Inspecs Group Reports Year-End Sales Rise 6.9 Percent to $61.2 Million

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BATH, Englan —Inspecs Group plc (AIM: SPEC), a designer, manufacturer and distributor of eyewear frames to global retail chains, reported its final results for the year ended Dec. 31, 2019. Among the group's performance highlights were the increase of 6.9 percent in group revenues to $61.2 million, with underlying EBITDA increasing by 9.4 percent of $12.99 million. The company report that it manufactured 4.55 million eyewear frames, a jump of 19.7 percent compared to the previous year. Inspecs also expanded its Vietnam factory from 4,300 square meters to 8,800 square meters, the company noted. As previously reported by VMAIL, Inspecs went public on the London Stock Exchange's Alternative Investment Market (AIM) in February 2020.

Robin Totterman, CEO of Inspecs said,,“This was a milestone year for Inspecs as we successfully listed on AIM and continued to make significant progress with our growth strategy, culminating in a strong set of results. Despite this pleasing performance, in recent months our focus as a management team and across the business has of course been squarely on managing the impact of COVID-19 on our operations. We have taken a number of actions to reduce costs, preserve cash and protect our balance sheet and we are confident that we have a robust liquidity position which will see us through the challenges ahead."

He added, “Our number one priority at all times has been the health, safety and well-being of our brilliant people and I am proud of the way our core values have shone through. Nowhere was this better demonstrated than by the speed at which we diverted production to supply safety eyewear to frontline medical professionals in the NHS. Over the long term, the structural growth drivers in the $131 billion global eyewear market remain unchanged and people will still require vision correction. Our resilient vertically integrated business model and manufacturing capabilities combined with the innovation of our design teams and the strength of our customer relationships, leaves us well positioned to benefit from the recovery as a leaner, more efficient business.”

The company stated, "Due to the economic landscape the Group will not be recommending a dividend at this time but will keep this under review."

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 30,000 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.

In addition to issuing its year-end report, Inspecs announced the appointment of Angela Farrugia to the board of Inspecs as a non-executive director. An award-winning entrepreneur, Farrugia co-founded TLC (The Licensing Company Ltd) in 1996, which became one of the largest licensing companies in the world, creating licensing partnerships for major global brands and helping to extend their Intellectual Property into sectors such as food, beverage, clothing and home furnishing.

Following TLC’s acquisition by Global Brands Group Holding Limited (GBG) in 2014, Farrugia became Group managing director with responsibility for driving leadership across an organization with 24 offices around the world. She was named one of the most influential women in the global licensing industry in 2018. Establishing her own brand consultancy agency, Brand x Society, in 2019, Farrugia has used her extensive brand licensing expertise and experience to advise clients across the consumer, fashion and retail sectors.

Lord MacLaurin, Inspecs Group plc non-executive chairman, said, “I am delighted that Angela has agreed to join the board of Inspecs. She brings a sharp entrepreneurial mind and significant experience, expertise and knowledge of the global licensing industry, having worked with some of the most admired brands in the world. Angela’s appointment also increases the diversity of the board in line with good governance practice and I have no doubt that she will be a great asset to the group as we build on our successful track record of working with leading fashion brands to grow their licensed eyewear offering.”