Inspecs, the Bath-based global spectacles designer and manufacturer, said it remains cautious about its prospects this year as Covid-19 continues to wreak havoc across the world.
The firm has made two major acquisitions since it floated on London Stock Exchange’s Alternative Investment Market (AIM) just over a year ago.
The acquisitions – one in the UK and one in Germany – significantly increased its lens manufacturing and frame distribution capacity, making it one of the world’s leading eyewear companies.
In a trading update for the three months to March 31 Inspecs said it had delivered a strong trading performance in the first quarter with revenues of $67m.
It said it had achieved this despite nationwide lockdowns in the UK, Germany and France and a variety of state lockdowns in the US. And it added: “Whilst this performance marks a positive start to the year, the board remains cautious on 2021 as Covid-19 remains prevalent across the world.”
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.
Last summer it bought historic Gloucester-based spectacle lens company Norville for £2.4m after it fell into administration and four months later snapped up German firm Eschenbach Optik for £84.78m.
Inspecs said t integration of Eschenbach Holdings was progressing to plan and the benefits of the enlarged group working together were starting to be realised, with a number of joint projects underway.
A more detailed update would be made at the time of its final results on June 18, the group said.
