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INSPECS Group (SPEC) investor relations material
INSPECS Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 1.6% year-over-year to £99.1m in H1 2026, with constant currency growth of 2.0%.
Underlying EBITDA rose 13.1% to £10.2m, with margin improving to 10.3%.
Gross profit margin increased by 90bps to 52.7%.
Operating profit before non-underlying items more than doubled to £5.9m.
Strategic £7.4m investment from Qualcomm completed, supporting future growth initiatives.
Financial highlights
Diluted Underlying EPS increased 46% to 3.03p; Diluted EPS loss narrowed to 0.48p from 4.54p.
Net debt (excluding leases) reduced by £13.6m to £18.7m, aided by new share issue proceeds.
Cash generated from operations remained strong at £10.8m.
Operating expenses fell by £1.5m to £46.4m.
Non-underlying costs of £2.5m mainly related to transaction and advisory fees for the Bidco 1125 Limited offer.
Outlook and guidance
Management targets organic revenue CAGR 40% above the market rate (market forecast: 3% CAGR).
Double-digit Underlying EBITDA margin achieved in H1 2026.
Net debt to be 40%-75% of Underlying EBITDA, on track for 2027.
Market conditions remain challenging, especially in US optical frames and German low vision markets, but growth in Eschenbach eyewear and UK integration savings support outlook.
- Revenue and margins declined, but operational resilience and strategic focus remain strong.SPEC
H2 2025 - Revenue and EBITDA fell, but cost savings, new brands, and order growth support full-year guidance.SPEC
H1 2025 - Revenue down 7.3%, margins up, net debt reduced, and H2 trading and orders ahead.SPEC
H1 2024 - 2024 revenue forecast at £197m, with new Vietnam facility to drive 2025 growth.SPEC
Q3 2024 TU - 2024 saw revenue stability, margin gains, and a strong start to 2025 with growth ambitions.SPEC
H2 2024 TU - Revenue down 2% but margin and cash flow improved; outlook for 2025 remains positive.SPEC
H2 2024 - H1 revenue and EBITDA fell, but full-year results are expected to match 2024 after cost savings.SPEC
H1 2025 TU
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