INSPECS Group (SPEC) H2 2024 TU earnings summary

Financial performance

• Full-year revenue reached £200.5m, slightly down from £203.3m in 2023, with underlying EBITDA at £17.5m, in line with updated expectations.

• H2 2024 revenue grew 5.9% to £97.5m, and gross profit margin improved to 51.4% from 50.9%.

• Net debt (excluding leases) reduced by £1.3m to £22.9m, with continued investment in manufacturing capacity.

Operational highlights

• US business integration completed and new Vietnam facility fully operational, supporting expanded manufacturing.

• Eschenbach Optics division performed strongly, especially in the US and Europe, with new digital low vision aids well received.

• European operations gained market share despite a soft market environment.

Strategic initiatives and outlook

• Banking facilities refinanced and extended to 2027, expected to reduce interest costs by £0.6m in 2025.

• Focus remains on operational efficiencies, cost control, debt reduction, and margin improvement.

• 2025 objectives include revenue growth and higher EBITDA margins, building on a solid start to the year.