Angling Direct reels in revenue despite choppy retail environment
Specialist fishing tackle and equipment retailer Angling Direct has continued to make profit despite disruptions from storms and an economic downturn.
In an update, the publicly listed firm said revenue grew 10.2 per cent to £81.7m in the full year to January 2024.
UK sales were also hiked nine per cent to £77m, as the retailer was boosted by new store openings in Cardiff and Yorkshire. The firm now has 47 stores across Britain.
Total online sales increased 13.5 per cent to £37.2m driven in part by a 36.3 per cent increase in European online sales to £4.3m.
Angling Direct believes that current market expectations for the year ended 31 January 2024 are revenues of £83.0m and pre-IFRS 16 EBITDA of £2.7m.
Chief Steve Crowe sounded positive for the year ahead but warned “macro expectations for economic growth and consumer spend both remain unpredictable”.
He explained: “Alongside other retail businesses, we also face cost increases from higher than anticipated wage and business rates related cost inflation and are mindful of the possibility for supply chain disruption, although we have observed no material impact on stock availability to date.
“The group’s strong pipeline of investment opportunities, coupled with its robust balance sheet and prudent focus on cost control, provides the board with the confidence that the group remains well-positioned to navigate these challenges and achieve further growth through this financial year.”