INSPECS Group PLC saw its shares surge 10% higher to 77p in Monday afternoon trades after the eyewear and lens design house and manufacturer reported “solid” trading for the first nine months of the year and forecast in-line results for 2023.
Revenue jumped 4.6% to £159.1 million in the nine months to 30 September, or 2.4% at constant currencies.
Cash generation was strong and net debt fell by £6.4 million to £21.2 million at the period end.
In the third quarter to end September, INSPECS invested a further £0.8 million in the construction of its new manufacturing plant in Vietnam, which is expected to be completed in the first half of 2024.
“Our focus on improving the group's operational efficiencies continues and, notwithstanding the ongoing macroeconomic uncertainties, with our current order book the board remains confident of delivering full-year results in line with market expectations," commented CEO Richard Peck.