INSPECS Group (SPEC) H1 2025 TU earnings summary

Trading performance

• H1 2025 revenue was £100.0m, down 2.9% year-on-year; constant currency revenue was £101.7m, down 1.3%.

• Underlying EBITDA for H1 2025 expected at £8.2m, compared to £10.1m in H1 2024.

• US tariff uncertainty impacted sales through June, but a strong order book is in place for H2 2025.

• Full-year revenue and EBITDA are expected to be in line with 2024 on a like-for-like basis.

Strategic and operational updates

• Key brand listings secured in European and US markets.

• Operational efficiency and cost-saving plans, including consolidation in the US, Germany, and Sweden, are set to yield further savings in H2.

• Norville (20/20) Limited's strategic review completed; discussions ongoing for a sale as a going concern.

• Norville's monthly losses have been materially reduced in Q2.

Governance and leadership

• Recruitment of a new Independent Non-Executive Chair is progressing well.

• An excellent candidate has been identified, with an announcement expected soon pending due diligence.