Angling Direct hails strong first half performance
Angling Direct has reported a strong first half performance following double-digit sales growth across the UK.
In the six months to 31 July, UK revenue increased by 10.1% to £40.9 million with store and online sales rising by 11.3% and 8.3% respectively.
During the period, the fishing tackle retailer opened two new shops in Cardiff and Goole to take its total to 47 in the UK. The company said store sales benefited from increased transaction volumes in the half-year.
Meanwhile, online sales increased primarily through delivering higher average transaction values.
Giving an update on its European performance, Angling Direct said sales climbed by 39.9% year-on-year after Germany performed particularly well with growth of 61.5%.
The results meant that revenue across the entire business rose by 11.4% to £43.3 million,
Steve Crowe, chief executive of Angling Direct, said: “We remain focused on gaining market share both in the UK and Europe whilst continuing to proactively manage all aspects of the group’s operations in order to improve gross and operating margins and mitigate cost inflation.
“The business has continued to demonstrate both its resilience and the capacity to grow in the UK, despite the cost of living pressures facing consumers.
“Whilst the trading environment in Europe is challenging, with more intense price competition persisting in the market, there remains a significant growth opportunity for Angling Direct in Europe.”
