12th May 2020 12:04
(Alliance News) - Inspecs Group PLC on Tuesday doubled its profit in 2019, numbers from the glasses frames maker first post-float annual results showed on Tuesday.
In 2019, revenue climbed 6.9% to USD61.3 million from USD57.3 million, with pretax profit jumping to USD7.4 million from USD3.6 million.
During the year, the Bath-based firm manufactured 4.5 million eyewear frames, a 20% rise from 3.8 million in 2018.
"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," Chief Executive Officer Robin Totterman said.
Inspecs raised USD30 million in its AIM initial public offering back in February.
Totterman continued: "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."
Inspecs opted against paying a dividend for now, "due to the economic landscape".
Shares in the company were 4.5% higher at 172.40 pence each in London on Tuesday.
By Eric Cunha; [email protected]
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