BATH, England—Inspecs Group PLC (LSE: SPEC), a leading designer, manufacturer and distributor of eyewear frames, announced a trading update for the year ended Dec. 31, 2020, in advance of the Group's final results expected in May 2021.The Group's trading performance for the year was in line with management’s expectations, delivering Group revenue of $46.2 million (compared to $61.2 million in 2019). The Group completed two acquisitions in the year, namely the assets of The Norville Group Ltd on July 14, 2020 and Eschenbach Optik GmbH on Dec. 16, 2020.

These businesses contributed revenue of $4.2 million and $3.1 million, respectively, Inspecs said. The company added, "The integration of Norville is complete and the integration of Eschenbach Optik is progressing to plan, showing encouraging early signs. We now look forward to working with the Eschenbach Optik team to drive the identified synergies and boost Inspecs’ global footprint and brand portfolio."

VMAIL previously reported on the Norvile acquisition and the Eschenbach acquisition, which includes the American eyewear company, Tura.

Robin Totterman, CEO of Inspecs, said, “Whilst 2020 was an extraordinary year for a number of reasons, it was a milestone year for Inspecs with the Company successfully listing on AIM in February and subsequently completing two acquisitions. 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 would like to thank all of our employees across the globe for their continued hard work and resilience in the face of the ever changing pandemic and I continue to look to the future with confidence.”

Inspecs is a Bath-based designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses.The Group produces a broad range of frames and lenses, covering optical, sunglasses and safety, which are either branded (either under licence or under the Group’s own proprietary brands), or OEM (including private label on behalf of retail customers and un-branded). The Group's acquisitions enhance its vertically integrated business model.

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 40,000 points of sale. In FY19, the Group generated 24.9 percent of its revenue in the U.K. and 75.1 percent internationally.

Today, Inspecs has operations across the globe: with offices in the U.K., Portugal, Scandinavia, the U.S. and China (Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, London and more recently, Italy. With the acquisition of Eschenbach Optik, the Group’s international reach further extends to Germany, France, Spain, Japan and Poland.

The Group stated that its growth strategy going forward is to continue to grow organically; to undertake further acquisitions (and drive value through leveraging the Group’s internal capabilities); and to extend the Group’s manufacturing capacity.