Angling Direct grows full year revenue and profit
Angling Direct has grown its revenue by 7.2% to £72.5 million in the year to 31 January.
Whilst the retailer’s shops were affected by enforced Covid-19 related closures at the beginning of the financial year, store sales still increased in the year, rising to £38.7 million from £32.3 million in the prior 12-month period.
Meanwhile, total online sales decreased by 4.3% to £33.8 million, although UK online sales edged up 2.7%.
The results meant the company delivered a pre-tax profit of £4 million, which was up from £2.7 million in the prior year.
Andy Torrance, chief executive of Angling Direct, said: “The last twelve months have marked a period of significant progress for Angling Direct, both online and in store, in the UK as well as continuing our focus on key European territories. I am proud that despite all the headwinds our teams faced last year, we were able to continue to progress on all of our key strategic and operational priorities.”
Since the year-end, Angling Direct has opened a new fulfilment centre in Venlo in the Netherlands as it looks grow its market share in Europe.
The company said growth in the new financial year to date has been broadly in line with expectations.
Torrance added: “The strategic and operational progress the group made last year means we are able to continue investing appropriately to strengthen our market leading position and gain market share both within the UK and Europe. As a result, we remain cautiously optimistic for the future and the board remains committed to its growth plan.”
Angling Direct has also announced that Dilys Maltby is to step down as an independent non-executive director at the conclusion of the company’s 2022 AGM.
Martyn Page, Angling Direct chairman, said: “I would like to thank Dilys for her contribution to the company since joining the board in February 2020. We have appreciated her wise counsel and input throughout and wish her all the best in her future endeavours.”
