REG - Angling Direct PLC - Half Year Results
Tue 07:00
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RNS Number : 2814C Angling Direct PLC 07 October 2025
7 October 2025
Angling Direct PLC
('Angling Direct', the 'Company' or the 'Group')
Half Year Results
Sustained strategic progress delivering revenue and margin growth, trading
ahead of FY26 market expectations
Angling Direct PLC (AIM: ANG), the leading omni-channel specialist fishing
tackle and equipment retailer, is pleased to announce its unaudited financial
results for the six months ended 31 July 2025 (H1 FY26).
£m H1 FY26 H1 FY25 % 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%
European sales 2.5 2.4 +5.1%
Gross profit 20.4 16.8 +21.3%
Gross margin % 38.0% 36.7% +130bps
Adj. EBITDA(1) 3.9 2.8 +39.4%
UK Adj. EBITDA 4.1 3.2 +27.4%
European Adj. EBITDA (0.2) (0.5) +45.8%
Adj. Profit before tax(2) 3.0 2.2 +34.7%
Basic EPS 2.91p 2.24p +29.9%
Net cash & cash equivalents at period end 12.5 17.0 -26.5%
Financial highlights:
· Group revenue increased by 17% to £53.6m
· Total UK sales grew 17.7% to £51.1m, +17.8% during key Q2 trading period
· Total UK(3) like-for-like sales growth of 14.2% reflecting the strength of the
omni-channel proposition and increasing customer reach
· UK retail store estate continued to deliver strong growth, with total store
sales increasing by 15.4%, like-for-like store sales increased 9.8%
underpinned by improved customer footfall
· UK online sales grew 21.2% with increasing unique customer numbers and
transaction growth
· In Europe, overall sales grew 5.1% to £2.5m, with improved growth from our
Utrecht store while the digital business continued to prioritise profitable
sales in the key territories of Germany and the Netherlands
· Gross margin increased by +130 bps, driven in part by a higher mix in sales
from own brand products alongside working more closely with key brands to
drive volume and improved terms because of the Group's scale and presence in
the UK and Europe
· Adj. EBITDA grew by 39.4% to £3.9m and Adj. EBITDA margin increased +120 bps
to 7.2%, benefitting from operating leverage
· Adj Profit before tax increased by 34.7% to £3.0m
· Operating cashflow of £4.9m (HY25: £4.9m)
· Strong balance sheet with Group net cash of £12.5m at 31 July 2025 (31 July
2024: £17.0m), reflecting the investment in the H1 FY26 UK store roll out,
new digital shelf edge technology and continued share buyback programme
· At the period end and at the reporting date, £1.7m had been deployed under
the buyback
Operational highlights:
· MyAD membership increased 21% in the period to over 496k subscribers (31
January 2025: 409k), reflecting the enhanced member only benefits. This was a
key component of capturing new customers during the period
· Contracted with a digital shelf edge labelling technology provider as an
enabler to mitigate living wage and NI inflationary headwinds, alongside
improving pricing flexibility. Roll out over the entire estate due to be
completed by the end of FY26
· Leveraging new customer insights platform to drive omni-channel customer
participation
· Opened a new UK retail catchment in Chester, and developed a strong pipeline
of opportunities for H2
· Higher margin own brand gross profits grew by c55%, leveraged through new
ranges, everyday pricing, and improved sourcing, buying and UK logistics
Current trading and outlook
· Group revenues increased 10.8% over August and September, with a combination
of softer consumer demand and the lack of summer rainfall impacting fisheries
moderating revenue growth in the post reporting period
· Post period end, the Group opened a further three new UK locations in
Bradford, Stourport and Burnley, taking total UK store footprint to 57
· Overall, a combination of continued UK sales and the further reduction in
European losses, means the Group is well placed to deliver revenue and Adj.
