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

Angling DirectAnnouncement

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RNS Number : 9707V  Angling Direct PLC  20 August 2025

20 August 2025

Angling Direct plc

 

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

 

Half Year Trading Update and Notice of Results

 

Sustained progress against medium-term objectives underpinned by continued
development of MyAD proposition, comfortably trading in line with full year
consensus market expectations

 

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 2025 ('H1 26').

 

Financial Highlights

 

 £m                                             H1 2026  H1 2025  Change

 Revenue                                        53.6     45.8     17.0%

 UK Retail store sales                          30.5     26.4     15.4%

 UK Online sales                                20.6     17.0     21.2%

 Total UK sales                                 51.1     43.5     17.7%

 Total European sales                           2.5      2.4      5.1%

 Net cash & cash equivalents at period end      12.5     17.0     -26.5%

 

The Group delivered a strong performance in the first half of its 2026
financial year with total revenue growth of 17.0% to £53.6m (H1 25: £45.8m).
Revenue in the UK business (in store and online) was up 17.8% in Q2 as the
Company maintained its momentum from Q1 (17.4%) into the early months of its
peak trading season.

 

Total UK like-for-like sales(1) grew 14.2%, reflecting the strength of the
omni-channel proposition and increasing customer reach, evidenced through the
continued growth of the MyAD customer loyalty club to over 496k subscribers
(January 2025: 409k) at 31 July 2025 and reaching 500k in August 2025.

 

Strong store sales were underpinned by increasing levels of footfall. During
H1 26, the Company continued its new store opening programme utilising its
strong balance sheet, opening a new store in Chester in May alongside
developing a strong pipeline of opportunities for H2 26. Post period end, a
further new store opened in Bradford  and as a result, the Group now operates
a total of 55 stores across England and Wales. UK Online sales continued to
scale primarily from delivering higher transaction volumes through increased
customer numbers, supported by MyAD's continued growth.

 

Outside the UK, the Group's first European store in Utrecht celebrated its
1(st) anniversary in May 2025, and FY 26 will mark first full year of trading
through the peak summer period. Customer store visits in the comparable two
months (June and July) almost trebled as the Utrecht store further establishes
its presence in the region.  The digital European market remains challenging
and, as such, the digital European business continued its focus on its key
markets of Germany and the Netherlands, with sales increasing in those
territories. The Group will maintain its primary digital focus on these key
markets and to build a sustainable and efficient European business.

 

The Group retains a strong balance sheet with net cash of £12.5m (31 January
2025: £12.1m). The lower levels of cash year on year reflecting the
investment in FY 25 in line with the delivery of the Group's medium-term
objectives and further investment in H1 26 in the UK store roll out and new
digital shelf edge technology.

 

£1.1m was also returned to shareholders during the period following the
initiation of a £4m buyback program in December 2024. In total, £1.7m has
been returned thus far to shareholders at the date of this announcement
through the buyback program, reducing the Company's shares in issue by
approximately 6%.

 

Steve Crowe, CEO of Angling Direct, said:

 

"I am pleased to report that we have delivered another period of sustained
progress against our medium-term objectives. Our increasing customer appeal
underpinned by our loyalty fishing club, MyAD, and the associated growth of
revenues in our existing UK stores and digital platforms, provides us with
further confidence in achieving our medium-term UK revenue target of £100m.

 

In the UK, we have continued to build on the strong momentum delivered in FY
25 by leveraging both our digital and physical footprint to increasingly join
up our omni-channel customer offer. We have made pleasing progress on gross
margin development against the inflationary cost base backdrop. Our focus
remains on delivering the best value, flexibility and service for our
customers and we are pleased to have opened two new stores to date, and the
new openings pipeline remains strong.

 

In Europe, we are pleased that our Utrecht store continues to scale customers
and revenues as it trades through its first full angling season.

 

We remain focused on delivering on our medium-term and during H1 26 we
executed further strategic and operational changes to deliver upon these. The
Board also remains confident that the Group is comfortably trading in line
with full year consensus market expectations(2)."

 

(1) The UK business like-for-like performance includes the total of the UK
digital business and the like-for-like UK stores

 

(2) Angling Direct believes that current consensus market expectations for the
year ending 31 January 2026 are for revenues of £97.7 million and adjusted
EBITDA of £3.75 million.

( )

 

Notice of Results

The Company will announce its half year results for the six months ended 31
July 2025 on 7 October 2025.

 

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 Todd (Corporate Finance)

Tom Salvesen (Corporate Broking)

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

 Matthew Young

 

 

 

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 c500 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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