INSPECS Group plc (SPEC.L), a fashion eyewear maker, on Thursday reported lower pre-tax profit in the first half with weak revenues. Meanwhile, the firm recorded a wider loss after tax due to higher losses from discontinued operations.
On the London Stock Exchange, the shares were trading 7.67% lower at 39.70 pence.
Looking ahead, the company now expects to meet its fiscal 2025 guidance for Underlying EBITDA of 18.7 million pounds, excluding Norville. According to the firm, the trading in the first two months of the second half was slightly behind plan, but the expected growth in order books and increased cost savings would deliver a strong performance and offset the negative impact.
The company also maintained medium-term targets of CAGR organic revenue growth 40% above the market rate, which is currently forecast to grow at 3% CAGR; as well as double-digit underlying EBITDA %.
In the first half, profit before income tax declined to 2.35 million pounds from 2.64 million pounds a year ago.
Meanwhile, the company recorded a loss after tax of 4.61 million pounds, compared to a loss of 1.03 million pounds a year ago, due to higher loss from discontinued operations. Loss per share expanded to 4.54 pence from loss of 1.01 pence in the prior year.
In the first half, loss from the discontinued operations increased to 4.88 million pounds from 1.32 million pounds in the last year related to Norville.
On a continuing operations basis, profit declined to 0.267 million pounds from 0.288 million pounds a year ago, and earnings per share declined to 0.25 pence from 0.27 pence in the prior year.
Underlying profit before tax dropped to 4.85 million pounds from 6.44 million pounds last year. Underlying earnings per share declined to 2.08 pence from 3.94 pence a year ago.
Underlying EBITDA declined to 9.04 million pounds from 11.02 million pounds in the prior year.
Revenue of the firm decreased to 97.62 million pounds from 110.61 million pounds in the prior year.
In addition, Andrea Davis has been selected as the Company's next Non-Executive Chair by December 31.
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