Designer eyewear firm Inspecs has seen its revenues rise by 6.1% in the first half of 2023, when compared to the same period last year.
The company, which is headquartered in Bath, reported its revenues rose from £104.8m in 2022 to £111.2m in 2023. As a result operating profit increased by 25.% to £4.6m.
Inspecs said that it sold 6.9 million frames in the first half of the year and saw strong revenue growth across its 海角视频, North America, and LATAM Markets.
In addition, construction of a new Vietnam manufacturing facility commenced in May 2023, with scheduled completion in the first half of 2024.
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Richard Peck, chief executive of Inspecs said: "The Group has made steady progress during the period, with an improved trading and cash generation performance. We remain focused on achieving operational efficiency gains and continue to identify integration opportunities across our global trading platform.
"Construction of our new manufacturing facility in Vietnam commenced in May 2023, with expected completion in H1 2024. Once fully operational, this will increase the manufacturing capacity of the Group to circa 12 million units per year.
"Trading in the second half to date has been in line with our expectations and our order books remain at a good level. Whilst we remain cautious in relation to global economic and political events, we remain confident with our full year outlook."
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In its half year trading results, released on July 28, bosses at the AIM-listed firm 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.
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.
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