Inspecs Group plc
INSPECS Group plc is a vertically integrated, AIM-listed global eyewear company providing eyewear solutions and low vision aids. It designs, manufactures (Vietnam, China, Germany, Italy), markets and distributes a portfolio of owned and licensed eyewear brands (e.g. Ted Baker, Superdry, O'Neill, TITANFLEX, Tura) and OEM products through a network of c.75,000 optical/retail outlets in 80 countries. The Group operates two reporting segments: Frames and Optics (design, brands, distribution) and Manufacturing (OEM and frame manufacture). During 2025 the Group closed its loss-making UK lens manufacturing business (Norville, 20/20 Limited), now classified as discontinued, and became subject to a takeover by Bidco 1125 Limited, which gained control shortly after the balance sheet date.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 12 May 2026 · 158 pages · Companies House
INSPECS Group plc designs, makes and sells glasses frames and sunglasses worldwide. In 2025 its revenue slipped 0.9% to £191.7m, from £193.3m the year before, and its loss after tax widened to £9.6m from £4.6m.
The report blames US tariffs and changes in US government policy for the lower sales, and rising costs and tariffs for a thinner margin on each sale. Profit was also pulled down by one-off costs. These included a write-down in the value of some brands and customer relationships, the cost of dealing with takeover approaches, and the closure of its loss-making UK lens-making business.
Cash at the year end fell to £16.0m from £24.0m, partly because the company paid an Asian supplier early to soften the effect of tariffs, while borrowings rose to £48.3m. No money was raised from shareholders and no dividend was declared. Management says 2026 has started encouragingly and the company is on track for its expected results. The auditor raised no doubts about the company's ability to keep going. After the year end, a buyer, Bidco 1125 Limited, gained control of the company.
Eyewear unit volume growth (+1% to 11.5m units)
Eyewear Units Sold 2025 11.5m vs 2024 11.4m vs 2023 11.0m
page 4Inflationary pressure and US tariffs
Gross profit margin decreased 70bps from 52.4% to 51.7% largely due to inflationary pressures and the impacts of US tariffs
page 16The Group has had an encouraging start to 2026, particularly within the frames and optics division, with sales and order inflow to the European markets ahead of Q1 2025. Sales to the US market remain in line with Board expectations and the Group is on track to deliver its expected results for 2026.
page 7The Board is not recommending a dividend for the year ended 31 December 2025 (2024: no dividend). Capital allocation priorities include 'returning value to shareholders through dividends and share buybacks where feasible' as part of the sustainable leverage target framework.
page 698 years on one page · FY2018–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
88 figures restated in a later report
Every figure is read again from the following year’s report: 168 confirmed, 5 differ, 88 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | $7.8mFY2024 report | $10.5mFY2025 report | |
| FY2024 | $6.8mFY2024 report | $6.8mFY2025 report | |
| FY2024 | $9.8mFY2024 report | $11.6mFY2025 report | |
| FY2024 | $964kFY2024 report | $961kFY2025 report | |
| FY2024 | $2.0mFY2024 report | $1.6mFY2025 report | |
| FY2024 | $6.0mFY2024 report | $5.5mFY2025 report | |
| FY2024 | $468kFY2024 report | $608kFY2025 report | |
| FY2024 | −$365kFY2024 report | −$286kFY2025 report | |
| FY2024 | $55.7mFY2024 report | $57.7mFY2025 report | |
| FY2024 | $103mFY2024 report | $101mFY2025 report | |
| FY2024 | $4.1mFY2024 report | $3.9mFY2025 report | |
| FY2024 | $42.8mFY2024 report | $45.9mFY2025 report | |
| FY2024 | $3.6mFY2024 report | $3.6mFY2025 report | |
| FY2024 | $7.2mFY2024 report | $7.1mFY2025 report | |
| FY2024 | $4.3mFY2024 report | $4.2mFY2025 report | |
| FY2024 | $4.0mFY2024 report | $3.8mFY2025 report | |
| FY2024 | $3.4mFY2024 report | $5.4mFY2025 report | |
| FY2024 | −$1.0mFY2024 report | $1.6mFY2025 report | |
| FY2024 | $198mFY2024 report | $193mFY2025 report | |
| FY2024 | $2.9mFY2024 report | $2.9mFY2025 report | |
| FY2024 | $220mFY2024 report | $226mFY2025 report | |
| FY2024 | $107mFY2024 report | $108mFY2025 report | |
| FY2024 | $75.1mFY2024 report | $86.2mFY2025 report | |
| FY2024 | $98.7mFY2024 report | $93.0mFY2025 report | |
| FY2024 | $122mFY2024 report | $133mFY2025 report | |
| FY2024 | $41.3mFY2024 report | $42.9mFY2025 report | |
| FY2024 | $39.8mFY2024 report | $38.5mFY2025 report | |
| FY2024 | −$2.1mFY2024 report | −$2.4mFY2025 report |
60 more figures were restated in FY2018 to FY2022, which a free account opens.