Angling Direct sees 60% growth in both online and store sales
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The UK’s fastest growing fishing tackle retailer reported a 52% increase in profit during the first half of this year.
Angling Direct saw group revenue rise by 55.8% from £14.08m to £21.94; spurred on by 60% increases in both online (£11.69m) and store sales (£9.93m). Other operational highlights included the introduction of its first international website in Germany and the acquisition of Ted Carter Fishing Tackle in the North West of England.
Executive Chairman, Martyn Page, said: “It has been another highly successful period for the group, with impressive growth across our network of stores and online. We have executed on our strategy to develop a strong pipeline of new store openings and acquisitions to remain on track to meet our full year targets.
“Our online business has been developing at an exceptional rate and we successfully launched our first international Angling Direct website in Germany. Further expansion is expected to take place with sites for France and Benelux being developed for the second half of the year.”
Darren Bailey, Chief Executive Officer, told investors that the group continues to invest in its own brand Advanta range, which contributed £0.5m of its total sales – up 13%. He added: “We have increased our investment in stock to improve availability throughout the year of key selling items.”
Angling Direct ended the period owning and operating 22 stores (2017: 15) and plans to open one more this year in Peterborough, Cambridgeshire.
“The group continues to invest in the future growth of the business, both online and in-store,” said Bailey. “We are proud of the results of our online strategy and have seen continued solid trading since the period end. We believe that the platform we have established and the experience we have gained will enable us to achieve robust and sustainable growth.”