9th Dec 2024 10:08
(Alliance News) - Inspecs Group PLC shares slumped on Monday as it warned its annual earnings will be down after recent weak trading.
The Bath, England-based eyewear company said it expects to report revenue for the calendar year around GBP197.0 million and underlying earnings before interest, tax, depreciation and amortisation between GBP17.4 million and GBP17.9 million.
Last year, the company reported revenue of GBP203.3 million and underlying Ebitda of GBP18.0 million.
Shares in Inspecs were down 12% to 42.68 pence each in London on Monday morning.
The company said there is "overall positive momentum" as it has seen year-on-year growth in the second half to date.
However, Inspecs noted the impact a slower recovery in European markets and the deferral of larger orders into 2025.
In September, the company said it was "confident" of meeting full-year expectations despite a sharp contraction in interim profit in its first half results. Pretax profit dived to GBP1.3 million in the first half of 2024, from GBP3.8 million a year prior.
The company said it expects to step up production at its recently completed manufacturing facility in Vietnam to meet demand through 2025.
By Michael Hennessey, Alliance News reporter
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