Inspecs Group shares dived 25% as the company warned trading softened significantly in December and would affect results for the year just ended.
Underlying profits for 2023 will be 16% higher than the previous year at £18 million, but this is still shy of market expectations, according to a statement from the eyewear manufacturer.
Group revenue of £200.3 million was broadly flat compared to 2022 (£201.3 million) and again below expectations.
Margins rose and a new Vietnam facility scheduled to come on stream in this half year will further help Inspecs’ competitive position, said the statement, with the focus in the coming year to boost sales.
“Having further strengthened the balance sheet and extended the maturity of our financing facilities, I look forward to driving sales in 2024,” said Richard Peck, chief executive.
Shares fell 22p in 86.5p.