Inspecs profit dives but confident will meet market expectations

(Alliance News) - Inspecs Group PLC on Tuesday said it remained cautious as the firm reported a sharp contraction in interim profit.

The Bath, England-based eyewear company said pretax profit dived to GBP1.3 million in the first half of 2024, from GBP3.8 million a year prior.

Revenue fell 7.3% to GBP103.0 million from GBP111.2 million. Cost of sales decreased 9.3% to GBP49.0 million from GBP54.1 million. Administrative costs were 3.1% lower, at GBP47.8 million from GBP49.3 million.

Inspecs did not declare a dividend, unchanged from a year ago.

Looking ahead, Chief Executive Officer Richard Peck said: "As of 31 August, trading in the second half to date has exceeded the prior year and our order books are also 7% ahead. Whilst we remain cautious in relation to market conditions and we remain focused on delivery of our cost saving initiatives, we are confident in delivering on market expectations for the full year."

Inspecs shares rose 9.5% to 56.92 pence each on Tuesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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