BATH, England—Inspecs Group plc (LSE: SPEC), a leading designer, manufacturer and distributor of eyewear, announced on April 27  its unaudited preliminary results for the year ended Dec. 31, 2022. Richard Peck, CEO, commented, "I am pleased to report that the Group delivered record sales and increased the number of frames sold in what can only be described as a year of two halves. While I assumed the role of CEO on Dec. 1, I have been on the Inspecs' board since IPO and have experienced the progress the Group made during the year in review.

"External headwinds, combined with the ongoing efforts to enhance operations at Norville, meant the board needed to implement operational efficiencies and I am pleased to say that the initiatives put in place are having a positive effect," he said.

Among the Group's financial and operational highlights:

  • Group revenue of $248.6 million (2021: $246.5 million).

  • Group revenue on a constant exchange rate basis of $265.7 million (2021: $246.5 million).

  • Gross profit up 5.6 percent to $122.3 million (2021: $115.8 million).

  • Adjusted Underlying EBITDA of $19.2 million (2021: $27.6 million).

  • Loss before tax of $9.5 million (2021: loss before tax $9.1 million).

  • 10.7 million frames sold globally (2021: 10.4 million).

  • Increased sales of "branded" frames worldwide including Superdry, Botaniq, O'Neill and Saville Row Titanium.

  • Research and development department, Skunkworks, generated first commercial revenues which will continue to grow in 2023 and beyond.

  • Implemented a number of cost reductions to improve operational efficiencies.

  • Environmental, Social and Governance (ESG) board committee established in 2022, with an aim to further integrate ESG throughout Inspecs' corporate strategy.
Inspecs' current and trading outlook points included:

  • Q1 FY23 in line with expectations, driven by a rebound in European markets and continued growth in other markets.

  • Exciting opportunities ahead, including the launch of key brands Barbour and Superdry in new markets including North America and Asia.

  • Continued focus and investment in new optical technology and innovation.

  • Well placed to capitalize on future growth as further work is undertaken to synergise product design, manufacturing and distribution.

  • Expansion of Vietnam manufacturing facility expected to commence in H2 2023
VMAIL previously reported on Peck's appointment.

"Sales of our branded products including Botaniq, Superdry and Savile Row Titanium, gained momentum during the year, and the expansion of branded products is a core part of our growth strategy moving forward," Peck noted. He added, "Elsewhere, Skunkworks delivered inaugural revenues and we look forward to growing this revenue stream as the research and development team continue to deliver innovative new eyewear solutions. Expansion of our manufacturing facility in Vietnam remains on track, with construction expected to start in the second half of 2023."

Peck said "Operating in a resilient growing market, I am confident that our product offering, business model and strategy for growth will enable us to capitalise on the significant opportunities that lie ahead. Our talented and dedicated teams across all territories are also an integral part of our success and they will enable us to drive performance.

"The first quarter of 2023 has delivered a performance in line with our expectations and indicates that the European markets are rebounding. There are a number of exciting opportunities on the horizon for Inspecs," he concluded.