BATH, England—Inspecs Group plc (LSE: SPEC), a leading designer, manufacturer and distributor of eyewear, including sunglasses, optical frames and lenses, announced its final results for fiscal 2021, the 12 months ending Dec. 31. Commenting on the achievements, Robin Totterman, CEO of Inspecs said, “2021 marked another successful year for Inspecs as we continued to gain momentum through our proven vertically-integrated business model. Whilst we were not immune from the well-documented global supply chain challenges and the regional lockdowns relating to COVID-19, we were able to navigate market conditions and deliver an exceptional performance."

He continued, "Our ability to more than double our revenue, EBITDA and gross profit in the year is a reflection of our continued strategic investments in the period, coupled with organic growth.The acquisitions of BoDe, EGO Eyewear and Hardy Amies have diversified our brand portfolio and broadened the distribution of our products around the world. In addition, we have invested in our manufacturing facilities in order to enhance our production capabilities.

"During the period, we opened Norville’s new state-of-the-art lens manufacturing facility on time and within budget, scaled-up our operations in Vietnam, and looking ahead, we have advanced our plans to build a new factory in Portugal. Our commitment to sustainability has been integral to the business and this can be reflected through the launch of the new sustainable, eco-friendly Botaniq range, as well as our investment in cutting-edge technologies that will enable us to explore and create sustainable products. I look forward to rolling out further initiatives in the years to come."

He noted, "Despite the current macro-environment, we are fortunate to be operating in a resilient market and I am pleased to report that we experienced strong trading in the first three months of the FY22. (VMAIL reported those results in April.) The significant progress we are making proves that our growth strategy is the right one, and I am confident that we will continue to deliver shareholder value in the long term.”

In its announcement, the company reiterated its accomplishments, including:

  • Group revenue increased 420 percent to $246.5M (2020: $47.4M)

  • Adjusted Underlying EBITDA increased 376 percent to $27.6M (2020: $5.8M)

  • Gross profit up 465 percent to $115.8M (2020: $20.5M)

  • Loss after tax decreased 39 percent to $5.4M (2020: $8.9M)

  • Net current assets of $48.1M (2020: $56.2M)

  • Net cash from operating activities up $20.8M to $20.0M (2020: $(0.8)M)
Operational Highlights

  • Acquisition of EGO Eyewear Limited and its subsidiaries in December 2021 which distributes brands to major optical chains known for its innovative and creative designs.

  • Acquisition of BoDe Design Vertriebs GmbH in December 2021, which distributes eyewear to chains and online retailers principally in the German and Austrian markets.

  • Purchased the trademarks, rights and licences to Hardy Amies, a leading British fashion brand in October 2021.

  • Successfully completed construction and fit out of Norville’s new state-of-the-art lens-making facility in Gloucester, which is now fully operational.

  • Number of eyewear units sold globally increased 112 percent to 10.4 million (2020: 4.9M).

  • Enhanced Vietnam operations with a second plant, increasing total production facility to 8,800 square meters and increasing supply by 72 percent from 2.18M to 3.75M units.

  • Manufacturing in China (Torkai) increased from 1.59M to 1.82M units.

  • Manufacturing in Vietnam (Neo) increased from 2.18M to 3.75M units.

  • Two new in-house brands added in 2021.

  • 11 new global branded licenses added to the brand portfolio.

  • Awarded multiple Red Dot awards and the Silmo d’Or.
The Annual Report for the year ended Dec. 31, 2021 will be available shortly on the Group's website and will be sent to shareholders. The Inspecs annual general meeting will be held at 11:00 a.m. on Aug. 11, 2022 , at Kelso Place, Bath, U.K.