Bath business sees drop of $15m in the year of Covid
The revenue for the year is apparently what the management expected
(left to right) David Buttress (chairman of the judges and UK co-founder and former chief executive of JUST EAT), Robin Totterman (INSPECS CEO) and Lord MacLaurin (INSPECS Chairman) at the 2019 Bath Business Awards where INSPECTS won the One To Watch award
A Bath company has brought in a revenue of $46m while working through a global pandemic.
Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear frames, has announced a trading update for the year ended 31 December 2020 ahead of its final results in May 2021.
The revenue for the year is apparently what the management expected, a total of $46.2m compared to the previous years $61.2m.
Inspecs completed two acquisitions in the year, including Norville on July 14, 2020 and Eschenbach Optik on December 16, 2020.
These businesses contributed revenue of $4.2m and $3.1m respectively.
Integration of Norville is complete and the integration of Eschenbach Optik is progressing to plan.
Robin Totterman, CEO of Inspecs, said: “Whilst 2020 was an extraordinary year for a number of reasons, it was a milestone year for Inspecs with the company successfully listing on AIM in February and subsequently completing two acquisitions.
“Welcoming Norville and Eschenbach Optik to the group significantly increases our global distribution and lens manufacturing capability, enabling us to penetrate key global markets, broaden our customer reach, and strengthen our brand portfolio.
“Although the global pandemic continues, the group is in a strong position to capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market. I would like to thank all of our employees across the globe for their continued hard work and resilience in the face of the ever-changing pandemic and I continue to look to the future with confidence.”
