Angling Direct grows full year sales
Angling Direct has seen its its group revenue increase by 2.2% to £74.1 million in the year to 31 January.
While store sales grew by 6.8% to £41.3 million, online sales edged down 3% to £32.8 million, with UK online sales decreasing by 4.8% following tough first half comparatives.
Meanwhile the company’s pre-tax profit declined to £0.7 million from £4 million a year earlier.
The company said it is focusing on delivering profitable growth and market share gains in the UK and Europe. In the first quarter of its new financial year, sales increased by 11% with growth across all channels.
Andy Torrance, chief executive of Angling Direct, said: “The last twelve months have seen Angling Direct continue to grow sales despite significant consumer headwinds, including inflation and cost of living pressures across all of the company’s key markets. Our omnichannel business model continues to demonstrate considerable financial and operational resilience and we are pleased to have increased revenues to £74.1 million.
“Throughout the period, we continued to make good progress against our strategic objectives – establishing our European distribution centre, continuing our store rollout strategy as well as improving our omnichannel proposition. Looking through the current uncertain macroeconomic backdrop, our strategy remains unchanged as we continue to focus on gaining market share both in the UK and Europe over the medium term.”
