Angling Direct posts solid first-half growth

The UK’s largest specialist fishing tackle and equipment retailer Angling Direct issued its unaudited financial results for the six months to 31 July on Monday, reporting group revenue of £14.08m - an increase of 39.2% year-on-year.

The AIM-traded company said gross profit in the period was £4.73m - up 35.3% - with EBITDA rising 72.6% to £0.93m.

Net cash and cash equivalents as at 31 July stood at £4.10m, the board said.

During the period, the company successfully listed on AIM with an associated placing, which the board said strengthened the balance sheet for future expansion and growth.

On the operational front, the board reported online sales were up 67% to £6.57m, while bricks-and-mortar store sales rose 38% to £6.20m, including like-for-like store growth of 10%.

The company made “continued investment” in online marketing, logistics and distribution during the period, it claimed.

It opened a new 4,000 square foot store in Swindon, with further new store openings in Slough and Stoke expected before the end of the financial year.

Since the period ended, the company made a £3.0m acquisition of the fishing tackle store Fosters of Birmingham, as it announced on 2 October.

“We are delighted to announce Angling Direct's first maiden set of results as a quoted company in respect of the six month period to 31 July 2017, demonstrating further growth across our network of stores and online,” said executive chairman Martyn Page.

“Following our admission to AIM in July 2017, we have developed a strong pipeline of new store openings and acquisitions, and we look forward to another period of strong growth in the second half of the year.

“I would like to thank my fellow directors and the whole of the Angling Direct team for their efforts over the interim period and for seeing the Group through its highly successful IPO.”