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Angling Direct's online sales growth accelerating with fishing lockdown restrictions to be relaxed

The group said its board is working on plans to re-open the firm's physical stores when allowed and with appropriate safety measures in place

Angling Direct PLC -
Fishing outdoors and standing two metres or more apart is usually easy

Angling Direct PLC (LON:ANG) has said its online sales in April were up 24% year-on-year, while sales in May have picked up by even more.

Cash at the end of April was around £6.0mln, with the company also having access to a £2.5mln undrawn credit facility until September 2020.

The fishing tackle and equipment retailer was naturally pleased that the UK government decided that fishing should be one of the sporting activities where coronavirus lockdown restrictions will be relaxed from tomorrow.

The board said it is working on plans to re-open the group's physical stores when allowed and with appropriate safety measures in place.

Results for the year to the end of January that were scheduled to be released tomorrow will be delayed because the current lockdown restrictions have prevented the auditors from completing their work on the numbers.

The company reiterated previous guidance that turnover will be £53.1mln while the underlying loss (LBITDA) on a pre-IFRS 16 accounting standards basis will be £500,000 or less.

Quick facts: Angling Direct PLC

Price: 69.211 GBX

AIM:ANG
Market: AIM
Market Cap: £53.48 m
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