Angling Direct reels in bumper results as pandemic fuels fishing frenzy
Angling Direct today reported a sharp increase in revenue for the full year after Brits flocked to fishing during coronavirus lockdowns.
The specialist fishing tackle and equipment retailer posted revenue of £67.6m in the year to the end of January, up more than 27 per cent on the previous 12 months.
The Aim-listed firm also swung to a pre-tax profit of £2.6m, up from a loss of £1.5m.
The figures reflect surging interest in the outdoor hobby, with annual fishing licence sales increasing by 17 per cent — or more than 100,000 — in 2020.
Angling Direct saw its online sales grow almost 40 per cent after updating its platform across its UK and international websites.
It also shrugged off the impact of store closures to post a 15.5 per cent increase in brick-and-mortar retail sales to £32.3m.
The retailer has weathered a wider downturn on the high street thanks to its specialist offering, and opened four new stores over the year.
Angling Direct said it had a strong cash position of £15m at the end of the year.
It reiterated its guidance for 2021, saying it was on track to deliver profitable growth in revenue — albeit at a slower rate than last year.
“In a year characterised by the unique challenges associated with the pandemic, I am extremely proud of the way our people responded to help deliver such a strong group performance,” said chief executive Andy Torrance.
“As the health and wellbeing benefits of angling become more widely recognised and its popularity grows around the world, we are ideally positioned to fulfil our ambition of becoming Europe’s first choice omni-channel fishing tackle destination for all anglers, regardless of their experience or ability.”