Designer eyewear firm Inspecs has reduced its debt as revenue rose during the first half of the year.
The company, which is headquartered in Bath, reported “a solid trading performance” during the six months to June, which saw revenue rise to £111.1m - up 6% on the £104.8m recorded for the same period a year earlier.
Bosses at the AIM-listed said it had delivered “strong cash generation” and as a result net debt, excluding leases, decreased by £5m to £22.6m (31 December 2022: £27.6m).
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During the period, the board said it had invested almost £1m on the construction of a new manufacturing facility in Vietnam. It also paid a further £2.2m of deferred and contingent consideration relating to its acquisitions of Ego Eyewear, a global design and licensing company whose brands include Barbour, Liberty of London and Henry Lloyd, and German frames distributor BoDE Design.
Chief executive Richard Peck said "I am pleased that the positive momentum that we experienced in Q1 continued into Q2 and that all of the group's major markets have performed consistently in H1 2023. We continue to focus on our strategy of driving sales and improving operational efficiency.
“As a result of this performance in the first half of the year, notwithstanding the ongoing macroeconomic uncertainties, the board remains confident in delivering full year results in line with market expectations."
In its last full-year of trading, Inspecs saw a 12% drop in revenue to $233.4m (£181.3m according to current exchange rates), amid “significant financial and trading headwinds”.
Mr Peck, who took over as chief executive last December, said the board had implemented both cost reduction and operational efficiency programmes to ensure a better performance in the current financial year.
