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.
Angling Direct specialises in carp fishing, which makes up 65% of the business.
How it is doing
The retailer reported strong pent-up sales demand when its stores reopened following closures for the pandemic, with sales up 75% between June 15 and the end of July.
Sales across all channels in the same period were up 95% on the corresponding period of 2019, despite all of its bricks and mortar stores being closed between March 24 and June 14.
Revenue in the first half of 2020 was up 21% to £32.1mln from £26.5mln in the first half of 2019, with online sales – up 43% to £17.9mln from £12.5mln – driving growth.
Net cash and cash equivalents at the end of July had risen to £21.0mln from £13.3mln a year earlier.
The board believes the company is “very well- placed” within its market to benefit from the trend to eschew foreign holidays.
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 reduce costs.