REG - Angling Direct PLC - Half Year Trading Update and Notice of Results

Angling DirectAnnouncement

21/08/2024 07:00

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RNS Number : 1559B  Angling Direct PLC  21 August 2024

21 August 2024

Angling Direct plc

 

("Angling Direct" the "Company" or the "Group")

 

Half Year Trading Update and Notice of Results

 

Angling Direct plc (AIM: ANG), the leading omni-channel specialist fishing
tackle and equipment retailer, provides an update on trading for the six
months ended 31 July 2024 ('H1 25').

 

Financial Highlights

 

 £m                                             H1 2025  H1 2024  Change

 Revenue                                        45.8     43.3     5.6%

 UK Retail store sales                          26.4     24.4     8.4%

 UK Online sales                                17.0     16.5     2.8%

 Total UK sales                                 43.5     40.9     6.2%

 Total European sales                           2.4      2.4      -

 Net cash & cash equivalents at period end      17.0     17.6     -3.8%

 

The Group delivered a robust revenue performance in the first half of its 2025
financial year. The UK business delivered revenue growth of 7.6% in Q2 as the
Company moved into its key summer trading season (Q1 4.2%). This performance
reflected the success of the work on third party ranging and availability, an
increasingly compelling own brand offer and the growth of the MyAD
omni-channel customer loyalty club to over 330k subscribers (January 2024:
220k).

 

UK like-for-like store sales benefitted from increased footfall and grew
1.8%(1). During H1 25, the Company accelerated its new store opening programme
utilising its strong balance sheet, opening two new stores in Cannock
(February) and Newark (June), and acquiring three businesses in Crewe (March),
Walsall (May), and Shrewsbury (July). The Company now operates a total of 52
stores across England and Wales. UK Online sales increased primarily from
delivering higher transaction volumes through increased customer numbers.

 

Outside the UK, the period saw the successful opening of the Group's first
European store in Utrecht, the Netherlands (May), and post opening revenues
continue to scale. The digital European market remains challenging, as such
the digital European business continued its focus on its key markets of
Germany and the Netherlands, with the primary ongoing focus on balancing
operating loss reduction and building a sustainable European business.

 

The Group is pleased to note that the positive momentum seen in H1 25 has
continued into H2 and the Board remains confident that the Group is trading in
line with full year consensus market expectations(2).

 

Steve Crowe, CEO 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 £100m.

 

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.

 

We remain focused on delivering on our medium-term objectives as announced in
the Final Results on 14 May 2024. During H1 25 we executed further strategic
and operational changes to deliver upon these and will provide further detail
on this progress at the interim results on 8(th) October."

 

 

 1  Excluding the Reading store which hasn't materially traded in the comparative
    period after it suffered a fire in the first week of February 2023. Total like
    for like store sales grew 3.5% including Reading.
 2  Angling Direct believes that current consensus market expectations for the
    year ending 31 January 2025 are for revenues of £88.4 million and pre-IFRS 16
    EBITDA of £3.15 million.

 

 

Notice of Results

The Company will announce its half year results for the six months ended 31
July 2024 on 8 October 2024.

 

For further information please contact:

 

 Angling Direct plc                                         +44 (0) 1603 258658
 Steven Crowe, Chief Executive Officer
 Sam Copeman, Chief Financial Officer

 Singer Capital Markets - NOMAD and Broker                  +44 (0) 20 7496 3000
 Peter Steel, Alex Bond, James Fischer (Corporate Finance)

Tom Salvesen (Corporate Broking)

 FTI Consulting - Financial PR                              +44 (0) 20 3727 1000
 Alex Beagley

 Matthew Young

Hannah Butler

 

 

About Angling Direct

Angling Direct is the leading omni-channel specialist fishing tackle retailer
in the UK, with an established and growing presence in Europe. Headquartered
in Norfolk UK, the Company sells fishing tackle products and related equipment
through its network of in excess of 50 UK retail stores, as well as through
its leading digital platform (www.anglingdirect.co.uk
(https://eu-west-1.protection.sophos.com?d=anglingdirect.co.uk&u=aHR0cDovL3d3dy5hbmdsaW5nZGlyZWN0LmNvLnVrLw==&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=K2FWYTRxeDV6cWRxd2I5dVpOODk5dnFObVU2U2p5WElLNndSM01SaStUcz0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
) and the MyAD Fishing Club app. The Company has three further native language
websites in its key European territories (www.anglingdirect.de,
(https://eu-west-1.protection.sophos.com?d=anglingdirect.de&u=d3d3LmFuZ2xpbmdkaXJlY3QuZGU=&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=VVRndGRoM1kvaFpNWnRpMzZ0M3NsT2I1NFdGTEp6ZllkYnFBaFFZb2FNWT0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
.fr, .nl), with orders fulfilled by its international distribution centre in
The Netherlands.

 

Angling Direct's purpose is to inspire everyone to get out and enjoy an
exceptional fishing experience, regardless of background or ability, in the
great outdoors. Angling Direct's active digital channels and its 450
colleagues contribute to the Company's ethos of care for the wider community
and the environment (www.anglingdirect.co.uk/sustainability
(https://eu-west-1.protection.sophos.com?d=anglingdirect.co.uk&u=aHR0cDovL3d3dy5hbmdsaW5nZGlyZWN0LmNvLnVrL3N1c3RhaW5hYmlsaXR5&i=NWZmMzFiMDlmNTYxZTYwZGYyODQyMzUz&t=a25La0pYblhuR0diWS9OWVhUTEJtSjRiNmhCdktRWnNiUG9ibXlUMjNuTT0=&h=704002e0ebe140b99f9f3842770cb87e&s=AVNPUEhUT0NFTkNSWVBUSVapg934Yb5nAolTQ9o0CeldsCYWuT9YetF_pLFbutVHOzk4kq9BEj_vGoYOcSbmh2Q)
). Angling Direct currently sells over 25,000 fishing tackle products from
industry leading brands alongside its own brands 'Advanta', and entry level
offering 'Discover'.

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