SPEC

Inspecs Group PLC

Consumer Products and Services First-pass screen £85m

340/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 40

Valuation 25% 30

Downside protection 15% 38

First-pass take

INSPECS is a traditional eyewear manufacturer with nascent smart eyewear development (launch in 2026, no 2025 revenue). Margins declining (EBITDA margin 9.2% vs 10.1%) despite cost control, weighed by tariff and FX headwinds. Net debt £32.3m at 2.22x leverage (covenant ceiling 2.25x) limits downside protection.

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