Inspecs Group PLC said it is focused on reducing costs and delivering operational efficiencies, as it reported that adjusted profit for 2023 will be below market expectations.

Inspecs shares fell 28% to 62.12 pence each on Monday morning in London.

The Bath, England-based eyewear maker s expects to report revenue of £200.3 million for 2023, down 0.5% from £201.3 million in 2022.

Adjusted earnings before interest, tax, depreciation and amortisation are estimated at £18.0 million, up 16% from £15.5 million in 2022. The company said this was below market expectations due to softer trading in December.

On a positive note, Inspecs said the integration of US businesses which started last year, will generate synergies within the Americas during 2024.

Chief Executive Officer Richard Peck says: ‘Whilst our revenue performance was affected by a soft market in December, I am encouraged that our focus on operational efficiencies in 2024 delivered an improvement in our margins. The group has also reduced its net debt while investing in significant additional manufacturing capacity for the future, with our new Vietnam facility coming onstream in H1 2024.’

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