What it does
Angling Direct PLC (LON:ANG) is AIM-listed and the largest specialist fishing tackle and equipment retailer in the UK through its network of stores and websites.
The group specialises in carp fishing, which makes up 65% of the business.
How it is doing
Angling Direct said in December that it will beat its own profit expectations this year after sales continued to be strong in spite of the second coronavirus (COVID-19) lockdown restrictions.
All its 38 stores reopened fully on December 2 with the end of the second lockdown in England.
During the second lockdown, the group's shops operated on a call and collect basis, but even at this restricted level demand was strong said the AIM-listed firm and it did not use the government’s job retention scheme.
Sales have grown across all channels and for the nine months to October 31, 2020, had risen by 30.5% compared to a year earlier to £54.5mln.
Trading over the Black Friday period in the last week of November was also a success and the plan to develop a market-leading omni-channel business remains on track, it said.
What the company says
“As a result of this strong trading, and the enhanced visibility over our operations as stores reopen, the board believes the company is now likely to exceed current market expectations with a forecast pre-IFRS 16 EBITDA outturn for FY21 of not less than £3.8m,”
Angling Direct is tapping into the £400mln UK fishing market with relatively low competition.
Angling wants to attract more people into fishing, such as the younger generations, as well as bringing back those who have left it behind, to build its own community of customers.
While the current strategy revolves around growth, Angling will look at establishing a dividend policy in the medium term.
The firm has also been active in reducing its environmental impact by reducing the amount of packaging and encouraging fishing line recycling, which subsequently reduces costs.