Inspecs shares slump after profit warning
The Bath-based glasses maker expects underlying earnings to fall to around £17.4 million to £17.9 million on sales of about £197 million for 2024.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Glasses maker Inspecs has warned over annual earnings after weaker-than-expected recent trading.
The firm, based in Bath, Somerset, said it has seen sales grow over its second half so far but the improvement was not as strong as hoped.
It added that there had been a “slower recovery in our European markets and the deferral of orders for some of the group’s larger customers into 2025”.
This means the group is expecting underlying earnings of around £17.4 million to £17.9 million on sales of about £197 million for 2024.
Last year, it reported sales of £203.3 million and underlying earnings of £18 million.
Shares in the firm tumbled more than 16% in Monday morning trading after the profit alert.
It had said in September that it was “confident” of meeting full-year expectations.
Inspecs makes a range of eyewear such as sunglasses, optical frames, lenses and low-vision products, sold in more than 80 countries worldwide.
It has factories in the UK, China, Italy and Vietnam, and operates out of 14 sales offices worldwide.
The firm said its new factory in Vietnam is complete and it expects to step up production to meet demand throughout next year.