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Inspecs Group PLC shares slumped on Monday as it warned its annual earnings will be down after recent weak trading. The Bath, England-based eyewear company said it expects to report revenue for the calendar year around £197.0 million and underlying earnings before interest, tax, depreciation and amortisation between £17.4 million and £17.9 million. Last year, the company reported revenue of £203.3 million and underlying Ebitda of £18.0 million. Shares in Inspecs were down 12% to 42.68 pence each in London on Monday morning. The company said there is ‘overall positive momentum’ as it has seen year-on-year growth in the second half to date. However, Inspecs noted the impact a slower recovery in European markets and the deferral of larger orders into 2025. In September, the company said it was ‘confident’ of meeting full-year expectations despite a sharp contraction in interim profit in its first half results. Pretax profit dived to £1.3 million in the first half of 2024, from £3.8 million a year prior. The company said it expects to step up production at its recently completed manufacturing facility in Vietnam to meet demand through 2025. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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