Trading Update
Revenue expected around £197m with Underlying EBITDA £17.4m-£17.9m, below prior guidance due to European weakness.
vs expectations: below prior guidance
- Expected revenue FY2024 c.£197m (prior c.£202m at constant currency)
- Expected Underlying EBITDA FY2024 £17.4m to £17.9m
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Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear (sunglasses, optical frames, lenses and low vision products) provides a trading update for the year ending 31 December 2024.
The Group has seen year on year growth in the second half to date signalling overall positive momentum, despite the improvement in Q4 sales not having been as strong as anticipated. However, due to the slower recovery in our European markets and the deferral of orders for some of the Group's larger customers into 2025, the Board now expects to report revenue for the year to 31 December 2024 of c.£197m (c.£202m on a constant currency exchange rate basis1) and Underlying EBITDA in the range of £17.4m to £17.9m.
The Group's new manufacturing facility in Vietnam has now been completed, and we anticipate stepping up production to meet demand through 2025.
The Group will provide a Full Year Trading Update on 30 January 2025 and report its Final Results for the year to 31 December 2024 in April 2025.
1 Constant currency exchange rates: figures at constant currency exchange rates have been calculated using the average exchange rates in effect for the relevant comparative period.
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