Angling Direct PLC - Covid-19 Further Update, £2.5m credit facility
("Angling Direct", the "Group" or the "Company")
Covid-19 Further Trading and Operational Update,
FY21 Trading Year to Date
Despite the well reported period of exceptional flooding across the
Group sales increased 19.0% year-on-year over the first three weeks of March prior to the significant recent impact of Covid-19.
Update on the Impact of Covid-19
The welfare of our colleagues and customers remains paramount and, to this end, we are taking all appropriate measures to keep people safe whilst ensuring continuity of our operations to the extent possible. We are operating flexible working arrangements wherever possible and have installed the necessary technology to enable the maximum number of office-based employees possible to work from home. We continue to monitor this matter very closely and will provide updates as appropriate.
Further to our announcement on
Our webstores, however, continue to trade and our distribution centres remain open, with encouraging levels of trade in both the
Given the current unprecedented circumstances, the Board has moved swiftly to preserve capital and improve cash flow. This includes taking steps to reduce fixed costs and other expenditure and putting investment plans on hold. To this end, we welcome the recent measures introduced by
The Board also announces that the Company has secured a short term
As a result of enforced store closures, the Group now expects a material reduction in FY21 revenue and profitability. The scale of the impact will be dependent on how the situation develops and over what timeframe, together with the impact of any further measures taken by
The Company retains healthy stock levels, allowing our e-commerce sales to continue, and ready for when people begin to return to fishing as and when conditions allow.
Due to the inevitable uncertainty caused, the Board has decided to withdraw current market guidance and will provide a further update on the anticipated FY21 out-turn only when it believes that there is sufficient clarity.
FY20 Financial Reporting
Further to the pre-close trading update released on
The Board notes recent regulatory guidance around the extension of financial reporting deadlines in response to the exceptional events relating to the growing impact of Covid-19. It remains the Board's intention to announce its FY20 results on
"The retail environment has never before been in a position where it has had to deal with a crisis of this magnitude. Our focus remains on protecting our valued members of staff, ensuring appropriate and safe working conditions and, where possible, providing an uninterrupted service to our loyal and supportive customers. Like many in the retail community, we are also extremely thankful to
For further information:
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+44 (0) 1603 258658
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N+1 Singer - NOMAD and Broker
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+44 (0) 20 7496 3000
Yellow Jersey PR - Financial PR
+44 (0) 203 004 9512
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+44 (0) 7747 788 221
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Notes for editors
Angling Direct is the largest specialist fishing tackle retailer in the
The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand '
From 1986 to 2003 the Company's Founders acquired interests in a number of small independent fishing tackle shops in
Angling Direct's shares are traded on the AIM market of the
For further information, please visit www.anglingdirect.co.uk
This information is provided by RNS, the news service of the
Quick facts: Angling Direct PLC
Market Cap: £38.72 m
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