TIDMANG
RNS Number : 9440I
Angling Direct PLC
18 August 2021
18 August 2021
Angling Direct plc
("Angling Direct" the "Company" or the "Group")
Half Year Trading Update and Notice of Results
Angling Direct plc (AIM: ANG), the leading omni-channel
specialist fishing tackle and equipment retailer, provides an
update on trading for the six months ended 31 July 2021 (H1
2022).
Financial Highlights
H1 2022 H1 2021 H1 2020 H1 22 Growth
-------- -------- --------
GBPm on H1 2021 on H1 2020
------------------------------ -------- -------- -------- ----------- -----------
Revenue 38.4 32.1 26.5 19.5% 44.8%
Online Sales 18.4 17.9 12.5 3.2% 47.6%
- of which UK Online
Sales 17.2 14.8 9.2 15.8% 87.6%
Retail store Sales 19.9 14.2 14.0 40.1% 42.3%
-------------------------- -------- -------- -------- ----------- -----------
-- Net cash and cash equivalents as at 31 July 2021: GBP19.6m (31 July 2020: GBP21.0m).
Trading Performance Summary
The Company is pleased to have made further progress in the
period, despite all retail stores being closed at the beginning of
the period (1 February) to 12 April 2021 due to government
restrictions during the third Covid-19 lockdown.
The Company recorded strong sales growth in Q1 2022 of 54%.
Measured against unprecedented levels of demand in the prior year
following store re-openings on 15 June 2020, growth in Q2 was 3.5%,
resulting in total sales growth in the first half of 19.5%.
The Board is pleased to report an increase in online sales (up
3.2%) against a very strong comparable period, in particular the
final two months of H1 2021. UK online sales grew by 15.8% as the
channel sales mix returned to more historical norms. German, French
and Dutch native language websites sales in Europe (which comprise
less than 5% of Group revenue) were down by 34.2%, impacted by
post-Brexit restrictions on bait sales and significant customs
border disruption, impacting lead times and customer confidence.
The latter has started to improve in recent months, and it remains
a strategic priority for the Group to establish a more efficient
trading model in Europe.
As well as the Company's web distribution centre continuing to
operate safely throughout the period, retail stores continued to
provide a call and collect service. The Company opened one new
store in the period: Redditch (February 2021, restricted until
April 2021) and re-sited another: Sittingbourne (April 2021 with a
considerably improved shopping environment). As at 31 July 2021,
the Company operates a total of 39 stores across the UK.
Strategy
Despite significant management time continuing to be
appropriately invested in dealing with the unique challenges of
Covid-19, the Board has remained focused on delivering its
long-term strategy of achieving profitable growth. The Company's
newly implemented category management process continues to develop
gross margins and leverage supply chain investment to optimise
stock availability. In addition, the Company has made good progress
with future expansion plans, particularly in mainland Europe.
Outlook
The Company is only three weeks into the H2 period and the Board
remains alert to evolving trading patterns as we emerge from the
pandemic. Given the successful trading performance over the first
half and notwithstanding the imposition of any further
restrictions, the Board is confident that FY 2022 EBITDA will be
not less than FY2021 of GBP4.0m (pre-IFRS 16) and GBP5.7m
(post-IFRS 16), even taking into account the considerably reduced
government support. The Company's strong balance sheet means it is
well positioned to further invest in its strategy to become
Europe's first choice omni-channel fishing tackle destination.
Notice of Results
The Company will announce its half year results for the six
months ended 31 July 2021 on 13 October 2021.
Andy Torrance, CEO of Angling Direct, said:
"We are pleased to have delivered a robust financial performance
in the first half of the year, building on the operational and
strategic progress made last year. Despite the challenges brought
about by the pandemic, we have remained focused on driving
operational excellence and taking our seamless omni-channel
proposition to new and existing angling communities. Our market
leading offering means we are well positioned to leverage the
growing interest in fishing, and we look forward to further
updating shareholders at the Interim Results in October."
For further information please contact:
Angling Direct plc +44 (0) 1603 258658
Andy Torrance, Chief Executive
Officer
Steven Crowe, Chief Financial Officer
Singer Capital Markets - NOMAD
and Broker +44 (0) 20 7496 3000
Peter Steel (Corporate Finance)
Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
FTI Consulting - Financial PR +44 (0) 20 3727 1000
Alex Beagley anglingdirect@fticonsulting.com
James Styles
Alice Newlyn
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under the UK
version of article 7 of the Market Abuse Regulation (EU) No.
596/2014.
About Angling Direct
Angling Direct is the leading omni-channel specialist fishing
tackle retailer in the UK. The Company sells fishing tackle
products and related equipment through its network of retail
stores, located strategically throughout the UK as well as through
its leading digital platform ( https://www.anglingdirect.co.uk/ ,
.de, .fr and .nl) and other third-party websites.
Angling Direct is committed to supporting its active customer
base and widening access to the angling community through its
passionate colleagues, store-based qualified coaches, social media
reach and ADTV YouTube channel. The Company currently sells over
20,000 fishing tackle products, including capital items,
consumables, luggage and clothing. Angling Direct 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 39 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 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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