Busy Inspecs survives tough pandemic trading, expects growth for future
An "extraordinary year” could well sum up 2020 for most businesses. But for UK-based international eyewear group Inspecs it wasn’t just about surviving the pandemic.
Throw in two acquisitions and a listing on the small-cap AIM market alongside a trading performance that was “in line” with management expectations and you have a business that did more that tread water last year.
The company makes a wide range of eyewear, including products under the Superdry, Radley and O’Neill brands, among others.
First the performance. Sales dipped to $46.2m in the 12 months to 31 December, from $61.2m in the year-ago period which leaves the designer, manufacturer and distributor “in a strong position" for further growth "in the fragmented global eyewear market".
And that last comment means Inspecs is still on the look out for acquisitions to add to the purchase of The Norville Group last July and Eschenbach Optik in December. Both businesses contribute revenues of $4.2m and $3.1m respectively.
CEO Robin Totterman said of its “milestone” year: “Welcoming Norville and Eschenbach Optik to the group significantly increases our global distribution and lens manufacturing capability, enabling us to penetrate key global markets, broaden our customer reach, and strengthen our brand portfolio".
He added: ”Although the global pandemic continues, the Group is in a strong position to capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market. I continue to look to the future with confidence".
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