Double digit growth online and in-store for Angling Direct
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Angling Direct, the UK’s largest and fastest growing fishing tackle retailer, has reported a record year with double digit increases in both its digital and store sales.
In a release to investors published this morning, the company reported a 54% increase in online business and a 40% hike in the performance of its bricks and mortar outlets. It recorded digital sales of £16.1 million for the 12 months ended January 31, 2018, compared to £10.5 million in 2017.
Store sales were £13.2 million compared to £9.3 million in the same comparable period last year. It also recorded a 9% increase in like-for-like store sales. Gross profit was also up by 37% to £9.8 million in a year which saw Angling Direct increase its store portfolio to 21 following openings in Swindon, Slough and Stoke-on-Trent and the acquisitions of Fosters of Birmingham (£3m) and North West Angling and Tacklesavers for a combined £450,000.
Angling Direct Executive Chairman, Martyn Page, said: “It has been a transformational year for Angling Direct with the company’s admission to AIM (the London Stock Exchange) and the completion of a number of acquisitions and new store openings which have cemented our position as the UK’s number one fishing tackle retailer online and in-store.
“The business achieved record revenues and profits following strong sales growth across the store network and online as a result of our ongoing investment in marketing campaigns and customer experience in-store and online.
“We are executing a strategy of consolidating a highly fragmented market and will continue to build on this in the year ahead with exciting new store openings planned and continued targeted online growth.
“Despite adverse weather conditions for fishing, the company has had a good start to the year with momentum building in recent weeks and our plans for the summer season are well set. The Board is confident that the company is on track to meet its full year targets.”