Inspecs is upbeat as sales soar
Eyewear specialist Inspecs Group said in an update on Tuesday that its trading during 2021 was in line with its expectations and included plenty of new developments that should drive future growth. The company will deliver its full-year results in May.
Inspecs makes eyewear under licence for brands including Superdry, Radley, O’Neill, Ted Baker, Lulu Guinness and Talbot Runhof, among others.
And last year it added new businesses with growth potential, completing the purchase of Swedish eyewear company Ego and German distributor BoDe Design. It also purchased the intellectual property including trademarks of Hardy Amies worldwide and opened a new “state of the art” lens manufacturing facility in Gloucester with production having started at the end of December 2021.
Its trading performance saw it delivering group revenue of $241 million (it reports in US dollars, despite being UK-based) which was up from $47.4 million in the previous year.
Its main markets in Europe and America “have proved to be resilient, and early indications show that, despite restrictions in many of the countries in which we operate, the optical market remains open and current trading is in line with expectations for 2022”.
And it said the integration of the group's Eschenbach acquisition in December 2020 “is progressing to plan and the business delivered positive trading in 2021. The group will continue to realise further synergies from the acquisition into 2022”.
Also, both of last year’s acquisitions should “enhance the group's brand portfolio and broaden the distribution of products around the world”.
In Asia, its factories maintained production for most of 2021, despite supply chain and Covid-19 restrictions, and its new facility in Vietnam is now fully operational. It’s also started the design and planning for its third facility in that country.
It added that its trading outlook for 2022 “remains positive with growth prospects underpinned by recent acquisitions and multiple opportunities to continue to grow the business across the globe”.
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