Angling Direct shares rise as it reels in record sales in bid to tackle choppy retail waters

The UK’s largest fishing equipment retailer has opened a new store and reported a record start to the year as it navigates the retail sector’s choppy waters.

Angling Direct opened its 27th store in Nottingham over the Easter weekend, the first destination store in the city, with its trading update sending shares up by as much as 10 per cent.

Read more: Reeling in the sales: Fishing giant Angling Direct posts surge in revenue

The company said like-for-like sales across all its stores were up 28.5 per cent in February and March while footfall grew 29.5 per cent.

Online orders also jumped 27 per cent compared with the same period in 2018 and the success of its German, French and Dutch websites led to a 66 per cent rise in European sales.

Overall sales grew 50.7 per cent year on year.

Angling Direct's share price rose 10.16 per cent this morning before falling back to stand 8.15 per cent up at 73p.

It said further store openings were set for later this year to strengthen its presence in the UK.

Chief executive Darren Bailey said: “While other areas of the retail sector may be experiencing difficulties, we are delighted that our strategic focus on customer experience and service, as well as positioning our stores in the correct locations, is driving our growth and brand value.

Read more: Angling Direct sales jump after bumper Black Friday

He added: “As we seek to cater for all anglers across the UK with a new and modern retail offering, we will continue to strategically expand our physical geographical footprint, as well as enhance our online offering in terms of products, experience and education in order to help raise the profile of angling.”

The company expects to post revenues of £42m for the 12 months to the end of January when it publishes full year results on 13 May.