EBITDA ahead of market expectations for FY26(4) with upgraded forecast Group
revenues of not less than £102.0m and Adjusted EBITDA outturn for FY26, of
not less than £4.35m
· Management remains focused on delivering its medium-term financial
objectives(5)
Steve Crowe, CEO of Angling Direct, said:
"We are pleased to report that the momentum generated in FY25 has continued
into the first half, with strong in-store and online sales providing
confidence that the Group will deliver a FY26 trading performance ahead of
market expectations. During the period, we made continued progress against our
strategic objectives, with Group revenue increasing 17% to £53.6m and
adjusted EBITDA increasing 39.4% to £3.9m. This performance has been
underpinned by the success of our loyalty and repeat purchase membership club,
MyAD, which increased 21% to over 496k subscribers, driving engagement with
existing and new customers across our stores and online platforms. On behalf
of the Board, I would like to take this opportunity to thank all of our
employees, whose hard work and dedication have been central to our sustained
success.
Despite the challenging consumer backdrop, our ongoing investment in
technology and the leveraging of unique customer insights has allowed us to
attract new customers, complementing our ongoing UK store roll out programme,
which saw Angling Direct open a new catchment in Chester during the period,
alongside locations in Bradford, Stourport, Burnley post period-end, bringing
our UK store footprint to 57.
Looking ahead, our performance to date has served to vindicate our strategy
and we remain focused on executing against our strategic objectives. Our
continued UK store roll out strategy alongside the development of the UK
digital business further extends our competitive moat. This provides the Board
with confidence that the solid foundations that we have established will
continue to position us well to take advantage of the growth opportunities
available in the UK, at the same time enabling us to retain optionality over a
presence in Europe which will significantly grow our addressable market and
support our longer term growth ambitions.
(1) Adjusted EBITDA figures are presented on a Pre IFRS 16 and Pre IFRS 2 basis
unless otherwise stated
(2) Adjusted EBITDA and Adjusted Profit before tax figures are presented on a pre
IFRS 16 and pre IFRS 2 basis unless otherwise stated
(3) The calculation of the like-for-like sales performance for the UK business
includes the total sales of the UK digital business (excluding AD Win) and the
UK like-for-like stores
(4) Angling Direct believes that, prior to publication of this announcement,
consensus market expectations for the year ending 31 January 2026 are for
revenues of £97.7 million and pre-IFRS 16 EBITDA of £3.75 million
(5) The Company's medium-term financial objectives were published in the Company's
FY24 Preliminary Results announcement on 14 May 2024 and comprise: 1. UK
business generating £100m annual revenues; 2 An Adjusted EBITDA in excess of
£6m; 3. Moving the European business through the early stages of development
to break-even; and 4. Deployment of surplus capital to accelerate growth
beyond our medium-term targets, including selective M&A, with investment
weighted towards the UK business
Investor Meet Company presentation - 13 October 2025
Steve Crowe (CEO) and Sam Copeman (CFO) will provide a live presentation via
the Investor Meet Company platform at 11.00 a.m. BST on 13 October. The
presentation is open to all existing and potential shareholders. Questions can
be submitted pre-event via the Investor Meet Company platform up until 9.00
a.m. the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free via the following
link: https://www.investormeetcompany.com/angling-direct-plc/register-investor
(http://www.investormeetcompany.com/angling-direct-plc/register-investor) .
Investors who already follow Angling Direct on the platform will automatically
be invited.
For further information please contact:
Angling Direct PLC +44 (0) 1603 258 658
Steven Crowe, Chief Executive Officer
Sam Copeman, Chief Financial Officer
Singer Capital Markets - NOMAD and Broker +44 (0) 20 7496 3000
Peter Steel
Tom Salvesen
Alex Bond
James Todd
FTI Consulting - Financial PR +44 (0) 20 3727 1000
Alex Beagley anglingdirect@fticonsulting.com (mailto:anglingdirect@fticonsulting.com)
Matthew Young
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the
publication of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public domain.
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 over 500
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'.
