A Bath-based designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses has said it is well-positioned for "continued success" after it returned to a pre-tax profit in its final results.
For the year ended 31 December 2023, Inspecs reported profit before tax of £200,000 compared to a pre-tax loss of £7.7m during the prior period.
Group revenue stayed largely flat at £203.3m from £201m.
Adjusted underlying EBITDA was up from £15.5m to £18m while net debt excluding leasing reduced to £24.2m compared to £27.6m.
Richard Peck, chief executive, hailed "record sales" in 2023 with an increased number of frames sold, despite a "slower than expected" end to the year.
"The progress that we have made in 2023 is now delivering increased distribution of our brands to both key accounts and our independent markets. Whilst consumer markets in Europe remain subdued, our businesses are continuing to perform well," he said.
"Our Frames and Optics division delivered solid growth of £5.4m in revenue and a significant increase in operational performance despite the loss of sales to Grand Vision following its acquisition by Essilor Luxottica. This, and an adjustment in buying patterns by our major global retailers in 2023 caused by the effect of COVID, particularly affected our manufacturing business in Asia.
"The construction of our new, state-of-the-art 8,000sqm manufacturing facility in Vietnam has been delivered on time and on budget, and the manufacturing division is now poised for further growth in the second half of 2024. Norville, our lens manufacturing business, continues to show month on month growth with significant new independent accounts and a new key account in place for 2024."
He added: "Our group operates in a resilient and growing market, and we continue to refine our business model and our strategy to deliver sustained and profitable growth. After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging.
"Current momentum in the business supports delivery of market expectations for 2024 and I am confident that the group is well positioned for continued success. We are excited about our future and look forward to sharing more achievements in the coming year."
