REG - Inspecs Group PLC - AGM Statement

InspecsAnnouncement

06/06/2024 07:00

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RNS Number : 3234R  Inspecs Group PLC  06 June 2024

6 June 2024

 

Inspecs Group plc

("Inspecs" or "the Group")

 

AGM Statement

 

Inspecs Group plc, a leading designer, manufacturer, and distributor of
eyewear (sunglasses, optical frames, lenses and low vision products)
announces, in advance of its Annual General Meeting to be held later today, a
trading update for the year ending 31 December 2024 ("FY24").

Following the record result for H1 23, which in part was due to elevated
levels of ordering as retailers sought to secure their inventory positions
post Covid, the Group anticipates revenue and EBITDA for H1 24 to be lower
than the prior year, more in line with historic trading.

Later today, we will launch our first in house designed direct to consumer
gaming eyewear range in London. The Group will benefit from extra capacity in
the new facility in Vietnam in the second half of 2024.

We expect momentum to improve across the Group's markets and to benefit from
increased distribution and ongoing operational efficiencies. As a result,
Group guidance for the full year remains unchanged.

For further information please contact:

 

 Inspecs Group plc                         via FTI Consulting

 Richard Peck (CEO)                        Tel: +44 (0) 20 3727 1000

 Chris Kay (CFO)

 Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 7418 8900

 George Sellar

 Andrew Clark

  FTI Consulting (Financial PR)            Tel: +44 (0) 20 3727 1000

 Alex Beagley

 Harriet Jackson

 Amy Goldup

 

About Inspecs Group plc

 

INSPECS is a leading provider of eyewear solutions to the global eyewear
market. The Group produces a broad range of eyewear frames, low vision aids
and lenses, covering optical, sunglasses and safety, which are either
"Branded" (under licence or under the Group's own proprietary brands), or
"OEM" (unbranded or private label on behalf of retail customers).

INSPECS is building a global eyewear business through its vertically
integrated business model. Its continued growth is underpinned by six core
pillars: increasing the penetration of its own-brand portfolio, increasing
distribution, growing its travel retail markets, maximising group synergies,
expanding its manufacturing capacity and scaling the research and development
department as it develops new and innovative eyewear products.

The Group has operations across the globe: with offices and subsidiaries in
the UK, Germany, Portugal, Scandinavia, the US and China (including Hong Kong,
Macau and Shenzhen), and manufacturing facilities in Vietnam, China, the UK
and Italy.

INSPECS customers are global optical and non-optical retailers, global
distributors and independent opticians. Its distribution network covers over
80 countries and reaches approximately 75,000 points of sale.

More information is available at: https://inspecs.com (https://inspecs.com)
 

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