Angling Direct PLC Trading Update (1971H)
December 02 2020 - 1:00AM
UK Regulatory
TIDMANG
RNS Number : 1971H
Angling Direct PLC
02 December 2020
2 December 2020
Angling Direct plc
("Angling Direct", the "Company" or the "Group")
Trading Update
Angling Direct plc (AIM: ANG), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to confirm that
this morning, all 38 of its retail stores will fully re-open
following the lifting of government restrictions.
During this second lockdown period, Angling Direct's webstore
continued to trade uninterrupted, whilst all retail sites offered
customers a 'Call and Collect' service. Consequently, the Company
was able to continue to meet consumer demand, prioritise profitable
growth and did not need to utilise the government's Job Retention
Scheme in this period.
Since reporting its half year results covering the six months to
31 July 2020, the Company has continued to perform well, with sales
growth across all channels for the nine months to 31 October 2020
up by 30.5% on the FY20 comparable period to GBP54.5m. The Board
can also confirm that trading over the Black Friday period in the
last week of November was a success and delivered in line with the
Company's expectations.
Alongside the Company's ambition to maintain a market leading
omni-channel offer, Angling Direct continues to make good progress
with its refreshed strategy of developing margin across all
channels, driving own brand sales, improving working capital and
embedding operational efficiencies within both its stores and
distribution centre.
As a result of this strong trading, and the enhanced visibility
over our operations as stores reopen, the Board believes the
Company is now likely to exceed current market expectations with a
forecast pre IFRS 16 EBITDA outturn for FY21, of not less than
GBP3.8m.
Whilst the Board is confident that its market leading position,
strategy and resilient business model positions it well for further
profitable growth, ongoing uncertainties relating to the pandemic
and Brexit mean that the Board will continue to adopt a prudent
approach to planning for the next financial year. The Company
maintains a strong balance sheet with the Company's cash balance as
at 30 November 2020 being GBP17.9m.
The Company is planning to release a pre-close update in
February 2021, following its year end on 31 January 2021.
For further information please contact:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Andy Torrance, Chief Executive
Officer
Steven Crowe, Chief Financial
Officer
N+1 Singer - NOMAD and Broker
Peter Steel, Alex Bond (Corporate
Finance)
Tom Salvesen (Corporate Broking) +44 (0) 20 7496 3000
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Georgia Colkin +44 (0) 7825 916 715
Annabel Atkins +44 (0) 7983 557 851
About Angling Direct
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 websites
(www.anglingdirect.co.uk, .de, .fr and .nl) 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 2002, the Company's founders acquired interests in
a number of small independent fishing tackle shops in Norfolk and,
in 2002, they acquired a significant premise in Norwich, which was
branded Angling Direct. Since 2002, the Company has continued to
acquire or open new stores, taking the total number up to 38 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. The Company has an established, and rapidly
growing, presence in Europe with native language websites set up in
key regions to address demand.
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