Revenue at Inspecs was in line with the group’s expectations for the 12 months ended December 31, 2022, despite Covid-19 restrictions that limited production volume in China.
Group revenue, on a constant exchange rate basis, increased by $23.5m from $246.5m to $270m, which represented an increase of 9.5%.
A slowdown in German, French and other European markets saw a decrease in order flow in the third quarter of 2022, which the board responded to by implementing a cost reduction programme.
Richard Peck, CEO at Inspecs, said: ‘Having taken over as CEO on December 1 2022, I am confident that these programmes will ensure the group is fit for the future and best placed to take advantage of the exciting growth opportunities that I see in the market.’
Inspecs said a large decrease in the Euro against the US dollar had an impact on its European business, as well as significant rises in freight, material, product and operating costs.
Register now to continue reading
Thank you for visiting Optician Online. Register now to access up to 10 news and opinion articles a month.
Register
Already have an account? Sign in here