Inspecs faces challenging headwinds

Record sales for Inspecs but instability in Europe hurts the bottom line. Simon Jones reports

Bath-based Inspecs has reported another set of record sales figures, but its financial report for the year ending December 31, 2022 highlighted several challenging areas that affected underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation). 

For the 12 months to December 2022, the company, which reports in US dollars, recorded a modest increase in revenue $248m compared to $246m in 2021.  

Adjusted underlying EBITDA fell from $27.6m to $19.2m, which the company said had been caused primarily by three main factors: the effects of the decrease in the value of the euro against the dollar, a slowdown in European markets and continued losses at its new Norville lens manufacturing facility.  

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