Retailer prepares to open stores as UK fishing resumes
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One of the region’s largest suppliers of fishing tackle is preparing to reopen its 34 stores in light of the resumption of fishing in the UK tomorrow.
Angling Direct has welcomed the UK Government’s decision to allow fishing again and says it is progressing its advanced planning to unlock its physical stores when allowed and with appropriate safety measures in place.
During the lockdown the group’s UK and international websites have experienced encouraging levels of trade with sales in April up 24% compared to the same period last year.
It added: “Pleasingly, additional investment made last year in our French, German and Dutch sites are already generating significant growth in international sales and conversion rates.”
Angling Direct told investors this morning that cash in the bank at April 30, 2020 was £6m, with the company also having access to a £2.5m undrawn credit facility until September 2020.
It said: “As and when the lockdown restrictions are eased, the Board expects that the company’s cash and working capital position will begin to return to normal levels as re-stocking commences and normal supplier payment patterns are resumed.”
The company has also announced the delay of the publication of its results for the year ended January 31, 2020 until June 3. The Board reiterates that it expects to report turnover of £53.1m and a loss of not more than £0.5m.