London, January 17, 2024
Inspecs Group, a leading eyewear company listed on the London Stock Exchange, has announced that its revenue for the year 2023 was flat, falling short of the board's expectations. This was primarily attributed to a soft market in December. However, the company remains optimistic about the new year, citing new accounts and improved distribution as key factors.
The group reported a total revenue of £200.3 million ($254.5 million) for the year 2023. However, on a constant exchange-rate basis, the revenue declined slightly to £197.8 million, down from £201 million in the previous year.
Strong Financial Position
Despite various investments throughout the year, Inspecs managed to reduce its net debt (excluding leases) to £24.3 million by the end of 2023, compared to £27.6 million in the previous year. Notably, the company spent £3 million on a new factory in Vietnam to increase production capacity and an additional £2.2 million on deferred acquisition considerations.
Focus for 2024
Inspecs has outlined its strategic focus for the year 2024. The company aims to streamline operations and cut costs while simultaneously reducing net debt and leverage. Moreover, it plans to drive sales across all its operating businesses by capitalizing on group synergies.
Looking forward to the year ahead, Chief Executive Richard Peck expressed his excitement for driving sales while emphasizing the importance of operational efficiency and performance enhancement.