Trading Update

INSPECS Group plc, a global eyewear and lens design house and manufacturer, today announces a trading update for the nine months ended 30 September 2023 (the "Period").

Trading

The Group has delivered a solid trading performance in the Period, in line with our expectations, with revenue increasing by 4.6% to £159.1m (nine months ended 30 September 2022: £152.1m). On a constant currency basis1, our revenue increased by 2.4% to £155.7m.

Financial position

The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by £6.4m to £21.2m (31 December 2022: £27.6m). During the three-month period from 1 July to 30 September 2023, the Group invested a further £0.8m in construction of our new manufacturing facility in Vietnam and reduced net debt (excluding leases) by £1.5m.

Richard Peck, Chief Executive Officer of INSPECS Group plc, commented:

"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."

• Constant currency basis: figures on a constant currency basis have been calculated using the average exchange rates in effect for the corresponding period in the relevant comparative year.