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Vishal Khairnar
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InSpecs Group Appoints Andrea Davis as Chair Amid Weak H1 Performance
InSpecs Group reported weaker first-half figures on Thursday, with revenue dipping to £97.6 million from £100.6 million in the same period last year. On a constant currency basis, the decline was smaller at 1.3% to £99.3 million.
The company, which produces eyewear under its own brands and for labels such as Barbour, Joseph, Radley, Superdry, Temperley, and Viktor&Rolf, also reported a fall in gross profit margin to 51.8% and underlying EBITDA dropping to £9 million from £11 million. Profit before tax decreased slightly to £2.4 million from £2.6 million.
Despite the challenges, the company highlighted a strong start for the Tom Tailor eyewear brand, launched on 1 July, with initial sales exceeding targets. Operating efficiencies continue to be realized, including a £1.1 million reduction in operating expenses in the Frames and Optics division compared to H1 2024. Additionally, the loss-making lens manufacturing site, Norville, has been discontinued to support future profitability.
InSpecs also faces external challenges, including tariff disruptions affecting exports from China to the US and reduced government spending on low-vision products in the US, impacting the optics division. Nevertheless, the amalgamation of selected European sales businesses is on track to be completed by the end of 2025.
On a positive note, the company announced Andrea Davis as its new non-executive chair, joining on or before 31 December. Davis brings extensive experience in business strategy and transformation, having chaired and advised a range of companies across consumer and manufacturing sectors in Europe. She currently sits on the boards of Modulr and William Jackson Food Group and was formerly MD of European Private Equity at Investcorp.
Interim chair Christopher Hancock said, “Andrea has a proven track record in business strategy and transformation, and her experience in supporting UK and international companies through their growth journeys will be invaluable to InSpecs Group.”
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