Angling Direct posts strong first half results
Angling Direct has posted an increase in sales and profits in the first half of its financial year
In the six months to 31 July, the online fishing tackle retailer’s revenue climbed by 19.5% to £38.4 million as pre-tax profit surged by 174.2% to £3.7 million.
In a statement, the group said it had performed well against its priorities for the year, including its plans to establish an in-region online European fulfilment which is now entering the implementation phase. It now anticipates that pre IFRS 16 EBITDA for the year ending 31 January 2022 will be no less than £5 million, which is ahead of current market expectations.
Andy Torrance, chief executive of Angling Direct, said: “We are pleased to have delivered a robust financial performance in the first half of the year, building on the operational and strategic progress made last year. These results demonstrate that the increasingly efficient, market leading omni-channel nature of the company’s trading platform, combined with its strong balance sheet, ensures it is well placed to serve customers across all channels as it emerges from the challenges of the Covid-19 pandemic.”
During the period, the company’s investment in its digital channel in the UK helped online conversion to grow by 80 bps to 6.3%. It also invested in its UK distribution centre capacity to protect its supply position relative to the wider market.
Looking ahead, Torrance said: “The group has delivered strong progress against its stated key priorities for FY22 in the first half, including its plans to establish in-region online European fulfilment which is now entering implementation phase. With the group’s leading customer offering and optimised operational capabilities, combined with the scale of the market opportunity, the Board remains optimistic about the growth prospects and overall success of the business.”
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