Angling Direct interim revenues grow in line with expectations

Fishing and tackle retailer Angling Direct saw its revenues grow in line with expectations during the six months ended 31 July, as strong store and e-commerce sales helped the company's overall performance.

Angling's topline increased 21% to £26.52m, with retail store sales increasing 41% to £14m despite a "challenging period" for the wider UK retail sector. Online revenues meanwhile grew 10% to £11.90m as the group benefitted from continued investment in its e-commerce platform and expansion into European markets.

Sales at third-party websites were down 47% to £620,000 as a result of Angling Direct migrating customers to its own more profitable online offering.

The number of unique users visiting the company's UK website increased 12.2%, with online conversion up from 5.24% to 5.66% during the period.

Elsewhere, Angling Direct opened a new retail location in Leeds on Saturday, bringing the total number of stores across the UK to 29.

Looking forward, the AIM-listed company said it would continue to assess opportunities to expand its presence through strategic acquisitions, as well as new store openings in areas with a strong angling demographic.

As of 1005 BST, Angling Direct shares had picked up 2.43% to 75.80p.