Angling Direct posts full year loss
Angling Direct has reported a net loss before income tax of £1.5 million for the year to 31 January.
The fishing equipment retailer also posted an EBITDA loss of £0.5 million, which it attributed to poor trading after Christmas due to the winter floods. Profits were also hit by wider margin pressure and a more prudent approach taken to some legacy costs.
However, group sales increased by 27% to £53.2 million in the year as like-for-like store sales climbed by 12%. Online sales were also up, rising by 14% to £25.3 million.
Martyn Page, Angling Direct executive chairman, said: ” Last year was a period of rapid expansion for Angling Direct, with major investment going into the opening of ten new stores, three of which were acquisitions, as well as delivering further upgrades to our online business and our own brand products. All of these initiatives are designed to enable us to grow market share, protect our margins and improve our customer experience.”
While giving an update on trading in the current financial year, Angling Direct said online sales were up 24% in April compared to the prior year.
Page added: “The impact of Covid-19 led to the closure of our 36 stores, but our online business has seen excellent growth and we have been able to fulfil the increasing number of orders as a consequence of the prior investment made in automation within our distribution centre, as well as our online customer experience. We are now in the process of preparing to open our stores safely, as we work in accordance with government advice to protect our staff and customers.”
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