Angling Direct shares surge on eye-catching sales growth
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The market has reacted strongly to the eye-catching sales growth announced by Angling Direct yesterday, with shares rising by 16.5%.
Despite the devastating effects of COVID-19 on many parts of the retail sector, Angling Direct is bucking the trend and remains in expansion mode.
Broker N+1 Singer said the Norfolk company’s newly strengthened management team has successfully controlled costs and protected cash in response to the pandemic and had taken swift and decisive action to address operational and commercial issues that impacted margin and profitability in the last full financial year.
“Trade has been considerably more resilient and profitable than was feared at the outset of the pandemic,” said the broker.
“Angling Direct looks to be very well placed to continue strengthening its multi-channel platform to drive profitable future growth in highly fragmented markets which should benefit long-term post-COVID.”
The UK retail chain and e-commerce business is listed on AIM, a sub-market of he London Stock Exchange. It grew overall revenue in the first half of the year by a robust 21% to £32m and posted a 43% surge in online sales to £17.9m. Angling Direct’s share price at the time of writing was 58.70p.