Key facts
- Angling Direct reported a surge in sales, defying fears of drought impact.
- The UK's largest fishing retailer grew its market share.
- In-store sales grew 6.4% and online sales grew 7.5% in the UK.
- Group revenue increased 5% to £56.4m in the first half of the year.
- Angling Direct opened three new stores, bringing its total to 60.
- European revenue fell by over 30% to £2.5m.
- The company expects £109m revenue and £5.7m adjusted earnings by year-end.
- Shares rose 1.5% to 47p.
Angling Direct, the UK's leading fishing equipment seller, has reported a significant increase in sales, defying concerns that the ongoing drought would negatively impact the country's rivers and fisheries. The company announced it has grown its market share and is on track to meet its profit targets.
Despite challenges in the UK consumer environment and the drought's effect on fish and fisheries, CEO Steve Crowe stated the company has delivered a resilient start to the year. Angling Direct recorded 6.4% in-store and 7.5% online sales growth in the UK. Overall group revenue rose by 5% to £56.4m in the first half of the year. The retailer also expanded its physical presence by opening three new stores, bringing its total network to 60 sites across the UK.
Crowe noted that the company's high-value product categories remain robust, even with rising fuel prices and general consumer sector headwinds. Angling Direct is reportedly making further progress against its medium-term objectives and increasing its share of the UK angling market.
While the UK business performed well, Angling Direct experienced a substantial decline in its European operations, with turnover falling by over 30% to £2.5m. The company attributed this downturn to a challenging fishing market on the continent, though it stated its business in Germany and the Netherlands is trading in line with expectations.
Looking ahead, Angling Direct anticipates meeting its year-end revenue expectations of £109m and adjusted earnings of £5.7m. The company's shares saw a 1.5% increase to 47p in early trading.