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https://twitter.com/surprised_trade/status/1406866260667908106
confidence & a bigger stake 30,000 @ 350p (£105k)
Robin Totterman (CEO) purchased 30,165 ordinary shares at a price of 350 pence per Ordinary Share. Following the purchase, Robin Totterman and his connected persons have a beneficial interest in 19,861,213 Ordinary Shares, representing 19.6 per cent. of the Group's issued share capital.
Catherine Kay, the wife of Chris Kay (CFO), purchased 8,574 Ordinary Shares at a price of 350 pence per Ordinary Share. Following the purchase, Chris Kay and his connected persons have a beneficial interest in 2,200,000 Ordinary Shares, representing 2.17 per cent. of the Group's issued share capital.
Always nice to see CEO/CFO buying more shares.
Although slightly simplistic, I remember reading once that 'directors may sell for many reasons but they only buy for one- that they think the price will rise'.
They present the results with a quite conservative tone. However, buried in the going concern statement is ' In the current year to date the Group is trading ahead of budget and cash collections remain strong.'
As you say, things are set up for a good growth story going forward.
The Group has had a successful start to 2021, with sales of $67m in the first quarter compared to FY Group revenue $47.4m 2021 (2019: $61.2m)
Acquisition of Norville on 13 July 2020 giving further vertical integration and access to the lens market
Acquisition of Eschenbach on 16 December 2020 giving a strong platform to the independent retail market in Europe and the USA
Increased manufacturing capacity to over 8.5m frames, up 70% (2019: 5.0m)
Seven new in-house brands added including BOTANIQ™, the Group's first fully sustainable eyewear range
A significant number of new global branded licences added to the brand portfolio
Awarded the international Green Product Award for fully recycled and recyclable O'Neill Wove frame
Launched B2B website with 63% of independent UK customers registered
Contributed to the national and global COVID effort providing special PPE eyewear for the NHS and other health providers around the globe
Awarded the Queen's Award for International Trade
'Our order books at the time of this report are higher than at the same time in 2020 on a like for like basis.'
The College of Optometrists in the U.K. reported Wednesday that its research found nearly a third of Brits (31%) say their eyesight had worsened during the pandemic — a jump from the 22% who reported the same in June 2020.
Should be good for SPEC's though!
Hi Monkshood - I sold up on Inspecs when i changed ISA provider and sorely wished i stayed onboard. I'm looking to get back in, so have to get over the emotional lump of buying in for more than i sold for. I agree its light on the detail and very little comment from others, i really like the company and believe in the potential, I'm looking forward to see the EBIT from the combination of existing business and the two acquisitions. $67m revenue in qtr 1 - could possibly be $260m pa(?) not sure what the exit rate would be at end of first qtr. EBIT say 8-9% would value the business at anything up to 20 times EBIT. I hope it stays off radar until i've bought some shares:)
As usual a lack of details in their updates , first quarter revenues were 1/3 more than the revenues for the whole of last year and just above those for the whole year 2019 even with the lockdowns in many European countries.
From the lack of any other people posting this is off most peoples radar, I cannot see it staying that way for long....
Rather scant on detail, but revenue in H2 must have been around 30M which is almost 100% up on H1 and similar to last year even with the disruption in most of their markets.
Inspec's has been quite busy with M&A's considering the backdrop. This latest acquisition should broaden the customer base . They seem to have got a large placing away without any significant discount so the II's must approve. The integration of Norville looks to be going well.
I think that it could pick up well next year once Covid is behind us.
With the exception of the article in Shares it seems to be off most tipsters radar which is often a positive!
A useful insight from Shares magazine on 28th May 2020 into this promising tiddler:
https://www.sharesmagazine.co.uk/article/inspecs-is-a-great-little-stock-that-could-thrive-post-coronavirus