Inspecs Group has shared its final results for the year ended December 31 2023 with group revenue of £203.3m, which was up from £201m in 2022.
Gross profit was up 4.7% to £103.5, up from £98.9m in 2022, and adjusted underlying earnings before interest, taxes, depreciation and amortisation was up 16.1% to £18m.
Inspecs highlighted solid growth in revenue of £5.4m in its frames and optics division despite the loss of sales to GrandVision after its acquisition by EssilorLuxottica.
Its Norville lens manufacturing business continued to show month on month growth with significant new independent accounts and a new key account in place for 2024.
Richard Peck, CEO at Inspecs, ‘Our group operates in a resilient and growing market, and we continue to refine our business model and our strategy to deliver sustained and profitable growth. After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging.
‘Current momentum in the business supports delivery of market expectations for 2024 and I am confident that the group is well positioned for continued success. We are excited about our future and look forward to sharing more achievements in the coming year.’
Among the company’s operational highlights were plans for Eschenbach Optik to launch new low vision aid in the second half of 2024.
Inspecs also planned to launch gaming eyewear in May with direct to consumer sales and a water soluble bag will launch in the first half of the year.
