Strong trading during the first three months of this year helped Bath-based glasses designer and manufacturer Inspecs Group maintain its post-pandemic growth.
The rapidly expanding firm, which is focussing on becoming a global brand, reported a 12% increase in first-quarter revenues to $75.1m in a trading update to shareholders.
This performance was achieved through both organic growth alongside strong starts to the year by the acquisitions it made last December, Inspecs said.
These two takeovers – made within weeks of each other – were Swedish licensed eyewear company EGO Eyewear and German distributor BoDe Design.
EGO Eyewear and its subsidiaries – acquired for £6.2m – added operations in London, Osaka and Hong Kong to Inspecs’ bases across the globe, while BoDe Design – snapped up for £1.51m – distributes spectacle frames across the world.
Inspecs said their integration continued to progress to plan. The acquisitions followed those of historic UK spectacle lens maker Norville and German eyewear supplier Eschenbach in 2020.
Inspecs’ customers include global retailers, distributors and independent opticians, while its distribution network covers more than 80 countries and reaches around 75,000 points of sale.
The firm has offices in the UK, Portugal, Scandinavia, the US and three in China and manufacturing facilities in Vietnam, China, the UK and Italy.
In February Inspecs CEO Robin Totterman, the former bond trader who launched the business in 1988, said annual revenues in 2021 were expected to be $241m (£117m) – more than 400% up on 2020’s figure.
The group’s final results will be published on 19 May.
