Expansion-hungry Angling Direct lands bumper set of results

Specialist fishing tackle and equipment retailer Angling Direct issued its audited financial results for the 12 months to 31 January on Monday, reporting a 44% rise in group revenue to £30.24m.

The AIM-traded firm said its gross profit of £9.8m was ahead 37%, while its EBITDA was 24% higher at £1.1m.

Operating profit rose 27% to £0.9m.

The company said it had net cash equivalents as at 31 January of £0.7m, up from £0.3m a year earlier.

During the year, it successfully completed its AIM admission and placing, raising gross proceeds of £7.5m.

On the operational front, Angling Direct reported online sales growth of 54% to £16.1m, and store sales growth of 40% to £13.2m, including like-for-like store growth of 9%.

It completed the £3m acquisition of the fishing tackle store Fosters of Birmingham during the period, as well as North West Angling Centre and Tacklesaver for total consideration of £0.45m.

The company’s store network increased to 21 locations, with new stores opened in Swindon, Slough and Stoke.

Angling Direct said it also made continued investment in online marketing, logistics and distribution during the year.

“It has been a transformational year for Angling Direct, with the company's admission to AIM and the completion of a number of acquisitions and new store openings, which has cemented Angling Direct's position as the UK's number one fishing tackle retailer, online and in-store,” said executive chairman Martyn Page.

“The business achieved record revenues and profits, following strong sales growth across the store network and online as a result of our ongoing investment in marketing campaigns and customer experience in-store and online.

“The company is executing its strategy of consolidating a highly fragmented market and we will continue to build on this in the year ahead, with exciting new store openings planned, and continued targeted online growth.”

Page said that, despite adverse weather conditions for fishing, the company had a “good start” to the new year with momentum building in recent weeks, and its plans for the summer season were “well set”.

“The board is confident that the company is on track to meet its full year targets.”