Angling Direct profits hit by winter floods

Fishing tackle and equipment retailer Angling Direct warned on Tuesday that trading since the all-important Christmas period had been "disappointing" as the "exceptional" flooding seen throughout winter took its toll on profits.

In a pre-close update for the year to the end of January, Angling Direct said revenues had grown 26.5% to £53.1m, while same-store sales increased 41.3% to £27.9m and online sales rose 13.3% to £25.2m. However, the group sounded a cautious note on the immediate future as decreased levels of fishing activity in January meant that sales of high-margin consumable products had been hit hard.

"Notwithstanding the strong growth the company has delivered this year, a disappointing trading period, post-Christmas, influenced by exceptional winter flooding, has impacted profits," said Angling Direct.

The AIM-listed group, which added 10 new stores in the twelve months ended 31 January, said total international sales had grown 7.6% during the period to £5m.

Angling Direct will release its full-year results on 13 May.

At 0910 GMT, Angling Direct shares were down 12.41% at 60p.