Delivering against our strategy - Building Europe's largest fishing club
Angling Direct is the UK's largest scale omni-channel fishing tackle retailer
and the Group holds a leading position in this attractive market. The Group's
published medium-term objectives(5), as introduced in May 2024 and are
commented on in further detail below.
The MyAD proposition continues to bring together our complete offering under
one banner, bridging the gap between our physical stores and our digital
offering. This unified positioning continues to help us deepen our
understanding of our customer while significantly enhancing our customer
proposition and marketing efficiency.
As the UK market leader with a purpose of 'Getting Everyone Fishing', Angling
Direct is uniquely placed to deliver further profitable growth within the UK
and, in the medium term, in the significant European fishing tackle markets as
people of all backgrounds discover the restorative pleasure, challenge and
wellbeing benefits of angling.
The Board is confident that delivery of our strategy and medium-term
objectives will further differentiate us from our competitors and unlock the
unique opportunity we see ahead, generating long-term sustainable value for
all stakeholders.
1. UK business on a flightpath to revenue of £100m
The UK business delivered revenue of £51.1m, growing 17.7% against the prior
period (H1 FY25: 6.2%). The growth was delivered both online and in-store,
with both channels seeing increases in customer numbers as our omni-channel
model, underpinned by MyAD and our price promise, continued to increase its
reach and gain traction in a consolidating market. Our UK like-for-like
sales(3) increased 14.2% as we continue to adapt our proposition to better
engage with a customer base who shop with us both physically and digitally,
alongside becoming the natural consolidator in the market.
UK Retail Stores
Total store sales in the period increased 15.4% to £30.5m (H1 FY25: £26.4m).
Like-for-like store sales grew by 9.8% (H1 FY25: 1.8%). Recent new stores
(opened since January 2024 - Cannock, Walsall, Crewe, Newark, Shrewsbury,
Derby and Chester) contributed £2.6m of sales in the period with our UK
estate increasing to 54 stores overall.
During the period, we saw an increase in footfall and customer numbers across
both our established and new spaces. This has been driven by the success of
our MyAD loyalty and repeat purchase membership club launched in June 2024,
alongside the growing demand for our in-store services and our valued assisted
selling model.
In line with our medium-term objectives of delivering a UK retail store
portfolio with annual sales in excess of £60m, we continued to invest in new
UK retail stores with the opening of a site in Chester.
We have agreed a contract with a digital shelf edge partner and commenced the
roll out in the first cohort of three stores the final weeks of H1 FY26. The
roll out for the entire store estate is planned to complete by December 2025.
The benefits of this technology will not only enable colleagues to
increasingly focus on the customer rather than in-store tasks, but will also
enable increased dynamism in our approach to product pricing.
To support the drive to access a greater share of customer wallets and
increase our penetration of the number of customers who shop with us both
physically and digitally, we rolled out in-store technology across the entire
estate to offer customers access to our full product range, delivered next day
to home or the store of their choice ("shop the range").
UK Online
UK online sales grew by 21.2% to £20.6m (FY25: £17.0m) as our MyAD, everyday
low-price propositions, and leveraging store footfall to offer our broader
digital range of "shop the range" technology, resulted in the UK online
business continuing to take greater share of the higher ticket item market.
As part of our drive to grow market share and customer loyalty, we continue to
invest in contemporary digital infrastructure and customer marketing, further
increasing our competitive moat. These investments delivered an increase in
customer numbers of 17.9% alongside improved conversion (+160 bps).
Utilising a data led approach to our digital marketing continues to prove a
clear differentiator and a source of competitive advantage with a focus on
driving incremental customers and bringing them into our MyAD wrapper. Our
YouTube channel surpassed 3.9 million views in the period, 15% higher than
HY25. Alongside this, our social media reach, in particular TikTok and
Instagram, continues to scale, with our total social followers increasing 31%
to c.546k since 31 July 2024. These initiatives are key to opening up our
offering to new target customer audiences and providing opportunities for
further growth in the longer-term.
We remain committed to utilising innovative digital technologies to provide
our customers with market leading advice, engagement, service and inspiration.
