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(Sharecast News) - Eyewear designer and manufacturer Inspecs Group said in an update on Tuesday that trading in 2021 was in line with its own expectations, with group revenue expected to have risen to $241m from $47.4m.
The AIM-traded firm said the integration of the Eschenbach acquisition in December 2020 was progressing to plan, with the business delivering positive trading in the 12 months ended 31 December.
It said it would continue to realise further synergies from that acquisition into 2022.
During the year, Inspecs completed the acquisitions of Swedish eyewear company EGO Eyewear, along with its subsidiaries, and of German distributor BoDe Design.
Both acquisitions were expected to enhance the group's brand portfolio, and broaden its distribution of products globally.
Inspecs said its main markets in Europe and America had proven "resilient", with early indications showing that despite restrictions in many of its markets, the optical market remained open, with current trading in line with expectations for 2022.
In Asia, its factories maintained production through most of the year, despite both supply chain and Covid-19 restrictions.
The company said its new facility in Vietnam was now fully operational, with work having started on the design and planning for its third facility in the country, on additional land it purchased in 2021.
It said it was still working on its wider environmental and sustainability targets, with its new sustainable collection 'Botaniq', manufactured from bio-based materials, having a successful launch in 2021, with further growth expected in 2022.
Inspecs said its trading outlook for 2022 remained positive, with its growth prospects underpinned by recent acquisitions and multiple opportunities to continue to grow across its markets.
The company said its management team was confident that its strategy would continue to deliver sustained growth in 2022, and over the long-term.
"The results achieved in 2021 follow on from the hard work our employees put in over the last 12 months and the implementation of our continuing strategy to build a fully integrated global eyewear business," said chief executive officer Robin Totterman.
"The group now has over 35 licensed and owned brands available to our customers around the world, and the ability to provide a sustainable one-stop-shop frame and lens package continues to gain momentum.
"I remain confident about the group's ability to continue to grow organically and through acquisition in the long-term and to continue to deliver further positive results for our customers, shareholders and all stakeholders."
At 1234 GMT, shares in Inspecs Group were down 0.05% at 379.8p.
6 Jun 2024 13:10
IN BRIEF: Inspecs falls as interim revenue expected to fall annually
Inspecs Group PLC - Bath, England-based eyewear company - Ahead of its annual general meeting, says it expects revenue and earnings before interest, tax, depreciation and amortisation for the first half of 2024 to be lower than the prior year and in line with historic trading. Says first half of 2023 was a "record" for Inspecs. Also says it will launch its first in house designed direct to consumer gaming eyewear range in London.
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