Angling Direct revenues rise to £45.8m
The group’s gross margin also increased by 160 bps, driven in part by a higher mix in sales from own brand products
Angling Direct, the fishing equipment retailer, has announced a 5.6% increase in revenues to £45.8m for the six months ended 31 July 2024.
The group’s store sales were up 8.4% to £26.4m, while its online sales rose 2.8% to £17.0m. Like-for-like store sales also increased by 1.8% underpinned by improved customer footfall and ATV.
Overall, UK sales grew 6.2% to £43.5m, +7.6% during the key Q2 trading period. However, despite the positive growth in Germany, in Europe, overall sales were flat at £2.4m.
Additionally, Angling Direct’s profit before tax increased from £1.7m to £2.3m, up 35.7%. Its adjusted EBITDA also grew by 16.9% to £2.8m and adjusted EBITDA margin increased by 50 bps to 6.0%, benefitting from operating leverage.
The group’s gross margin also increased by 160 bps, driven in part by a higher mix in sales from own brand products.
Looking ahead, the company remains focused on delivering its medium-term financial objectives with “good progress made against these during H1 FY25”
It also recorded strong trading in the last key seasonal trading weeks in the two months to 30 September 2024, with group revenues increasing 19.8% on the same period last year.
Angling Direct stated that the board “remains confident in the long-term prospects for the group”.
It added that overall, a combination of continued UK sales momentum and pursuing a profitable European growth strategy means the group is “well placed to deliver revenue and adjusted EBITDA in line with market expectations for FY25”.
Steve Crowe, CEO of Angling Direct, said: “We have delivered significant progress in the first half and I would like to thank the team for their continued dedication and hard work. We successfully completed three acquisitions and increased our UK store estate to 52 while also opening our first European store, in Utrecht, the Netherlands.
“Online sales continued to increase and our focus on availability during peak season resulted in the UK online business taking greater share of the higher ticket item market. The Group’s loyalty and repeat purchase membership club, MyAD, gathered further momentum in the UK, increasing member numbers by 50% to over 330,000 in the first half.”
