Angling Direct PLC (LON:ANG) said it will meet market expectations for the current financial year after swinging to a profit during the pandemic.
In the three months to end-April, sales climbed 54%, with online up 42% and store sales up 75% despite closures.
READ: Angling Direct highlights strong sales momentum in 2020 despite store closures
Assuming no further lockdowns, the AIM-listed group said it is well-placed to deliver profitable growth in revenues, albeit at a lower rate than the prior year as trading conditions and sales mix begin to normalise.
The fishing tackle and equipment retailer is also focused internationally on five key growth territories, Germany, France, Netherlands, Belgium and Austria.
In the year to 31 January, revenue jumped 27% to £67mln, with online sales up 40% to £35mln and retail stores up 15% to £32mln. International sales accounted for 12.4% of total online sales.
The firm swung to a £2.6mln profit before tax from a £1.5mln loss the year before, with gross margin rising to 34.2% from 31.2% previously.
Net cash at period-end was £15mln. No dividends were proposed but the board said they will keep the policy under review.
“We made great strides with our strategic and operational objectives, growing revenues both in the UK and key European territories, driving operational excellence across the business and delivering sustainable margin-accretive, profitable growth as part of our laser-focus on pricing and inventory management,” said chief executive Andy Torrance in a release.
“As the health and wellbeing benefits of angling become more widely recognised and its popularity grows around the world, we are ideally positioned to fulfil our ambition of becoming Europe's first choice omnichannel fishing tackle destination for all anglers, regardless of their experience or ability.”
In a separate announcement, Angling Direct announced that Martyn Page, currently executive chairman, intends to seek re-appointment as non-executive chairman at this year’s annual general meeting.
Page, who co-founded the company in 1997, is also a major shareholder.
Meanwhile non-executive director Darren Bailey, who has been at the firm for over two decades including as a chief executive, plans to step down from the board.
Shares rose 1% to 85.75p on Tuesday at the opening bell.