Angling Direct posts “robust” half year sales growth
Angling Direct Group has increased its half-year sales and profit despite “significant challenges”.
The fishing tackle retailer attributed the uplifts to the resilience of its business model and market-leading position.
In the six months to 31 July, revenue grew by 11.4% to £43.3 million while pre-tax profit climbed by 52.4% to £1.7 million.
While retail store sales increased by 11.3% year-on-year, online sales rose by 8.3% in the UK and by 39.9% in Europe.
Steve Crowe, chief executive of Angling Direct, said: “We are pleased to have achieved robust sales growth during H1 FY24 of 11.4% against a challenging consumer backdrop, highlighting the strength of our omnichannel model.
“We made strong progress on our strategic priorities in the UK growing our store estate and unveiling our MyAD loyalty programme which attracted 110,000 members in its first two months.
“Despite the more competitive market conditions in Europe, European sales in H1 FY24 were 39.9% ahead of H1 FY23, re-validating the significant growth opportunity that Europe represents for the business.”
The company said it maintained its programme of digital and physical investment in the UK despite the economic headwinds. It also faced several challenges in Europe, including balancing its ambition for rapid turnover growth in key territories against intense price competition.
Angling Direct said it remains confident that its full year results will be in line with market expectations following 13.9% sales growth in August and September.
Crowe said: “”We are committed to building a sustainably profitable international business and have taken steps to develop margin and optimise costs in H1 FY24 and this will continue into H2 and beyond.
“The UK angling market remains resilient, with strong demand for a compelling product offering alongside quality service.”
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