Designer eyewear firm Inspecs has seen its revenue increase by 4.6% to £159.1m in the nine months ended September 30.
The company, which is headquartered in Bath, specialises in eyewear and lens design. It announced in its latest trading update on the London Stock Exchange that on a constant basis its revenue increased by 2.4% to £155.7m.
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Inspecs said it delivered "strong" cash generation in the period and as a result net debt decreased by £6.4m to £21.2m when compared to £27.6m on December 31 2022. During the three-month period from July 1 to September 30 2023, the firm invested £800,000 into the construction of its new manufacturing facility in Vietnam, which is scheduled for completion in the first half of 2024.
Richard Peck, chief executive of Inspects group 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."
In its interim results released on September 7 Inspecs reported a 6.1% rise in revenue for the first half of the year. It reported 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 º£½ÇÊÓƵ, North America, and LATAM Markets.
