Inspecs reflects on costly 2022

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.