Angling Direct PLC (LON:ANG) told investors it expects to report a 26.5% increase in revenue for the financial year.
In a pre-close trading update, the firm said revenue is expected to amount to £53.1mln compared to £42mln in the preceding year.
In-store sales rose by 41.3% to £27.9mln as the fishing products retailer added ten new stores to its portfolio. It ended the year with 34 stores and in January it added one more.
Whilst driving increased revenue, the company noted that legacy stock bundled into store acquisition led to margins that were “lower than the levels to which the board aspires.” It added that this stock has now mainly been cleared.
Online sales increased by 13.3% to £25.2mln through the continuing development of its e-commerce platform and in recent months the group has focused on international territories – with German, French and Netherlands websites at the core of its European markets.
At £5mln international sales increased by 7.6% for the year.
“Notwithstanding the strong growth the company has delivered this year, a disappointing trading period, post-Christmas, influenced by exceptional winter flooding, has impacted profits,” the company said in the statement.
“The lower levels of fishing activity meant that the higher-margin, consumable products, were hit disproportionally.”
Angling Direct said it expects to report an earnings (EBITDA) loss of no more than £500,000, with the pending financial results taking a more prudent approach to certain legacy costs.
It anticipates reporting a strong balance sheet, including £5.9mln of cash at the end of January.
The financial results statement for the twelve month period is due on 13 May.