Angling Direct hails significant first half progress
Angling Direct, the fishing tackle and equipment retailer, has reported strong first half trading with uplifts in revenue and profit.
In the six months to 31 July, group revenue increased by 5.6% to £45.8 million, with UK store sales rising by 8.4% to £26.4 million and UK online sales growing by 2.8% to £17 million. European sales were flat at £2.4 million due to a “challenging” digital trading landscape.
Meanwhile, adjusted EBITDA grew by 16.9% to £2.8 million.
During the period, Angling Direct saw its MyAD Fishing Club app increase its membership by 50% to over 330,000. The growth means that over 75% of UK revenues are now transacted through MyAD.
Steve Crowe, chief executive 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.”
Angling Direct said it continued to experience strong trading in the last key seasonal trading weeks in the two months to 30 September 2024, with group revenues increasing by 19.8% on the same period last year.
Looking ahead, the company will continue to invest in its home market of the UK to support its long-term strategy, although there will also be “prudent” investment in Europe.
Crowe added: “The solid foundations that we have established ensure that the group is well placed to take advantage of the significant growth opportunities available in the UK, alongside prudent and controlled expansion in Europe which will significantly grow our addressable market and support our longer term growth ambitions.”
