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

Angling DirectAnnouncement

23/08/2023 07:00

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RNS Number : 1150K  Angling Direct PLC  23 August 2023

23 August 2023

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 2023 ('H1 24').

 

Financial Highlights

 

 £m                                             H1 2024  H1 2023  Change

 Revenue                                        43.3     38.9     11.4%

 Retail store sales                             24.4     21.9     11.3%

 UK Online sales                                16.5     15.3     8.3%

 Total UK sales                                 40.9     37.2     10.1%

 European Online sales                          2.4      1.7      39.9%

 Net cash & cash equivalents at period end      17.6     17.1     2.9%

 

The Group delivered a strong revenue performance in the first half of its 2024
financial year, and the UK business delivered double digit growth, underlining
the benefit of the Company's omni-channel approach. Like-for-like store sales
(excluding Reading) benefitted from increased transaction volumes and grew
4.9% 1 . During H1 24, the Company opened two new stores, in Cardiff
(February) and Goole (May), and now operates a total of 47 stores across the
UK. UK Online sales increased primarily through delivering higher average
transaction values.

 

The Group saw a significant acceleration in European Online sales, which grew
by 39.9% against H1 23 (compared with 1.6% growth in H2 23). This was
substantially underpinned by progress in the key territory of Germany which
delivered 61.5% growth.

 

Steve Crowe, CEO of Angling Direct, said:

"We remain focused on gaining market share both in the UK and Europe whilst
continuing to proactively manage all aspects of the Group's operations in
order to improve gross and operating margins and mitigate cost inflation. The
business has continued to demonstrate both its resilience and the capacity to
grow in the UK, despite the cost of living pressures facing consumers. Whilst
the trading environment in Europe is challenging, with more intense price
competition persisting in the market, there remains a significant growth
opportunity for Angling Direct in Europe. Overall the Board is confident that
a combination of continuing UK sales momentum with balancing European growth
and profitability means that the Group is well placed to deliver revenue and
Pre IFRS 16 EBITDA in line with full year market expectations."*

 

*Angling Direct believes that market expectations for the year ending 31
January 2024 prior to this announcement were revenue of £83.0 million and
pre-IFRS 16 EBITDA of £2.7 million.

 

Notice of Results

The Company will announce its half year results for the six months ended 31
July 2023 on 24 October 2023

 

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

Sam Macpherson

Hannah Butler

 

About Angling Direct

Angling Direct is the leading omni-channel specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related equipment
through its network of retail stores, located strategically throughout the UK
as well as through its leading digital platform (www.anglingdirect.co.uk
(https://www.anglingdirect.co.uk/) .de, .fr, .nl and .eu) and other
third-party websites.

Angling Direct is committed to supporting its active customer base and
widening access to the angling community through its passionate colleagues,
store-based qualified coaches, social media reach and ADTV YouTube
(https://www.youtube.com/channel/UCOenrSpp_3DpdT14EBrPkWA) channel. The
Company currently sells over 28,000 fishing tackle products, including capital
items, consumables, luggage and clothing. Angling Direct also owns and sells
fishing tackle products under its own brands 'Advanta' and the recently
launched entry level offering 'Discover'.

From 1986 to 2002, the Company's founders acquired interests in a number of
small independent fishing tackle shops in Norfolk and, in 2002, they acquired
a significant premise in Norwich, which was branded Angling Direct. Since
2002, the Company has continued to acquire or open new stores, taking the
total number up to 47 retail stores. In 2015, the Company opened a 2,800 sq.
metres central distribution centre in Rackheath, Norfolk, where the Company's
head office is also located. In January 2022 Angling Direct acquired an
additional 3,900 sq. metres distribution centre in Venlo, Netherlands to
service its established, and rapidly growing, presence in Europe with native
language websites set up in key regions to address demand.

 1  Excluding the Reading store which hasn't materially traded in the period
after it suffered a fire in the first week of February. Total like for like
store sales grew 2.6% including Reading.

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