Inspecs Group increased revenue by 6.1% to £111.2m in its interim results for the six months ended June 30, 2023, including 20% growth in the UK.
The eyewear and lens company said operating profit increased by 25.1% to £4.6m, gross profit margin was 51.4% and underlying earnings before interest, taxes, depreciation and amortisation increased by 5.4% to £12.1m.
Richard Peck, CEO of INSPECS, said: ‘The group has made steady progress during the period, with an improved trading and cash generation performance. We remain focused on achieving operational efficiency gains and continue to identify integration opportunities across our global trading platform.’
Inspecs sold 6.9m frames in the first half of the year, which was 0.7m more than the first half of 2022. The group highlighted that Norville’s losses had been substantially reduced compared to the first six months of 2022.
Construction started in May on a new manufacturing facility in Vietnam and was expected to be completed in the first of half of 2024.
Peck added that trading in the second half of the year to date was in line with expectations but the group was cautious about global economic and political events.
