Angling Direct PLC (LON:ANG) sales continued to rise in the first half of its current year, while the fishing tackle retailer also unveiled a new store in Leeds as part of its expansion plans.
In a trading update for the six months ended 31 July, the AIM-listed firm said revenues had risen 21% to £26.5mln, in line with management expectations, while gross margins for the period were expected to be at 32.1%.
READ: Angling Direct opens new store in Nottinghamshire
The company highlighted strong sales from both its stores and e-commerce business, with retail sales up 41% in the period at £14mln while online was up 10% at £11.9mln.
Like-for-like sales from the group’s stores were also up 15% in the six months, with the company reiterating a “confident” outlook for the rest of the year.
Meanwhile, the firm said its store expansion program remained on track, with the Leeds store taking its total estate in the UK to 29 stores.
Going forward, the firm said it would continue to assess opportunities to expand through “strategic acquisitions” alongside new store openings.
Darren Bailey, Angling Direct’s chief executive, said the group would also focus on a consolidation strategy as well as the roll-out of new e-commerce platforms in Europe.
"Customer experience and service, combined with our ability to identify suitable locations for new stores and continually enhance our online offering, both here and in Europe, is paramount in driving growth and brand value”, he added.
The firm’s interim results are scheduled for 7 October.
In early trading on Monday, the shares were 2.4% higher at 75.8p.
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