Eyewear specialist Inspecs has recently provided an update on its performance for the first half of the year, expressing satisfaction with its solid trading performance. The company, known for its licenses from various renowned brands such as Joseph, Barbour, Liberty, Superdry, and Temperley, as well as its own labels, reported a 6% increase in revenue to £111.1 million. However, when accounting for constant currency, the rise was a slightly lower 2.3% to £107.2 million.

Notably, Inspecs saw strong cash generation during this period, leading to a reduction in its net debt (excluding leases) by £5 million to £22.6 million. The company also made strategic investments, including the construction of a new manufacturing facility in Vietnam at a cost of £0.9 million, as well as an additional payment of £2.2 million related to its previous acquisitions of EGO and BoDe.

CEO Richard Peck expressed satisfaction in the company’s positive momentum during Q2, which followed a solid start to the year in Q1. He also emphasized the consistent performance of all major markets in the first half of 2023. Inspecs remains confident in meeting market expectations for the full year, although it acknowledges the presence of ongoing macroeconomic uncertainties that may pose challenges.

Despite facing significant challenges such as the introduction of new leadership, cost-cutting measures, and currency exchange issues in the first nine months, Inspecs reported a record year in April, with annual revenue reaching $248.6 million compared to $246.5 million.

Investors and stakeholders can look forward to the half-year final results announcement from Inspecs in September. The company’s solid trading performance, strong cash generation, and strategic investments position it favorably amid a potentially challenging economic landscape.

Useful links:
1. Inspecs Official Website
2. Inspecs on Reuters