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Gloucestershire Business News

Norville owner sets sights on growth as revenues hit £200m

Bath-based eyewear group Inspecs, which saved Norville's manufacturing business from administration in 2020, saw a rise in revenue and operating costs after a year of further acquisitions in 2021.

The AIM-listed company completed series of deals in 2021, including german frame distributor BoDE Design and global design and licencing company Ego Eyewear.

It also secured the trademarks, rights and licences for British fashion brand Hardy Amies.

These acquistions and production expansion is said to have aided a fivefold rise in revenue.

Financial results for the year to December 31 2021 show a jump in group revenue by 420 per cent to £202.3m, from £38.9m a year earlier.

Adjusted underlying EBITDA increased 376 per cent to £22.6m from £4.7m in 2020, while gross profit was up 465 per cent to £95m from £16.8m.

This helped Inspecs to a narrowed loss after take of £4.4m, a 39 per cent reduction when compared to 2020 losses.

The firm added that one of its standout operational highlights for 2021 was the construction and fit out of a new lens-making facility in Gloucester for Norville.

Operating expenses rose from £19.3m in 2020 to £93.8m in 2021, said to be driven by its acquisitions of Norville and German competitor Eschenbach in a deal worth £84.7m.

Chief executive Robin Totterman said: "Whilst we were not immune from the well-documented global supply chain challenges and the regional lockdowns relating to Covid-19, we were able to navigate market conditions and deliver an exceptional performance.

"Our ability to more than double our revenue, EBITDA and gross profit in the year is a reflection of our continued strategic investments in the period, coupled with organic growth.

"The acquisitions of BoDe, EGO Eyewear and Hardy Amies have diversified our brand portfolio and broadened the distribution of our products around the world."

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