Inspecs CEO positive despite 2024 revenue miss

Eyewear player Inspecs reported a slight revenue decline to 200.5 million pounds for the year to December 31, 2024, while on a constant currency basis, revenue increased 2.3 million pounds to 205.6 million pounds.

The group expects to deliver an underlying EBITDA of 17.5 million pounds for the fiscal year versus 18 million pounds in 2023.

Commenting on the trading update, Richard Peck, the company’s CEO said: "Whilst total revenue and underlying EBITDA for the Group in 2024 were behind our original expectations, revenue growth was achieved in the second half of the year. I am also pleased that the Group increased its gross profit margin for the full year.”

During the year under review, the Group invested a further 0.7 million pounds in the new Vietnam factory to provide additional capacity with improved sustainable efficiency.

The Group also refinanced its existing banking arrangements with HSBC UK Bank in December, extending their maturity to 2027.

"2025 has started well and our key objectives for the year are to raise the Group's revenue and increase our underlying EBITDA margins while continuing to reduce our net debt," added Peck.