InSpecs names new chair as it reports weak H1 figures

InSpecs Group reports its first-half results on Thursday with weak figures for the first six months of the year. But it also had better news with its search for a non-exec chair now complete.

The company, which makes eyewear under its own brands as well as for Barbour, Joseph, Radley, Superdry, Temperley, Viktor&Rolf and others, had flagged the results back in July. And on Thursday it said revenue fell to £97.6 million from £100.6 million although on a constant currency basis, it dipped only 1.3% to £99.3 million.

The gross profit margin fell 80 basis points to 51.8% and underlying EBITDA reduced to £9 million from £11 million following the fall in revenue in the period. Profit before tax dripped to £2.4 million from £2.6 million.

Trading in the first two months of H2 has been slightly behind plan, but the growth in its order books and increased cost savings “are expected to deliver a stronger performance in the remainder of the year”. 

Yet the company was upbeat for its future prospects, citing the “successful” launch of the Tom Tailor eyewear brand on 1 July with initial sales ahead of target. Operating efficiencies also continue to be delivered, with a £1.1 million reduction in operating expenses within the Frames and Optics division in H1 2025 compared to H1 2024.

Norville, its loss-making lens manufacturing site, has been discontinued as “rationalisation across the group continued” and this should support future profitability.

Amalgamation of selected European sales businesses is also on track to be completed by the end of 2025.

On the downside, ongoing tariff disruption continues to affect its manufacturing exports from China to the US and the optics division in the US has been affected by reduced government expenditure on low vision “owing to the changing political landscape”.

As mentioned, the company also updated on its search for a non-executive chair and announced that Andrea Davis will join on or before 31 December.

It said she’s “chaired and advised a diverse range of assets, across consumer and manufacturing and other sectors, predominantly in small to mid-cap companies across continental Europe”.

She’s currently on the boards of Modulr and William Jackson Food Group and, up until recently, was MD of European Private Equity at Investcorp. 

Interim chair Christopher Hancock said: “Andrea has a proven track record in business strategy and transformation and her experience in supporting UK and international companies through their growth journeys will be invaluable to InSpecs Group.”