Revenue was behind expectations for Inspecs in the group’s financial results for the year ended December 31, 2024 but growth was achieved in the second half of the year.
Richard Peck, CEO at Inspecs, said he was pleased the group increased its gross profit margin for the full year and that operational costs remained flat despite inflationary pressures.
‘2025 has started well and our key objectives for the year are to raise the group’s revenue and increase our Underlying EBITDA margins across the Group while continuing to reduce our net debt,’ Peck said.
In 2024, group revenue was £200.5m, which was down from £203.3m in 2023, and underlying EBITDA was £17.5m, down from £18m in 2023.
Net debt across the group, excluding leases, decreased £1.3m to £22.9m and Inspecs invested £700,000 in its new Vietnam factory.
