m
respectively. Integration of Norville is complete and the
integration of Eschenbach Optik is progressing to plan, showing
encouraging early signs. We now look forward to working with the
Eschenbach Optik team to drive the identified synergies and boost
Inspecs' global footprint and brand portfolio.
Robin Totterman, CEO of Inspecs, said:
"Whilst 2020 was an extraordinary year for a number of reasons,
it was a milestone year for Inspecs with the Company successfully
listing on AIM in February and subsequently completing two
acquisitions. Welcoming Norville and Eschenbach Optik to the Group
significantly increases our global distribution and lens
manufacturing capability, enabling us to penetrate key global
markets, broaden our customer reach, and strengthen our brand
portfolio.
"Although the global pandemic continues, the Group is in a
strong position to capitalise on the compelling structural
opportunities that exist in the fragmented global eyewear market. I
would like to thank all of our employees across the globe for their
continued hard work and resilience in the face of the ever-changing
pandemic and I continue to look to the future with confidence."
For further information please contact:
Inspecs Group plc via FTI Consulting
Robin Totterman (CEO) Tel: +44 (0) 20
Chris Kay (CFO) 3727 1000
Peel Hunt (Nominated Adviser and Broker) Tel: +44 (0) 20
Adrian Trimmings 7418 8900
Andrew Clark
Will Bell
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Fern Duncan
Alice Newlyn
About Inspecs Group plc
Inspecs is a Bath-based designer, manufacturer and distributor
of eyewear frames and optically advanced spectacle lenses. The
Group produces a broad range of frames and lenses, covering
optical, sunglasses and safety, which are either "Branded" (either
under licence or under the Group's own proprietary brands), or
"OEM" (including private label on behalf of retail customers and
un-branded).
In December 2020, Inspecs acquired Eschenbach Optik, a leading,
global, eyewear supplier headquartered in Nürnberg, Germany, which
includes the American company Tura. The acquisition extended the
Group's presence internationally in key global markets. This
followed the acquisition of lens maker Norville in July 2020,
whereby Inspecs combined two heritage brands in British optical,
Savile Row frame maker, and Norville lens maker, further enhancing
its vertically integrated business model. As one of only a few
companies that can offer this one-stop-shop solution to global
retail chains, Inspecs is well positioned to continue to take
market share in the globally expanding eyewear market.
Inspecs customers include global optical and non-optical
retailers, global distributors and independent opticians, with its
distribution network covering over 80 countries and reaching
approximately 40,000 points of sale. In FY19, the Group generated
24.9% of its revenue in the UK and 75.1% internationally.
Today Inspecs has operations across the globe: with offices in
the UK, Portugal, Scandinavia, the US and China (Hong Kong, Macau
and Shenzhen), and manufacturing facilities in Vietnam, China,
London and more recently, Italy. With the acquisition of Eschenbach
Optik, the Group's international reach further extends to Germany,
France, Spain, Japan and Poland.
The Group's growth strategy going forward is to: (i) continue to
grow organically; (ii) undertake further acquisitions (and drive
value through leveraging the Group's internal capabilities); and
(iii) extend the Group's manufacturing capacity.
More information is available at: https://inspecs.com
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