Angling Direct reports 41% increase in store sales
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The UK’s largest and fastest growing fishing tackle retail chain has announced a robust set of figures for the first half of 2019, with revenue up 21% to £26.52m and an increase of 41% in store sales compared to the same period last year.
In its latest report to investors, released this week, Angling Direct reported store sales of £14m (2018: £9.93m) and a 10% growth in online business to £11.90m (£10.84m), the latter benefitting from continued investment in the company’s e-commerce platform and expansion into European markets.
The number of unique users visiting the Angling Direct UK website increased by 12.2%. The company added that it was particularly pleased with unique user growth of its sites in Germany (48%), France (52%) and the Benelux countries (59%).
Its cash position at the half year remained strong at £13m.
During the period the group opened six stores, including the latest earlier this month in Leeds, bringing its total number of outlets to 29 across the UK.
Angling Direct Chief Executive Officer, Darren Bailey, “I am pleased to report that the company’s performance in the first half of the year was extremely robust, despite parts of the retail sector experiencing difficulties. Our commitment to providing a very high standard of customer experience instore, while also guaranteeing product availability across our network, has been key to delivering like-for-like sales for the period up 15%.
“We have demonstrated that our strategy to operate both online and in-store works effectively together in niche markets. We remain focused on our strategy of consolidation, as well as on the roll-out of new e-commerce platforms in Europe to deliver value and growth.”