Bath-based eyewear manufacturer Inspecs more than doubled pre-tax profits to $7.35 million in 2019 as revenues jumped nearly 7% to $61.25 million. The British company reports in US dollars.
The company, which raised $30 million in its AIM IPO in February, said it made significant progress in the year ended 31 December 2019.
During the period, it ramped up production of eyewear frames by 19.7%, manufacturing 4.55 million optical, sunglasses and safety glasses at its factories in Vietnam, China, London, and Italy.
Several experienced individuals joined its board, including Richard Peck, formerly Managing Director of Luxottica retail; Steve Tulba, formerly MD of Mondottica and a board member of the Vision Council of America; and Angela Farrugia, founder of The Licensing Company, which is controlled by the Li & Fung conglomerate.
“This was a milestone year for Inspecs as we successfully listed on AIM and continued to make significant progress with our growth strategy, culminating in a strong set of results,” said Robin Cotterman, CEO.
But Covid-19 and the current economic landscape have put a damper on the company’s 2020 ambitions. The board has not recommended paying a final dividend for 2019 and executive directors have taken a 60% cut to their salaries.
Inspecs said its factories in China and Vietnam are “almost back to full production capacity”, however many of its customers have been forced to close during the lockdown. Still, the designer and manufacturer remain optimistic, expecting the third and fourth quarters to be very active.
“People will still need vision correction, and the likelihood is that there will be greater demand from more value-driven retailers, which encompasses our main key accounts,” CEO Totterman concluded.