Inspecs YTD revenues grow, net debt falls
By Iain Gilbert
Date: Monday 30 Oct 2023
(Sharecast News) - Eyewear manufacturer Inspecs said on Monday that its year-to-date trading performance was in line with internal expectations, with revenues growing and net debt falling.
Inspecs said revenues were up 4.6% at £159.1m in the nine months ended 30 September. On a constant currency basis, revenues were up 2.4% at £155.7m.
The AIM-listed firm said it had delivered "strong cash generation" in the period and, as a result, net debt had decreased by £6.4m to £21.2m. During the three months ended 30 September, Inspecs invested a further £800,000 into the construction of its new manufacturing facility in Vietnam and reduced net debt by £1.5m.
Chief executive Richard Peck said: "All of the group's major markets are performing as we expected. Construction of our new manufacturing facility in Vietnam is progressing well with completion expected in H1 2024.
"Our focus on improving the group's operational efficiencies continues and, notwithstanding the ongoing macroeconomic uncertainties, with our current order book the board remains confident of delivering full year results in line with market expectations."
As of 0945 GMT, Inspecs shares were up 6.57% at 74.60p.
Reporting by Iain Gilbert at Sharecast.com
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