Shares in Angling Direct PLC (AIM:ANG) rose as much as 10% on Tuesday after the fishing tackle retailer posted a strong first-half performance and raised its full-year forecasts.
For the six months to the end of July, group revenue climbed 17% to £53.6 million, driven by robust UK trading across both stores and online. A
djusted earnings before interest, tax, depreciation and amortisation rose nearly 40% to £3.9 million, with profit before tax up 35% to £3 million. Gross margins improved to 38%, helped by stronger sales of the company’s higher-margin own-brand products.
UK sales grew 17.7% to £51.1 million, supported by rising customer numbers and the continued success of the MyAD loyalty programme, which expanded 21% to nearly half a million members.
Online sales rose 21.2%, while store sales were up 15.4%. European operations also edged higher, with losses narrowing.
Chief executive Steve Crowe said the results showed “momentum generated in FY25 has continued,” adding that the company is now trading ahead of expectations.
Three new stores opened after the reporting period, in Bradford, Stourport and Burnley, bringing the UK total to 57.
Despite softer consumer demand and poor summer weather affecting fishing conditions, Angling Direct expects to deliver full-year revenue of at least £102 million and adjusted EBITDA of no less than £4.35 million, outpacing market forecasts.
Crowe said the group’s focus on technology, loyalty growth and UK expansion had “vindicated our strategy.”
After an early burst, the shares settled at 55.3p, up 4%.