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Sandra Halliday Published
January 30, 2025
British eyewear specialist InSpecs has updated on trading for 2025 ahead of its annual results due in April and said that both sales and EBITDA fell. But the update overall was mixed with some bad news and some good.
The company, which has its own brands as well as licenses for Barbour, Joseph, Radley, Superdry, Temperley and Viktor&Rolf, among others, had previously issued a downbeat update in December. And on Thursday it said last year’s revenue fell to £200.5 million from £203.3 million with underlying EBITDA of £17.5 million, down from £18 million.
But revenue in the second half did manage to rise by 5.9%, reaching £97.5 million and the gross profit margin increased to 51.4% from 50.9%, while it also reduced its net debt excluding leases from £24.2 million to £22.9 million.
Also on the plus side the integration of its US business completed in 2025 and it’s now fully amalgamated, while the new facility in Vietnam is fully operational, “with promising enquiries to utilise their enlarged manufacturing capacity”.
And while annual revenue as a whole fell, on a constant currency basis, it increased by £2.3 million to £205.6 million. And although it expects underlying EBITDA to fall, it's targeting revenue growth for this year together with improving its EBITDA margin.
CEO Richard Peck said: “Whilst total revenue and underlying EBITDA for the group in 2025 was behind our original expectations, revenue growth was achieved in the second half of the year. I am also pleased that the group increased its gross profit margin for the full year.
“During the period, we continued to focus on our operational efficiencies and, despite the inflationary pressures experienced in 2025, our operational costs have remained flat. The group has also reduced net debt while investing in significant additional manufacturing capacity which is now operational, following the successful completion of construction in Vietnam.
“2025 has started well and our key objectives for the year are to raise the group's revenue and increase our underlying EBITDA margins while continuing to reduce our net debt.”