Designer eyewear group Inspecs has reported a reduced loss after a year of acquisition and production expansion saw a fivefold rise in revenue.
The AIM-listed company, which is headquartered in Bath, completed a series of deals in 2021, including for German frames distributor BoDE Design, global design and licensing company Ego Eyewear. It also secured the trademarks, rights and licences for British fashion brand Hardy Amies.
In a set of final results for the year ended December 31 2021, group revenue jumped by 420% to £202.3 from £38.9m a year earlier.
Adjusted Underlying EBITDA - a measure of profitability - increased 376% to £22.6m from £4.7m in 2020, while gross profit was up 465% to £95m from £16.8m.
This helped the company to a narrowed loss after tax of £4.4m, a 39% reduction from the £7.3m accrued in 2020.
Inspecs, which designs, manufactures and distributes frames and lenses to a network of opticians and retailers spanning 80 countries, said it had sold 10.4 million eyewear units globally last year - up 112% from 4.9 million in the previous period.
Inspecs' global operations also include offices in Portugal, Scandinavia, the US and China, as well as a manufacturing site in Italy.
Bosses said among the firm’s operational highlights for 2021 was the construction and fit out of a lens-making facility in Gloucester for Norville - the manufacturing arm of a glasses company it bought out of administration for £2.4m in 2020.
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It also boosted its production output at its factories in Asia with the addition of a second plant in Vietnam.
The group said its operating expenses increased from £19.3m in 2020 to £93.8m in 2021, mostly driven by its acquisitions of Norville and German competitor Eschenbach in a deal worth £84.7m.
Chief executive Robin Totterman said the firm had advanced plans to build a new factory in Portugal.
Mr Totterman said: “Whilst we were not immune from the well-documented global supply chain challenges and the regional lockdowns relating to Covid-19, we were able to navigate market conditions and deliver an exceptional performance.
“Our ability to more than double our revenue, EBITDA and gross profit in the year is a reflection of our continued strategic investments in the period, coupled with organic growth. The acquisitions of BoDe, EGO Eyewear and Hardy Amies have diversified our brand portfolio and broadened the distribution of our products around the world.”
The company’s board said the firm was operating in a resilient market and reported “strong trading” in the first three months of the current financial year, despite the current macro-environment.
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