Angling Direct reels in higher profit and revenue

 
Alys Key
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Sales rose both in store and online (Source: Angling Direct)

Britain's biggest fishing equipment retailer caught a rise in profit and revenue as it revealed its maiden interim results this morning.

The figures

Group revenue grew 39.2 per cent to £14m in the six months to the end of July, while underlying earnings were up 72.6 per cent to £930,000.

The group debuted on the junior market with a £9m float. Initially priced at 64p, shares are now trading at 86p.

Why it's interesting

The company operates large out-of-town stores, opening a new 4,000 sq ft site in Swindon during the period. Bucking the decline of in-store shopping, Angling Direct's face-to-face sales were up 38 per cent to £6.2m, with like-for-like sales up 10 per cent.

Analysts at Cenkos said this was "testament in our view to the board’s commitment to improving layouts and product availability."

Online sales jumped 67 per cent to £6.57m, meaning revenue was split roughly in half between digital and physical channels.

Cenkos analysts estimated the company currently has a five per cent share of the £570m fishing market, but said there was room to grow further, "with a fragmented market providing the opportunity to rapidly scale retail operations".

Angling Direct chief executive Darren Bailey told City A.M. in July that the company was on the lookout for independent fishing stores which it could acquire that might otherwise close.

What Angling Direct said

Executive chairman Martyn Page said: “Following our admission to Aim in July 2017, we have developed a strong pipeline of new store openings and acquisitions, and we look forward to another period of strong growth in the second half of the year.

“I would like to thank my fellow directors and the whole of the Angling Direct team for their efforts over the interim period and for seeing the group through its highly successful IPO.”

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