Angling Direct sees revenue soar by 27%
Total store sales for the group grew by 16% to £32.3m - however, the retailer reported that like-for-like store sales were down 8% as a ‘consequence of the aforementioned store trading restrictions imposed for over 30% of the financial year’
Fishing tackle and equipment retailer Angling Direct is expecting to report a 27% increase in revenue to £67.6m for the financial year which ended 31 January, ahead of announcing its final results on 11 May 2021.
In a trading update, the retailer reported a strong performance from its online store – with sales up 40% to £35.3m. UK online sales increased 62% while online sales in the company’s “key European territories” of Germany, France and Netherlands also up 35%.
The company said it witnessed this growth despite all of the group’s retail stores being forced to close due to Covid-19 between 24 March and 14 June and subsequently only able to operate on a “call and collect” basis from 5 November to 1 December and again from 5 January 2021 to the financial year end.
Total store sales for the group increased by 16% to £32.3m – however, the retailer reported that like-for-like store sales were down 8% as a “consequence of the aforementioned store trading restrictions imposed for over 30% of the financial year”.
Andy Torrance, CEO of Angling Direct, said: “On behalf of the board I would like to take this opportunity to thank all Angling Direct employees who have worked tirelessly throughout the Covid-19 pandemic, often in challenging circumstances, to deliver for our growing customer community.
“I am pleased with the performance that we have delivered through FY21, with good progress made on all fronts, both operationally and strategically, and look forward to reopening our stores in April, in line with the government’s roadmap as announced on 22 February 2021.”
He added: “The actions taken in FY21 ensure that the Company is well positioned to withstand future challenges and I firmly believe that when we are through the other side of the pandemic, the company’s market-leading omnichannel offering and scale will enable us to continue on our growth trajectory in the UK and internationally, as angling grows in popularity.”
