BATH, England—Inspecs Group, plc, (LSE: SPEC) the global eyewear and lens group based here, reported its interim financial results for the six months ended 30 June 2021. Inspecs Group reported that its overall revenue rose to $125.7 million for the first half of the fiscal year and that its EBITDA improved. CEO Robin Totterman stated, "I am pleased to report our underlying EBITDA increased from $0.7m for the 6 months to June 30, 2020 to $17.7m for the 6 months to June  30, 2021. These are good results for the Group that demonstrate its trajectory following the acquisition of Eschenbach on Dec. 16, 2020.

"These results reflect the hard work that our employees have put in to ensure that the Group can operate despite Covid-19 restrictions. My thanks for the flexibility our teams have displayed across the globe. Our factories have managed to carry on producing in what has been an extraordinarily difficult time and all our factory workers in Vietnam have been vaccinated to enable them to carry on production. Our plant in China has continued to operate despite Covid-19 difficulties throughout the period. Our teams across the globe continue to drive new innovation, explore opportunities and expand into new markets through integration, organic growth and acquisitions."

Totterman  added, "We have strong order books and notwithstanding the potential future disruption from Covid-19 our full year expectations remain unchanged. We look forward to providing a further update with our Q3 trading update at the end of October."
The company also noted, Underlying gross profit margin for H1 2021 excludes $6.1 million purchase price allocation adjustment relating to inventory valuation following the acquisition of Eschenbach on Dec. 16, 2020. Underlying EBITDA excludes this purchase price allocation adjustment and share based payment expense for the period.

VMAIL reported on the acquisition of  Nuremberg Germany-based Eschenbach Holdings, which includes the American company Tura. The acquisition extended the Group’s presence internationally in key global markets. This followed the acquisition of lens maker Norville in July 2020, whereby Inspecs combined two heritage brands in British optical, Savile Row frame maker, and Norville lens maker, further enhancing its vertically integrated business model.

For the first half of 2021, Inspecs Group also noted:

  • Despite the restrictions of Covid-19, operations have remained fully functional and the business is currently transitioning from a work at home basis to a flexible office/home-working environment where applicable.

  • Construction work on our Vietnam plant has been completed, despite Covid-19 related restrictions, production is at good levels.

  • Further land acquired in Vietnam allows an additional expansion of manufacturing capacity.

  • New B2B digital platform increases revenues.

  • Eschenbach integration continues across the Group.

  • Launch of new in-house designed and manufactured sustainable frames “Botaniq" continues to prove successful.

  • Development of antiviral and antibacterial products for health care markets.

  • Norville appointed U.K. sales distributor for LEICA Lenses.

  • Construction of new Norville production facility underway, completion expected Q4 2021.

  • ESG teams working to move Group’s offices to carbon neutral.
Inspecs' customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 70,000 points of sale.