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Inspecs Group PLC on Tuesday said it remained cautious as the firm reported a sharp contraction in interim profit. The Bath, England-based eyewear company said pretax profit dived to £1.3 million in the first half of 2024, from £3.8 million a year prior. Revenue fell 7.3% to £103.0 million from £111.2 million. Cost of sales decreased 9.3% to £49.0 million from £54.1 million. Administrative costs were 3.1% lower, at £47.8 million from £49.3 million. Inspecs did not declare a dividend, unchanged from a year ago. Looking ahead, Chief Executive Officer Richard Peck said: ‘As of 31 August, trading in the second half to date has exceeded the prior year and our order books are also 7% ahead. Whilst we remain cautious in relation to market conditions and we remain focused on delivery of our cost saving initiatives, we are confident in delivering on market expectations for the full year.’ Inspecs shares rose 9.5% to 56.92 pence each on Tuesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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