Angling Direct hails ‘robust’ sales as it continues to grow market share
Angling Direct has posted a 10.2% increase in full-year revenue to £81.7 million despite a “challenging consumer landscape” and disruption to fishing caused by storms in the final few weeks of the period.
UK store sales rose by 7.6% to £44.4 million in the year ending 31 January while online sales climbed by 13.5% to £37.2 million.
The retailer said the online uplift was driven in part by a 36.3% increase in European online sales to £4.3 million. Meanwhile, UK online sales increased by 11.1%, driven by strong average transaction value growth and increased customer engagement with MyAD, its loyalty and repeat purchase membership model.
Steve Crowe, chief executive of Angling Direct, said; “Angling Direct has continued to gain market share in the UK and Europe, and we believe there are significant further growth opportunities in both markets.
“The group will continue to invest in its digital and physical footprint in the UK to capture further market share growth, leveraging its strong balance sheet to ensure it is competitively placed as consumer confidence returns.”
Looking ahead, Crowe said: “Alongside other retail businesses, we also face cost increases from higher than anticipated wage and business rates related cost inflation and are mindful of the possibility for supply chain disruption, although we have observed no material impact on stock availability to date.
“The group’s strong pipeline of investment opportunities, coupled with its robust balance sheet and prudent focus on cost control, provides the board with the confidence that the group remains well-positioned to navigate these challenges and achieve further growth through this financial year.”
