18th Aug 2022 10:39
(Alliance News) - Inspecs Group PLC on Thursday said it swung to an interim profit but sounded caution on the economic backdrop in the UK and Europe.
In the half-year to June 30, the firm turned to an interim profit of USD769,000 from a loss of USD3.5 million a year prior.
Revenue climbed to USD138.4 million from USD125.7 million.
"The group has made good progress against our strategic objectives during the period, specifically with the ongoing integration of the group's businesses and increasing our distribution reach around the globe," said Chief Executive Officer Robin Totterman.
He added that although its European business performed ahead of internal budget, it was dented by the depreciation of the euro against the dollar. "Given the evolution in group global earnings since our IPO, the board will review the reporting currency with our advisors in 2023," it said.
Looking ahead, the Bath, England-based eyewear company is looking forward to constructing a new factory in Portugal and increasing production in Vietnam, Totterman said. Production is expected to start at the end of 2023, with distribution commencing in the first quarter of 2024.
"We enter the second half of the year in a good position. Whilst we remain cautious of the overall economic outlook for the UK and European market, we remain focused on executing a number of strategic priorities that will increase production, enabling us to bring innovative new products to market and continue to deliver shareholder value," Totterman added.
Inspecs shares were 8.9% lower at 218.70 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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