US tariffs impact Inspecs Group's first half performance

Inspecs Group plc, a leading eyewear designer and manufacturer, has released its unaudited interim results for the six months ending June 30, 2025. The company's revenue for the period was 97.6 million pounds, a decrease from 100.6 million pounds in the first half of 2024. Underlying EBITDA also fell to 9 million pounds from 11 million pounds in the same period last year.

The company noted that these results were lower than initially expected due to slower trading in Europe and uncertainty stemming from US tariffs.

Richard Peck, CEO of Inspecs, said: "As a global eyewear business, we have experienced first-hand the widely reported macro-challenges, including ongoing tariff disruption and subdued consumer confidence. As a result, Group sales in the first half are slightly behind last year."

US tariffs impacts performance

Revenue in the Frames and Optics distribution business fell by 3 percent to 91.4 million pounds. The company's US low-vision business was particularly impacted by tariffs, which have increased product costs and caused some customers to delay purchasing decisions. Additionally, several key customers have faced delays or reductions in government funding.

On a positive note, the company's US frame businesses, which were amalgamated in 2024, have delivered increased sales with lower operating expenses. In Europe, sales have been slower than anticipated, but the company is encouraged by the successful launch of its new Tom Tailor eyewear collection.

The manufacturing business also saw a decline, with revenue falling to 7.9 million pounds. This segment has been heavily impacted by US tariffs, which have caused a "considerable number of customers" to delay orders. However, the company is encouraged by the performance of its new Vietnam factory and a 3.9 percent increase in its order pipeline as of August 31, 2025.

Outlook and board changes

Inspecs is prioritising a number of key initiatives to achieve its medium-term targets, including operational efficiencies and strategic amalgamations of its businesses in Europe. According to CEO Richard Peck, the company has a "reasonable expectation" of meeting its full-year guidance of 18.7 million pounds in underlying EBITDA.

The board also announced the selection of Andrea Davis as the new non-executive chair, with her appointment expected by December 31, 2025. The company does not intend to pay a dividend for 2025.