Inspecs Group PLC shares slumped on Monday as it warned its annual earnings will be down after recent weak trading.

The Bath, England-based eyewear company said it expects to report revenue for the calendar year around £197.0 million and underlying earnings before interest, tax, depreciation and amortisation between £17.4 million and £17.9 million.

Last year, the company reported revenue of £203.3 million and underlying Ebitda of £18.0 million.

Shares in Inspecs were down 12% to 42.68 pence each in London on Monday morning.

The company said there is ‘overall positive momentum’ as it has seen year-on-year growth in the second half to date.

However, Inspecs noted the impact a slower recovery in European markets and the deferral of larger orders into 2025.

In September, the company said it was ‘confident’ of meeting full-year expectations despite a sharp contraction in interim profit in its first half results. Pretax profit dived to £1.3 million in the first half of 2024, from £3.8 million a year prior.

The company said it expects to step up production at its recently completed manufacturing facility in Vietnam to meet demand through 2025.

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