The founder of Bath-based spectacles designer and manufacturer Inspecs today insisted the group was seeing growth this year after unveiling annual results showing it had fallen into the red on lower revenues in 2020.
Robin Totterman, pictured, the former bond trader who launched Inspecs in 1988, said it had performed well in the first five months of 2021 with sales beating the total for last year, despite continuing restrictions caused by Covid-19.
He also said the two acquisitions made last year were beginning to pay off and had created a “well-balanced vertically integrated business” serving both global retail chains and the independent optical market.
The enlarged group now has a worldwide distribution network serving over 70,000 retail outlets giving further growth opportunities, he said.
Group revenues for the 12 months to December 31 fell by 22.5% to $47.4m (£33.5m), with a pre-tax loss of $11.1m against last year’s pre-tax profit of $7.3m.
The firm, based in Bath’s old Gas Light and Coke building on Upper Bristol Road, produces a broad range of predominantly mid-market and entry-level priced frames for spectacles, sunglasses and safety glasses with operations across the globe, including factories in Vietnam, China, London and Italy.
It said its acquisition of historic UK spectacle lens company Norville for £2.4m after it fell into administration last July had given it further vertical integration and access to the lens market, while its takeover of German firm Eschenbach Optik for €94.85m (£84.78m) in December had produced a strong platform to the independent retail market in Europe and the US.
It also said it had introduced seven new in-house brands added including Botaniq, its first fully sustainable eyewear range. In addition it had added a “significant number” of new global branded licences to the brand portfolio.
Mr Totterman said: “Despite what has been an extraordinary period for the business, we have maintained positive momentum in 2020 creating a strong platform for growth in 2021.
“Furthermore, I consider us very fortunate to have been in a situation where we could both help the various NHS trusts with PPE (eyewear) requirements and continue to develop the business in what were very difficult Covid-related conditions.
“Whilst I remain cautious on future months while uncertainty remains surrounding the pandemic and its effects, our trading has been encouraging and I look forward to updating shareholders on our first half performance in August, which should start to demonstrate the enlarged group’s capabilities.
“The group has had a successful start to 2021, with sales of $67m in the first quarter. The group continues to win new customers and in particular the Vietnam new facility is now completed and operational.
“Our order books at the time of this report are higher than at the same time in 2020 on a like for like basis.”
