INSPECS Group PLC (AIM:SPEC) saw its shares fall in Thursday’s early deals after its 2022 results confirmed a wider loss from the prior year and lower underlying earnings.
The company, in a statement, said it remains optimistic and noted that in the first half of 2023 it traded in line with its expectations, supported by the expansion of its branded partnerships with the likes of Botaniq, Superdry and Savile Row Titanium.
Chief executive Richard Peck highlighted “expansion of branded products is a core part of our growth strategy moving forward” with the launch of Barbour and Superdry branded products in North America and Asia.
At the same time, INSPECS’ research and development arm, Skunkworks, saw its first commercial revenues in 2022 and it is working towards an expansion of its manufacturing facilities in Vietnam later in 2023.
In terms of financials, INSPECS highlighted that it saw record sales despite facing significant headwinds.
Group revenue reached US$248.6mln, a marginal increase from US$246.5mln in 2021. Gross profit meanwhile climbed 5.6% to US$122.3mln.
It reported a loss before tax of US$9.5mln, up from a US$9.1mln loss in 2021, and a decrease in earnings (adjusted underlying EBITDA) from US$27.6mln to US$19.2mln.
In London, INSPECS shares were down 3.4p or 3.33%, changing hands at 98.6p - having dropped down as low as 92.8p in early deals – and at this level the company is valued in the market at just under £100mln.