Inspecs shares slump after profit warning

Glasses maker Inspecs has warned over annual earnings after weaker-than-expected recent trading.

The firm, based in Bath, Somerset, said it has seen sales grow over its second half so far but the improvement was not as strong as hoped.

It added that there had been a “slower recovery in our European markets and the deferral of orders for some of the group’s larger customers into 2025”.

This means the group is expecting underlying earnings of around £17.4 million to £17.9 million on sales of about £197 million for 2024.

Last year, it reported sales of £203.3 million and underlying earnings of £18 million.

Shares in the firm tumbled more than 16% in Monday morning trading after the profit alert.

It had said in September that it was “confident” of meeting full-year expectations.

Inspecs makes a range of eyewear such as sunglasses, optical frames, lenses and low-vision products, sold in more than 80 countries worldwide.

It has factories in the UK, China, Italy and Vietnam, and operates out of 14 sales offices worldwide.

The firm said its new factory in Vietnam is complete and it expects to step up production to meet demand throughout next year.