UK retailer looks to mainland Europe for further growth
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Angling Direct, one of the U.K.’s fastest growing fishing tackle retailers, is looking to mainland Europe to continue its expansion.
The group, which last week announced revenue for 2017 at an expectation-exceeding £30.2 million, an increase of 44%, is looking at growth opportunities in regions with similar angling techniques and fish species to that of its home market. It said it is already attracting regular custom from outside the U.K. and last year generated revenue from over 40 countries via its website.
In its pre-trade report to investors, Angling Direct, also revealed that it planned to invest even more resources this year into growing overseas sales and will be supporting this by introducing country-specific websites to drive the growth.
In 2017 increased revenue was across all its retail and e-commerce divisions – the latter achieving a 54% increase in direct sales with its own website receiving 10 million visits in recent months.”
The company has cautioned that the growing uncertainty across the wider economic and consumer environment, as well as structural changes in retail buying habits, will result in increased price competition. “However,” it said: “As demonstrated during the past year, the company has benefited from its continued investment in e-commerce and marketing, resulting in greater brand awareness and – as the market leader – the Directors believe Angling Direct is best placed to succeed in this evolving environment.
“The company expects to increase its share of the U.K. angling retail market through organic and acquired growth. New store openings and sustained online growth, with both Angling Direct and Fosters of Birmingham, offers the group a very positive outlook despite higher labour costs and increased margin pressure.”