(Alliance News) - Inspecs Group PLC on Friday said it is confident in delivering on market consensus expectations after reporting sustained momentum during the first half of the year.
The Bath, England-based eyewear company said trading in the six months to June 30 was in line with expectations, with revenue increasing by 6.0% to GBP111.1 million from GBP104.8 million a year prior.
On a constant currency basis, revenue grew by 2.3% to GBP107 million, compared to 16% in the first half of 2022.
Net debt fell to GBP22.6 million from GBP27.6 million on December 31. This was related to a GBP900,000 investment into a new manufacturing facility in Vietnam and a GBP2.2 million deferred and contingent consideration relating to its 2021 Ego Eyewear Ltd and BoDe Design Vertriebs GmbH & Co acquisitions.
Looking ahead, Inspecs said it remained confident in delivering full-year results in line with market expectations.
Chief Executive Officer Richard Peck said: "I am pleased that the positive momentum that we experienced in the first quarter continued into the second quarter and that all the group's major markets have performed consistently in the first half of 2023. We continue to focus on our strategy of driving sales and improving operational efficiency."
Shares in Inspecs were up 2.6% at 120.50 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Inspecs Group (SPEC)