Inspecs, the global eyewear and lens design house, has released its unaudited interim results for the first half of the year. The company experienced a boost in revenue, but faced challenges due to unfavorable exchange rates, particularly the sharp decline of the euro against the US dollar in Q2. As a result, Inspecs is planning to reevaluate its reporting currency in 2023 with the assistance of advisors.

Despite the exchange rate difficulties, Inspecs saw its revenue rise to $138.4 million, compared to $125.7 million during the same period last year. However, if the revenue had remained constant, the increase would have been even higher, reaching 15.8% at $145.5 million. The company’s operating profit more than doubled from $2.5 million to $5.8 million, and the gross profit margin improved, reaching 50.5% compared to the previous 44.2% (underlying 49.1%).

Although the underlying EBITDA declined to $15.1 million from $16.8 million in the previous year, Inspecs achieved a positive outcome with a reported profit before tax of $0.8 million, surpassing the previous loss of $3.5 million. Additionally, the company maintained a strong financial position with $30.6 million in cash reserves.

CEO Robin Totterman expressed satisfaction with Inspecs’ performance, noting that the company had made significant progress in achieving its strategic objectives during the first half of the year. The integration of the company’s businesses and the expansion of its global distribution reach were particularly emphasized. Totterman also highlighted the strong performance of the European business, which exceeded internal budget expectations.

Looking ahead, Inspecs is optimistic about its prospects. Plans are in motion for the construction of a new factory in Portugal, and the company aims to expand its production capacity in Vietnam. Furthermore, Inspecs’ group order books are ahead compared to the previous year, positioning the company favorably for the second half of the year.

While Inspecs remains cautious about the overall economic outlook for the UK and European markets, the company is focused on executing its strategic priorities. These priorities include increasing production, introducing innovative products to the market, and consistently creating value for its shareholders.

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