Angling Direct hails strong full year performance
Angling Direct has seen a rise in both its full year revenue and profits following a strong performance in both the UK and Europe.
In the year to 31 January, revenue climbed by 27.1% to £67.6 million while pre-tax profit came in at £2.6 million compared to a £1.5 million loss in the previous year.
Online sales rose by 39.9% to £35.3 million in the period with international sales accounting for 12.4% of total online sales. In-store sales were also strong, increasing by 15.5% to £32.3 million despite the impact of national lockdowns.
Commenting on the performance, Andy Torrance, chief executive of Angling Direct, said: “We made great strides with our strategic and operational objectives, growing revenues both in the UK and key European territories, driving operational excellence across the business and delivering sustainable margin-accretive, profitable growth as part of our laser-focus on pricing and inventory management.
“As the health and wellbeing benefits of angling become more widely recognised and its popularity grows around the world, we are ideally positioned to fulfil our ambition of becoming Europe’s first choice omnichannel fishing tackle destination for all anglers, regardless of their experience or ability.”
Giving an update on more recent trading, Angling Direct said its first quarter sales have risen by 54% on the prior year with online and in-store sales up 42% and 75% respectively.
Assuming there are no further lockdowns, the retailer said it is well-placed to deliver profitable growth in revenues, albeit at a lower rate than the prior year as trading conditions and sales mix begin to normalise.
Torrance added: “Having reopened our stores on 12 April and with the UK emerging from the pandemic, I am cautiously optimistic when I look to the future: the strong foundations we have put in place through 2020 will ensure the group is able to take advantage of the numerous opportunities that will arise through the remainder of 2021 and beyond.”
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