InSpecs says US demand softens but Europe improves
UK-based eyewear specialist InSpecs said on Tuesday that US sales are trailing last year's but Europe is beginning to pick up.
In a stock exchange announcement, the company — which makes and markets its own brands as well as operating licenses for Barbour, Joseph, Radley, Superdry, Temperley, Viktor&Rolf and more — shared the news ahead of Tuesday's annual general meeting at which founder and chairman Robin Totterman will step down from his role.
Totterman said: 'The uncertainty surrounding US tariffs is impacting group sales, which as of the end of May were behind the prior year. However, demand in Europe has begun to strengthen, and projects with major retailers in the US and Canada are progressing well.'
The company is also conducting a strategic review of its Norville lens business and this is expected to conclude by the end of this month.
Totterman added that 'the board continues to make good progress in its search for a new independent non-executive chair ("Chair") and a new chief financial officer'.
And he added that 'despite the challenges faced since the start of the year, the group remains focused on improving operational efficiency and implementing cost-saving initiatives which are expected to accelerate in the second half, to mitigate these headwinds. We expect revenue for the full year 2025 to be broadly flat versus 2024, and our guidance on EBITDA remains unchanged'.
Back in April, the company released its preliminary 2024 results and said that group revenue fell to £198.3 million from £203.3 million. At constant currency, though, it was only down to £203.2 million.
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