The founder of Bath-based glasses designer and manufacturer Inspecs Group has said it remains on course to become a global brand despite problems linked to the pandemic.
Robin Totterman, pictured, the former bond trader who launched the business in 1988, told shareholders in a trading update that its performance last year, despite Covid-19 restrictions, was in line with management’s expectations, with revenues likely to be $241m (£117m) – more than 400% up on 2020’s figure.
This was mainly due to four acquisitions in just over 18 months, with two of them – Swedish eyewear company EGO Eyewear and German distributor BoDe Design – completed within weeks of each other at the end of the year.
Inspects said the integration of Eschenbach, the German eyewear supplier it took over for €94.85m (£84.78m) in December 2020, was progressing to plan and the business had delivered positive trading. Further synergies from the acquisition would be realised this year, it said.
Meanwhile Inspecs said both EGO Eyewear and its subsidiaries – acquired for £6.2m – and BoDe Design – snapped up for €1.76m – would enhance its brand portfolio and broaden the distribution of its products around the world.
The group’s main markets in Europe and America proved to be resilient last year, it added, with early indications that, despite restrictions in many of the countries in which it operates, the optical market remained open.
As a result, current trading was in line with expectations for 2022.
The group also said its factories in Asia had maintained production throughout most of the year, despite both supply chain and Covid-19 restrictions, and its new facility in Vietnam was now fully operational.
Meanwhile, work has started on the design and planning for its third facility in Vietnam on additional land bought last year.
The group said it continued to work on its wider environmental and sustainability targets. Botaniq, its new sustainable collection manufactured from bio-based materials, was successfully launched last year and would continue to grow in 2022.
It said the trading outlook for 2022 remained positive, with growth prospects underpinned by recent acquisitions and multiple opportunities to continue to grow the business across the globe.
The management team remained confident that this strategy would continue to deliver sustained growth in 2022 and over the long-term.
Mr Totterman, the group’s CEO, added: “The results achieved in 2021 follow on from the hard work our employees put in over the last 12-months and the implementation of our continuing strategy to build a fully integrated global eyewear business.
“The group now has over 35 licensed and owned brands available to our customers around the world, and the ability to provide a sustainable one-stop-shop frame and lens package continues to gain momentum.
“I remain confident about the group’s ability to continue to grow organically and through acquisition in the long-term and to continue to deliver further positive results for our customers, shareholders and all stakeholders.”
