BATH, England—Inspecs Group plc, (LSE: SPEC), a global designer, manufacturer and distributor of eyewear, including sunglasses, optical frames, lenses and low vision products, has announced full-year preliminary financial results for the year ended December 31, 2024. Group revenue for 2024 declined slightly to £200.5 million compared with £203.3 million in 2023. However, the company also reported improved gross margins and reduced debt in 2024, as well as a revenue increase of 5.9 percent in the second half of the year.

Inspecs Group said that it expects to deliver an underlying EBITDA of £17.5 million for 2024, which is in line with recently updated market expectations. In addition, 2024 revenue during the second half of 2024 increased 5.9 percent to £97.5 million compared with £92.1 million for the same time period in 2023.

The group’s net debt (excluding leases) decreased by £1.3 million in 2024 to £22.9 million compared with £24.2 million in 2023. The company said it invested an additional £0.7 million in its new Vietnam factory to provide additional capacity with improved sustainable efficiency, and a further £1.9 million on deferred and contingent acquisition consideration.

The eyewear maker also reported that the integration of U.S. businesses was completed in 2024 and were now fully amalgamated. Its Eschenbach Optics division performed strongly in 2024, the group said, particularly in the U.S. and Europe, and its new digital low vision aids were well received by the market.

Inspecs Group said it will continue to focus on delivering further operational efficiencies and reducing costs, while also reducing net debt and leverage.

“While total revenue and underlying EBITDA for the group in 2024 was 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,” said Richard Peck, chief executive officer. “During the period, we continued to focus on our operational efficiencies and, despite the inflationary pressures experienced in 2024, our operational costs have remained flat. The group has also reduced net debt while investing in significant additional manufacturing capacity which is now operational, following the successful completion of construction in Vietnam.

He added, “2025 has started well and our key objectives for the year are to raise the group’s revenue and increase our underlying EBITDA margins across the Group while continuing to reduce our net debt.”

The company said that it will release its final, full-year 2024 results on April 10, 2025.