Inspecs outperforms in "challenging" half-year
How good were Inspecs results for the half-year to 30 June? Sales jumped to $125.7 million from just $16.7 million, core earnings (underlying EBITDA) rose to $17.7 million from $0.7 million and its reported pre-tax loss was cut to $2.6m from $8.3m.
All this was achieved in the face of 2020’s “most challenging environment” in the year-ago period.
It also has a strong order book. That means the UK-based eyewear frames and lenses designer, manufacturer and distributor (which reports its results in US dollars) also said it was also able to stand by its full-year expectations.
Its licences include Superdry, Ted Baker, Radley London and O’Neill and its results were enough to please even the most cautious of CEOs, with Robin Totterman saying Wednesday: “I believe that we have developed over the last 12-months the ability to quickly change both our working and trading patterns to be able to continue to achieve solid results”.
Totterman added: “Our factories have managed to carry on producing in what has been an extraordinarily difficult time and all our factory workers in Vietnam have been vaccinated to enable them to carry on production.
"Our plant in China has continued to operate despite Covid-19 difficulties throughout the period. Our teams across the globe continue to drive new innovation, explore opportunities and expand into new markets through integration, organic growth and acquisitions”.
No wonder he’s “looking forward to providing a further update with our Q3 trading update at the end of October”.
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