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.
7 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (7)
FY2026Next report expected 10 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueEyewear unit volume growth (+1% to 11.5m units)
Eyewear Units Sold 2025 11.5m vs 2024 11.4m vs 2023 11.0m
page 4AndVietnam manufacturing ramp-up
Vietnam factory revenue grew from £11.6m in 2024 to £12.8m in 2025; annual capacity increased from 7m to 12m frames
page 6What moved the marginheadwindInflationary 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 16AndtailwindVietnam manufacturing facility ramp-up
Vietnam site now performing well operationally, mitigating tariff impacts and restoring operational efficiency and cost competitiveness in H2 2025
page 9One-offs in the year$1.5m charge: Impairment charge (customer relationships/trademark, German eyewear amalgamation and Asian manufacturing)
page 112What management saidThe 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 7After the year endOn 13 March 2026 Bidco 1125 Limited declared its offer for INSPECS unconditional; on 17 March 2026 Bidco confirmed it had exceeded acceptances/irrevocable undertakings for more than 50% (stated elsewhere as 50.8%) of issued share capital, triggering change of control
page 72The dividendThe 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 69Going concern and the auditIndependent auditor Grant Thornton UK LLP issued an unmodified/unqualified opinion. Four key audit matters identified: valuation (impairment) of goodwill, completeness and accuracy of the right of return provision, going concern, and valuation (impairment) of Parent Company investments. Going concern assessed to 30 June 2027 under base case, severe-but-plausible downside (8.4% revenue reduction) and reverse stress test (17.6% revenue decline, which would breach covenants) scenarios; a cashflow cover covenant breach occurred at 31 March 2025 (caused by accelerated supplier payments) and was waived by HSBC on 9 April 2025; no material uncertainty concluded despite the March 2026 change of control, with HSBC having waived its right to accelerate/recall facilities as a result of the change of control.
page 75The risks it names first- Customer consolidation - continued consolidation of major customers increases buying power and reduces revenue diversification (residual risk: increasing)p.46
- Competitor risk - established companies and new entrants driving price pressure and innovation cycles (residual risk: stable)p.46
- Changing purchasing and retail trends - shift toward online channels and value-driven products (residual risk: stable)p.46
- Macroeconomic risk - volatile global conditions, inflation, interest rates and regional demand shifts (residual risk: increasing)p.46
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- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures
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- FY2020Year to 31 Dec 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 31 Dec 2019 Opens with a free accountThe report, its reading and its figures