Full-year profits and sales jump
Strong start to new fiscal year
Expansion strategy on track with plans to open more stores this year
What Angling Direct does:
Angling Direct is an AIM-listed UK retailer, which sells fishing tackle products through its network of stores and its own websites.
The company has 28 stores in the UK and has plans to open more in areas that bring in a potential turnover of more than £1mln.
Angling Direct specialises in carp fishing, which makes up 65% of the business. It is the largest specialist fishing tackle retailer in the UK.
- In the year to 31 January 2019, gross profit jumped 40% year-on-year to £13.8mln as sales gained 39%.
- Angling Direct has opened four new stores in the current fiscal year, bringing its estate to 28 stores. It plans to open seven more stores this year.
- The company has been investing in online marketing, including the launch of its German, French and Benelux websites.
- The group raised £20mln in October through a share placing to support its expansion strategy.
- In February and March, the first two months of the current financial year, like-for-like sales shot up 28.5% year-on-year while overall sales were up 50.7% on last year.
Angling Direct executive chairman Martyn Page said he believes that the prospects for the group are “very positive” as it expands to meet growing demand despite a challenging retail market.
“The board is confident that the company will meet its full year growth target this year, and that our product offering, professional staff and continued improvement in our online platforms, both in the UK and Internationally, will help deliver another year of excellent performance,” he said.
Unlike most retailers, Angling Direct has been pouring money into its bricks-and-mortar store estate as well as its online offering, and chief executive Darren Page said the strategy has been paying off.
“As we seek to cater for all anglers across the UK with a new and modern retail offering, we are continuing to strategically expand our store footprint, as well as enhance our online offering in terms of products, experience and education in order to help raise the profile of angling,” he said.
"While parts of the retail sector are experiencing difficulties, we are delighted that our strategic focus on customer experience and service has paid off and delivered a strong start to the year.
“Additionally, our focus on carefully selecting the correct location for each of our stores is driving our growth and brand value.”