Angling Direct hails “robust” first half performance
Angling Direct has said it delivered a robust first half performance as it reported a 5.6% revenue increase to £45.8 million following the success of its work on third party ranging and availability.
In the six months to 31 July, the fishing tackle retailer’s UK online and in-store sales rose by 2.8% and 8.4% respectively.
Looking at UK like-for-like sales, these grew by 1.8% driven by increased footfall.
UK revenue growth in the second quarter was particularly strong at 7.6% compared to 4.2% in the first quarter as Angling Direct moved into its key summer trading period.
During the half year, the retailer accelerated its store opening programme with the launch of two new UK stores and its first European store in Utrecht in the Netherlands
Angling Direct said the digital European market remains challenging which means it is continuing to focus on its key markets of Germany and the Netherlands. Total European sales remained flat in the half year at £2.4 million.
Steve Crowe, chief executive of Angling Direct, said: “The progress made on expanding our UK footprint, alongside the roll out of our customer loyalty club, MyAD, and the associated growth of revenues in our existing UK stores and digital platforms, provides further confidence in achieving our medium-term UK revenue target of £100 million.
“In the UK, we have leveraged our balance sheet strength to accelerate our new store roll out programme, with the opening of two new stores and the acquisition of three businesses, increasing our UK customer reach. In Europe, we are pleased to note the opening of our first store in Utrecht, the Netherlands, in May which continues to scale footfall and revenues.”
Angling Direct operates a total of 52 stores across England and Wales.
