Angling Direct reports 18% increase in half-year profits
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The UK’s leading fishing tackle retailer has announced an 18% increase in profit for the first six months of the year.
Reporting an unaudited profit of £8.5m compared to £7.2m in the previous comparable period last year, the group says that it has made ‘considerable’ progress during the period in all key areas of its strategy – market consolidation, online sales growth and increased store footprint.
“The business is continuing to perform well and significantly outperform the overall UK market and is on track to deliver results in line with market expectations for the full year,” it said in its report to investors this morning. “Angling is one of the most popular participation sports in the UK and the market for fishing tackle and equipment continues to grow. With this in mind and our activity in Europe growing rapidly, the Board remains optimistic for the future growth of the business.”
The group saw its instore revenue rise 41.1% from £9.9m in 2018 to £14m and recorded a like-for-like sales increase of 14.9% compared to 4.2% last year. It also saw a significant increase in UK online trading, up 16.8% to £9.2m (2018: £7.8m) and in Europe where sales rose 29% to £2.7m (£2.1m).
During the period Angling Direct opened two new stores in Leeds and Milton Keynes and expects to have 34 outlets trading by the end of the financial year.
Martyn Page, Executive Chairman, said: “It has been another highly successful period for the group with strong growth achieved across our network of stores and online. We have successfully executed our strategy to deliver new store openings in the period and have further consolidated the market through selective acquisitions.
“Our retail store portfolio in the UK, which is growing rapidly, is delivering good results as are our new German, French and Dutch websites.
“The second half of the year has started well with the opening of two new stores and a record performance in August. I am pleased to report that the group is on track to meet market expectations. The Board views the future with confidence and I look forward to reporting further on our progress at the full year.
“I would like to thank my fellow directors and the whole of the Angling Direct team for their continued efforts.”