INSPECS Group plc, a leading eyewear designer, manufacturer, and distributor, reported final results for the year ended 31 December 2025. Key financial highlights include
Group revenue of £191.7 million, down slightly from £193.3 million in 2024, but resilient despite macroeconomic and geopolitical challenges.
Constant currency revenue of £193.4 million, flat compared to 2024.
Gross profit margin declined 70 basis points to 51.7% due to inflationary pressures and US tariffs.
Underlying EBITDA decreased £1.8 million to £17.7 million.
Operating profit before non-underlying items was £5.7 million, down from £5.9 million in 2024.
Net debt increased to £32.3 million from £22.9 million in 2024.
Operationally, INSPECS completed the integration of legacy acquisitions, closed the Norville lens business, made progress on supply chain efficiencies, and continued investing in innovation. The company reiterated its ambition for 40%+ organic revenue CAGR versus the market, double-digit EBITDA margins by 2027, and net debt of 40-75% of EBITDA by 2027.
A takeover offer was announced in February 2026 by Bidco 1125 Limited, owned by Luke Johnson and Ian Livingstone. The offer was declared unconditional in March 2026.
Management highlighted resilient performance in 2025 despite challenges, with stable revenue, increased unit volumes, and progress on strategic initiatives. The company enters 2026 with a simplified structure and focus on operational improvement and margin recovery.
| Financial Metric | 2024 (£'000) | 2025 (£'000) | Change (£'000) | Change (%) |
|---|---|---|---|---|
| Revenue | 193,345 | 191,701 | (1,644) | (0.85%) |
| Gross Profit | 101,382 | 99,176 | (2,206) | (2.18%) |
| Underlying EBITDA | 19,505 | 17,675 | (1,830) | (9.38%) |
| Operating Profit Before Non-Underlying Items | 5,903 | 5,685 | (218) | (3.69%) |
| Net Debt (excluding lease liabilities) | 22,900 | 32,300 | 9,400 | 41.05% |