Angling Direct PLC (AIM:ANG) reported a 7.2% increase in revenue to £72.5mln despite a 4.3% decline in online sales to £33.8mln.
The fishing tackle retailer reported record sales at its retail stores and is expecting strong revenue and EBITDA growth for fiscal 2022 as Covid-19 restrictions are eased.
Despite closing all 42 retail outlets between February 1 and April 11 last year due to Covid-19 restrictions, and only being able to operate on a 'call and collect' basis, the group said it put in a strong performance.
On a two-year basis, total store sales increased by 19.9% to £38.7mln. As a result of fewer lost trading days due to Covid-19, like-for-like store sales increased 14.1%, the company said.
As a consequence of higher export costs and longer customer fulfilment time post-Brexit, the company's European sales declined 39.3%, with its key European territories of Germany, France, and the Netherlands declining 21.8%. With the upcoming opening of its European distribution centre, the company expects a return to growth in Europe.
Earnings before tax are expected to be no less than £5mln for FY22, with growth of more than 25% from FY21.
Chief executive Andy Torrance said, "We are extremely pleased with the company’s trading performance through what has been another challenging year. Despite significant government restrictions endured during the period, we have delivered against our operational and strategic objectives. We have reported record revenues, opened four new stores and continued to invest in our long-term growth strategy."