TIDMANG
RNS Number : 6332I
Angling Direct PLC
12 August 2019
12 August 2019
Angling Direct plc
("Angling Direct" or the "Company")
Half-Year Trading Update and New Store Opening
Angling Direct plc (AIM: ANG.L), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce its
trading update for the six months ended 31 July 2019 and that it
will publish its interim results on 7 October 2019.
Trading Update
Revenue for the period was in line with management's
expectations, increasing by 21 per cent. to GBP26.52 million in the
six months ended 31 July 2019 (2018: GBP21.94 million). The Company
was delighted to achieve strong store and e-commerce sales, in what
has been a challenging period for the wider UK retail sector,
demonstrating the success of the Company's strategic focus on
customer experience and service, as well the growing recognition of
the Angling Direct brand. The Company expects to report gross
margins for the period of 32.1 per cent. and, with margins stronger
in June and July, management remain confident in the outcome for
the year.
Retail store sales increased by 41 per cent. to GBP14.00 million
(2018: GBP9.93 million), boosted by the Company's expanding
footprint, with five new stores opening in the period whilst, also
improving like-for-like store sales, which were up 15 per cent. on
the previous year. At the same time, online sales increased 10 per
cent. to GBP11.90 million (2018: GBP10.84 million) benefitting from
the continued investment in the Company's e-commerce platform and
expansion into European markets. Third party websites (eBay &
Insurance) were down by 47 per cent to GBP0.62million (2018:
GBP1.17 million) as the Company migrates customers to its own more
profitable online offering.
The number of unique users visiting the Company's UK website
increased by 12.2 per cent., with online conversion up to 5.66 per
cent. in the period (2018: 5.24 per cent.). The Company is
particularly pleased with the unique user growth of its German
website up by 48%, French website up by 52% and Benelux website up
by 59% when compared to the same period last year.
The Company's cash position at the half year remained strong at
GBP13.00 million.
New Store Opening
Store expansion remains on track, with the Company's latest
store opening in Leeds on 10 August 2019. This brings the total
number of Angling Direct stores across the country to 29 and
further enhances the Company's footprint across the UK. The Leeds
store offers a 5,500 sq. ft. display area and is located just two
miles south of Leeds city centre, in the City South Retail Park,
with easy access via the M621 and A61 arterial road.
Located in an extremely popular fishing area, with a strong
angling community and a series of lakes and river venues nearby,
the store is the first fishing tackle "destination store" of its
kind in the area. As with all Angling Direct stores, it caters for
a wide range of angling disciplines, whilst also providing
excellent service from local and knowledgeable employees. The new
store is creating seven full and three part-time positions.
Looking ahead, the Company continues to assess opportunities to
expand its presence through strategic acquisitions, as well as new
store openings in areas with a strong angling demographic.
Angling Direct's Chief Executive Officer, Darren Bailey,
commented:
"I am pleased to report that the Company's performance for the
first half of the year is extremely robust, despite parts of the
retail sector experiencing difficulties. Our commitment to
providing a very high standard of customer experience in-store,
whilst also guaranteeing product availability across our network,
has been key to delivering like-for-like sales for the period up 15
per cent.
"We have demonstrated that our strategy to operate both online
and in-store works effectively together in niche markets. We remain
focused on our strategy of consolidation, as well as on the roll
out of new e-commerce platforms in Europe, in order to continue to
deliver value and growth.
"We are excited to have opened a new store in Leeds, which is
situated within a very popular angling region and will offer
products for all disciplines of angling. The store houses a
full-size Pole alley, a new offering designed to deliver an
immersive retail experience.
"Customer experience and service, combined with our ability to
identify suitable locations for new stores and continually enhance
our online offering, both here and in Europe, is paramount in
driving growth and brand value. We look forward to updating the
market on our further progress in due course."
For further information:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Darren Bailey, Chief Executive Officer
Cenkos Securities - NOMAD and Broker
Stephen Keys / Cameron MacRitchie (Corporate
Finance)
Russell Kerr (Sales) +44 (0) 207 3978926
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 20 3004 9512
Harriet Jackson
Annabel Atkins
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of retail stores, located throughout
the UK, as well as through its own website
(www.anglingdirect.co.uk) and other third-party websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a
number of small independent fishing tackle shops in Norfolk and, in
2003, they acquired a significant premises in Norwich, which was
branded Angling Direct. Since 2003, the Company has continued to
acquire or open new stores, taking the total number up to 29 retail
stores. In 2015 the Company opened a 30,000 sq ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located.
Angling Direct's shares are traded on the AIM market of the
London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit
www.anglingdirect.co.uk
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END
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