21 August 2024
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 2024
('H1 25').
Financial
Highlights
|
£m
|
H1 2025
|
H1 2024
|
Change
|
|
Revenue
|
45.8
|
43.3
|
5.6%
|
|
|
|
|
|
|
UK Retail store sales
|
26.4
|
24.4
|
8.4%
|
|
|
|
|
|
|
UK Online sales
|
17.0
|
16.5
|
2.8%
|
|
|
|
|
|
|
Total UK
sales
|
43.5
|
40.9
|
6.2%
|
|
|
|
|
|
|
Total European
sales
|
2.4
|
2.4
|
-
|
|
|
|
|
|
|
Net cash & cash equivalents at period
end
|
17.0
|
17.6
|
-3.8%
|
The Group delivered a robust revenue
performance in the first half of its 2025 financial year. The UK
business delivered revenue growth of 7.6% in Q2 as the Company
moved into its key summer trading season (Q1 4.2%). This
performance reflected the success of the work on third party
ranging and availability, an increasingly compelling own brand
offer and the growth of the MyAD omni-channel customer loyalty club
to over 330k subscribers (January 2024: 220k).
UK like-for-like store sales benefitted from
increased footfall and grew 1.8%1. During H1 25, the
Company accelerated its new store opening programme utilising its
strong balance sheet, opening two new stores in Cannock (February)
and Newark (June), and acquiring three businesses in Crewe (March),
Walsall (May), and Shrewsbury (July). The Company now operates a
total of 52 stores across England and Wales. UK Online sales
increased primarily from delivering higher transaction volumes
through increased customer numbers.
Outside the UK, the period saw the successful
opening of the Group's first European store in Utrecht, the
Netherlands (May), and post opening revenues continue to scale. The
digital European market remains challenging, as such the digital
European business continued its focus on its key markets of Germany
and the Netherlands, with the primary ongoing focus on balancing
operating loss reduction and building a sustainable European
business.
The Group is pleased to note that the positive
momentum seen in H1 25 has continued into H2 and the Board remains
confident that the Group is trading in line with full year
consensus market expectations2.
Steve Crowe,
CEO of Angling Direct, said:
"The progress
made on expanding our UK footprint, alongside the roll out of our
customer loyalty club, MyAD, and the associated growth of revenues
in our existing UK stores and digital platforms, provides further
confidence in achieving our medium-term UK revenue target of
£100m.
In the UK, we
have leveraged our balance sheet strength to accelerate our new
store roll out programme, with the opening of two new stores and
the acquisition of three businesses, increasing our UK customer
reach. In Europe, we are pleased to note the opening of our first
store in Utrecht, the Netherlands, in May which continues to scale
footfall and revenues.
We remain
focused on delivering on our medium-term objectives as announced in
the Final Results on 14 May 2024. During H1 25 we executed further
strategic and operational changes to deliver upon these and will
provide further detail on this progress at the interim results on
8th October."
|
1
|
Excluding the Reading store which
hasn't materially traded in the comparative period after it
suffered a fire in the first week of February 2023. Total like for
like store sales grew 3.5% including Reading.
|
|
2
|
Angling Direct believes that current
consensus market expectations for the year ending 31 January 2025
are for revenues of £88.4 million and pre-IFRS 16 EBITDA of £3.15
million.
|
Notice of
Results
The Company will announce its half year results
for the six months ended 31 July 2024 on 8 October 2024.
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
Matthew Young
Hannah Butler
|
|
|
|
|
About Angling
Direct
Angling Direct is the leading
omni-channel specialist fishing tackle retailer in the UK, with an
established and growing presence in Europe. Headquartered in
Norfolk UK, the Company sells fishing tackle products and related
equipment through its network of in excess of 50 UK retail stores,
as well as through its leading digital platform
(www.anglingdirect.co.uk)
and the MyAD Fishing Club app. The Company has three further native
language websites in its key European territories
(www.anglingdirect.de, .fr,
.nl), with orders fulfilled by its international distribution
centre in The Netherlands.
Angling Direct's purpose is to
inspire everyone to get out and enjoy an exceptional fishing
experience, regardless of background or ability, in the great
outdoors. Angling Direct's active digital channels and its 450
colleagues contribute to the Company's ethos of care for the wider
community and the environment (www.anglingdirect.co.uk/sustainability).
Angling Direct currently sells over 25,000 fishing tackle products
from industry leading brands alongside its own brands 'Advanta',
and entry level offering 'Discover'.