Inspecs, the glasses manufacturer, has issued a warning about its annual earnings following weaker-than-expected recent trading.
The Bath-based firm reported growth in sales over its second half so far, but not as robust as anticipated. It also noted a "slower recovery in our European markets and the deferral of orders for some of the group’s larger customers into 2025".
This means the group is expecting underlying earnings of around £17.4m to £17.9m on sales of about £197m for 2024. Last year, it reported sales of £203.3m and underlying earnings of £18m. Shares in the company plummeted more than 16% in Monday morning trading following the profit warning.
In September, the firm had expressed confidence in meeting full-year expectations. Inspecs produces a variety of eyewear such as sunglasses, optical frames, lenses and low-vision products, which are sold in over 80 countries worldwide.
It operates factories in the UK, China, Italy and Vietnam, and runs 14 sales offices globally. The company announced that its new factory in Vietnam is complete and it plans to ramp up production to meet demand throughout the coming year.