Angling Direct PLC (AIM:ANG) has posted slightly better first-half sales despite drought conditions hitting fishing activity, with the top line falling sharply in mainland Europe.
In a trading update, the fishing tackle and equipment retailer said revenue rose 5.1% to £56.4 million in the six months to 31 July, driven by growth in its UK business.
UK sales increased 6.9% to £54.6 million, with store sales up 6.4% and online revenue 7.5% higher. Like-for-like UK sales grew 2.9%.
European sales fell 30.4% to £1.8 million, however, with trading conditions said to remain "challenging". The AIM-listed company said it was prioritising profitable sales in Germany and the Netherlands to reduce losses.
Chief executive Steve Crowe said higher-priced product categories had remained "robust" despite fuel prices and a lack of rainfall affecting footfall and seasonal demand.
The company opened stores in Crawley, Kettering and Gloucester during the half, taking its estate to 60 across England and Wales, and said difficult consumer conditions could create opportunities to acquire further stores or stock.
Net cash rose to £14.5 million from £12.5 million a year earlier, despite £0.9 million of share buybacks.
Full-year expectations were maintained for revenue of £109 million and adjusted underlying earnings of £5.7 million.
