Future looking good as Inspecs’ profits double
BATH-BASED eyewear frames specialist Inspecs has reported a strong set of results and said it was well positioned to look for future growth and to weather the Covid-19 crisis.
In latest figures to December 2019, the company reported a doubling of profits before tax to $7.35m from $3.63m in 2018 - a rise of 102 per cent.
In the last year it manufactured 4.55 million eyewear frames, up 19.7 per cent from 2018 figures.
In February this year it also enjoyed a successful flotation on the London Stock Exchange’s Alternative Investment Market (AIM).
Robin Totterman, CEO of Inspecs, said: “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. 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.
“Our number one priority at all times has been the health, safety and wellbeing of our brilliant people and I am proud of the way our core values have shone through.
“Nowhere was this better demonstrated than by the speed at which we diverted production to supply safety eyewear to frontline medical professionals in the NHS.
“Over the long term, the structural growth drivers in the $131 billion global eyewear market remain unchanged and people will still require vision correction.
“Our resilient vertically integrated business model and manufacturing capabilities combined with the innovation of our design teams and the strength of our customer relationships, leaves us well positioned to benefit from the recovery as a leaner, more efficient business.”
Inspecs has appointed Angela Farrugia, pictured, as a new non-executive director.
An award-winning entrepreneur, Angela co-founded TLC (The Licensing Company Ltd) in 1996, which became one of the largest licensing companies in the world, creating licensing partnerships for major global brands and helping to extend their intellectual property into sectors such as food, beverage, clothing and home furnishing.
Angela has used her extensive brand licensing expertise and experience to advise clients across the consumer, fashion and retail sectors.
She is currently a lecturer at Central Saint Martins in London.