The board declared that e-commerce sales remain robust for now, with strong levels of customer demand since 24 March 2020.
In line with just about every retailer, the fishing tackle and equipment seller has moved swiftly to preserve capital and improve cash flow. It has also secured a short-term £2.5mln credit facility that will run until September.
Group sales increased by 19.0% year-on-year over the first three weeks of March prior to the significant recent impact of the coronavirus (COVID-19) but with its physical stores closed the retailer now expects a material reduction in revenue and profitability in the year to end-January 2021 and has withdrawn financial guidance for the current fiscal year.
"The retail environment has never before been in a position where it has had to deal with a crisis of this magnitude. Our focus remains on protecting our valued members of staff, ensuring appropriate and safe working conditions and, where possible, providing an uninterrupted service to our loyal and supportive customers. Like many in the retail community, we are also extremely thankful to UK Government for the support provided at this difficult time,” said Andy Torrance, the chief executive officer of Angling Direct.