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Angling Direct reports uplift in full year revenue

Angling Direct has said it expects to report a 26.5% increase in revenue for the year to 31 January after it grew its sales both in-store… View Article

SPORTS & LEISURE

Angling Direct reports uplift in full year revenue

Angling Direct has said it expects to report a 26.5% increase in revenue for the year to 31 January after it grew its sales both in-store and online.

Store sales rose by 41.3% to £27.9 million and by 12% on a like-for-like basis following the opening of ten new stores in the period.

Meanwhile, online sales climbed by 13.3% to £25.2 million after trading was boosted by improvements to the company’s ecommerce platform. Angling Direct’s German, French and Netherlands websites grew their sales by 24.6%, 70.9% and 86.7% respectively and now account for 42% of total international sales compared to 31% in the previous year.

Total international sales increased by 7.6% to £5 million.

However, the company said trading since Christmas has been disappointing due to the ongoing winter floods. The lower levels of fishing activity mean that sales of higher margin consumable products have been hit particularly hard.

As Angling Direct is also taking a more prudent approach to some legacy costs, the company said it now believes it will deliver a pre-IFRS 16, EBITDA loss of no more than £0.5 million.

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