Inspecs 'in a strong position' following Norville acquisition
By Matt Hall | 29th January 2021
New owners of Norville's manufacturing arm, Inspecs Group Plc, has revealed that trading in 2020 remained in line with management expectations.
The designer and distributor of eyewear frames said that its intergration of Norville and subsequent Eschenbach Optik were showing 'encouraging early signs'.
Inspecs hailed 2020 as a milestone year for the business, with its listing on the AIM market in February and the two business acquisitions in July and December.
As part of its trading update for the year to December 31, the Bath-based firm revealed it had achieved total revenues of $46.2m, down from 2019's figure of $61.2m.
It added that The Norville Group Ltd had contributed revenue of $4.2m since its acquisition, and Eschenbach Optik $3.1m.
Robin Totterman, CEO of Inspecs, said: "Whilst 2020 was an extraordinary year for a number of reasons, it was a milestone year for Inspecs with the Company successfully listing on AIM in February and subsequently completing two acquisitions.
"Welcoming Norville and Eschenbach Optik to the group significantly increases our global distribution and lens manufacturing capability, enabling us to penetrate key global markets, broaden our customer reach, and strengthen our brand portfolio.
"Although the global pandemic continues, the group is in a strong position to capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market.
"I would like to thank all of our employees across the globe for their continued hard work and resilience in the face of the ever-changing pandemic and I continue to look to the future with confidence."
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