Angling Direct PLC Half Year Trading Update and Notice of Results (1150K)
August 23 2023 - 1:00AM
UK Regulatory
TIDMANG
RNS Number : 1150K
Angling Direct PLC
23 August 2023
23 August 2023
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 2023 ('H1
24').
Financial Highlights
GBPm H1 2024 H1 2023 Change
Revenue 43.3 38.9 11.4%
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Retail store sales 24.4 21.9 11.3%
-------- -------- -------
UK Online sales 16.5 15.3 8.3%
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Total UK sales 40.9 37.2 10.1%
-------- -------- -------
European Online sales 2.4 1.7 39.9%
-------- -------- -------
Net cash & cash equivalents
at period end 17.6 17.1 2.9%
-------- -------- -------
The Group delivered a strong revenue performance in the first
half of its 2024 financial year, and the UK business delivered
double digit growth, underlining the benefit of the Company's
omni-channel approach. Like-for-like store sales (excluding
Reading) benefitted from increased transaction volumes and grew
4.9%[1]. During H1 24, the Company opened two new stores, in
Cardiff (February) and Goole (May), and now operates a total of 47
stores across the UK. UK Online sales increased primarily through
delivering higher average transaction values.
The Group saw a significant acceleration in European Online
sales, which grew by 39.9% against H1 23 (compared with 1.6% growth
in H2 23). This was substantially underpinned by progress in the
key territory of Germany which delivered 61.5% growth.
Steve Crowe, CEO of Angling Direct, said:
"We remain focused on gaining market share both in the UK and
Europe whilst continuing to proactively manage all aspects of the
Group's operations in order to improve gross and operating margins
and mitigate cost inflation. The business has continued to
demonstrate both its resilience and the capacity to grow in the UK,
despite the cost of living pressures facing consumers. Whilst the
trading environment in Europe is challenging, with more intense
price competition persisting in the market, there remains a
significant growth opportunity for Angling Direct in Europe.
Overall the Board is confident that a combination of continuing UK
sales momentum with balancing European growth and profitability
means that the Group is well placed to deliver revenue and Pre IFRS
16 EBITDA in line with full year market expectations."*
*Angling Direct believes that market expectations for the year
ending 31 January 2024 prior to this announcement were revenue of
GBP83.0 million and pre-IFRS 16 EBITDA of GBP2.7 million.
Notice of Results
The Company will announce its half year results for the six
months ended 31 July 2023 on 24 October 2023
For further information please contact:
Angling Direct plc +44 (0) 1603 258658
Steven Crowe, Chief Executive Officer
Sam Copeman, Chief Financial Officer
Singer Capital Markets - NOMAD and Broker +44 (0) 20 7496 3000
Peter Steel, Alex Bond, James Fischer
(Corporate Finance)
Tom Salvesen (Corporate Broking)
FTI Consulting - Financial PR +44 (0) 20 3727 1000
Alex Beagley
Sam Macpherson
Hannah Butler
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 (www.anglingdirect.co.uk .de, .fr, .nl
and .eu) 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
28,000 fishing tackle products, including capital items,
consumables, luggage and clothing. Angling Direct also owns and
sells fishing tackle products under its own brands 'Advanta' and
the recently launched entry level offering 'Discover'.
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 47 retail
stores. In 2015, the Company opened a 2,800 sq. metres central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located. In January 2022 Angling Direct acquired an
additional 3,900 sq. metres distribution centre in Venlo,
Netherlands to service its established, and rapidly growing,
presence in Europe with native language websites set up in key
regions to address demand.
[1] Excluding the Reading store which hasn't materially traded
in the period after it suffered a fire in the first week of
February. Total like for like store sales grew 2.6% including
Reading.
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