Inspecs finance chief to step down as revenue declines in 2024
Inspecs Group PLC on Thursday said the first quarter of 2025 has ‘laid the groundwork for a pivotal year’, as it reported a swing to a loss in 2024.
The Bath, England-based firm produces eyewear solutions, including eyewear frames, low vision aids and lenses.
CFO Chris Kay has said that he will not be seeking re-election at the annual general meeting on June 3 and will also be stepping down as a director on this date.
Inspecs Founder & Chair Robin Totterman said: ‘In addition to his work around the IPO, Chris brought significant expertise in mergers and acquisitions, supporting the group’s strategic growth through a number of key transactions. His contributions in this area have greatly helped expand Inspecs’ global footprint and capabilities.’
Inspecs added that it has started an executive search to identify candidates to fill the role of CFO.
This announcement aligned with the release of its full-year results in which Inspecs said
it swung to a pretax loss in 2024 of £1.0 million from profit of £215,000 in 2023.
Revenue fell 2.5% to £198.3 million from £203.3 million. The firm attributed this decline to a mix of consumer demand in key markets being ‘weaker than anticipated’ and the impact of customer consolidation.
Looking forward, Inspecs noted plans for additional expansion into ‘under-penetrated regions’ such as
Latin America, the Middle East and South East Asia. It said these areas present ‘significant opportunities for growth’.
Inspecs shares rose 1.3% to 40.00 pence on Thursday morning in London.
Chief Executive Officer Richard Peck said: ‘Inspecs demonstrated resilience in 2024 despite challenging macroeconomic conditions, with revenue declining by 2.5% to £198.3 million due to softer consumer demand and competitor consolidation. However, our continued focus throughout the year on the integration and simplification of our business has been significant.
‘The first quarter has laid the groundwork for a pivotal year and as we move forward, the focus remains on sharpening efficiency, streamlining operations, and advancing key initiatives.’
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