Revenue for the six months ended June 30 fell to £97.6 million, down from £100.6 million in the same period last year
LONDON: INSPECS Group plc, a global eyewear designer and manufacturer, reported a slight dip in first-half revenue for 2025, citing macroeconomic headwinds and ongoing tariff disruptions affecting exports from China to the United States.
Revenue for the six months ended June 30 fell to £97.6 million, down from £100.6 million in the same period last year. On a constant currency basis, revenue declined 1.3% to £99.3 million. Gross profit margin narrowed to 51.8%, while underlying EBITDA dropped to £9.0 million from £11.0 million a year earlier.
The Group’s discontinued lens manufacturing operation, Norville, posted flat revenue of £2.4 million and an EBITDA loss of £0.7 million. Net debt excluding leases rose to £23.6 million, driven by acquisition-related payments and Norville funding.
Despite the softer performance, CEO Richard Peck expressed optimism. “We are encouraged by the operational efficiencies achieved, particularly in the U.S. frame business, and remain confident in meeting our full-year guidance,” he said.
Operational highlights included the July launch of the Tom Tailor eyewear brand, which exceeded initial sales targets, and a £1.1 million reduction in operating expenses within the Frames and Optics division. The company also completed ERP system upgrades in the U.S. and U.K., and continued rationalization efforts across its European sales units.
Andrea Davis has been appointed as the incoming Non-Executive Chair, effective by year-end.
Looking ahead, INSPECS expects stronger performance in the second half, supported by a growing order book and cost-saving initiatives. The Group reaffirmed its medium-term targets, including organic revenue growth 40% above market CAGR, double-digit EBITDA margins, and net debt between 40% and 75% of EBITDA.