Angling Direct posts strong full year sales uplift
Angling Direct has said it expects to post a 7.2% year-on-year increase in full year revenue to £72.5 million.
In the year to 31 January, total store sales grew by 19.9% to £38.7 million or by 38.4% on a two-year basis. Meanwhile, store like-for-like sales climbed by 14.1%.
During the period, Angling Direct increased its total number of stores from 38 to 42. Since the announcement of its interim results on 13 October 2021, it has launched new stores in Ipswich, Southampton and Cheltenham.
As expected, total online sales declined by 4.3% on last year to £33.8 million, but on a two-year basis sales grew by 33.9%. UK online sales accounted for 92% of total ecommerce sales in the year.
However, online sales in Europe fell by 39.3% after the retailer was hit by increased export costs and customer fulfilment times post-Brexit. Going forward, it expects to achieve a return to growth in Europe due to the imminent opening of its European distribution centre.
Andy Torrance, chief executive of Angling Direct, said: “We are extremely pleased with the company’s trading performance through what has been another challenging year. Despite significant Government restrictions endured during the period, we have delivered against our operational and strategic objectives.”
The company said it anticipates reporting pre IFRS-16 EBITDA of no less than £5 million for the full year period, which is in line with market expectations. It also revealed that the new financial year has started with a return to a more traditional channel split following the easing of Covid-19 restrictions.
Looking ahead, Torrance added: “We have reported record revenues, opened four new stores and continued to invest in our long-term growth strategy, including the imminent opening of our European Distribution centre in the Netherlands. This investment as well as our investment in technology and strong balance sheet leave the company well positioned to accelerate our growth strategy.”