Our in-house web development team has continued to progressively deploy
digital technologies through the interaction of our new customer insights
platform which is embedded within our search and recommend functionality.
2. UK business on a flightpath to >£6m EBITDA
UK Trading
The UK business increased Adjusted EBITDA by 27.4% to £4.1m, exceeding sales
growth by c.1.5 times, with the business able to offset inflationary cost
pressures and cost investment with revenue and gross margin growth to deliver
earnings aligned to the medium-term ambition of achieving Adjusted EBITDA of
greater than £6m.
A key component of delivering our UK profitability ambitions requires further
progress on our gross margin. During the period our increasingly sophisticated
and agile ranging, buying and pricing practices have increased both the Group
and the overall UK gross margins +130 bps to 38.0% and 38.4% respectively.
Higher margin own brand gross profit grew by c55% (third party brands c18%),
playing an increasingly pivotal role in the overall UK gross margin profile.
Stock availability within own brand ranges remains at good levels and the own
brand distribution centre brought online in H2 FY25 is operating effectively
to fuel this continued growth.
Alongside our growing scale, we have continued to deepen our relationships
with key suppliers, increasingly allowing us to secure stock which balance
terms and surety of supply. In conjunction with this, we have continued the
sale of physical and digital space to join up with our MyAD strategy and these
revenues increased c25% in the period.
Our technology deployment and AI adoption remains focused on operational
efficiency improvements to reduce the exposure of the business to further cost
pressures and in particular above inflationary living wage and employers NI
increases in FY26 and beyond. Our UK stores and distribution centres continue
to explore and test improved ways of operating. Despite strong wage and
operational cost headwinds, both operations delivered carriage and colleague
ratios in line with H1 FY25.
We continue to operate a lean Group central cost base and will leverage this
further as we remain focused on UK revenue growth. Our ambition remains to
operate these costs below 7% of UK revenue on a full year basis and during the
period we improved the ratio by 10 bps to 6.1%, underpinning a full year
flightpath of less than 7%.
UK Retail Stores
We have continued to deploy customer targeted colleague working rotas and
store opening hours, which have gone some way towards mitigating significant
inflationary pressures from the c.7% increase in the living wage alongside the
increased employers NI in April 2025. We continue to investigate further
deployment model changes through our digital shelf edge labelling solutions
alongside leveraging the development of our handheld digital technologies to
support store colleagues with increasingly efficient delivery of in-store
tasks.
We have continued to promote in-store services as a means of further
differentiating ourselves from our competitors and providing customers with
more valued offerings. This now includes the role out of reel servicing across
the full estate to complement our existing offer of reel spooling and pole
elastication.
Aligned with the wider retail sector during the period, the business continues
to observe persistent levels of attempted theft from its stores and we
continue to trial and adapt new protocols to tackle this wider retail
challenge. These measures have abated some of the impact on earnings with the
year-on-year UK retail stores gross margin improving by +10 bps in H1 FY26 as
a result and providing a resilient platform moving into H2.
Investment in in-store space planning technology is delivering insight and
recommendations as we look to optimise stock holding levels within the store
portfolio with momentum gaining in H2.
UK Online
The online business delivered strong revenue progression as we leveraged the
"shop the range" technology alongside our capability to access our full store
stock file for digital orders when basket dynamics make this attractive to do
so. This, combined with our cash generative focus to digital marketing, drove
increased customer numbers and absolute Adjusted EBITDA progress. A deeper
understanding of our customer from the technology deployments in H1 is helping
us grow the percentage of our customers who shop with us through both channels
by +160 bps.
Operationally, separating own brand logistics from our customer fulfilment
operation has allowed us to make improvements in processes to deliver future
value from our semi-automated picking and automated packing capabilities.
3. Development of a sustainable European business
Given the continuing success of our UK strategy, which has resulted in the
Group achieving substantial market share gains, the Board is increasingly
focused on establishing a long term growth trajectory for the business. The
opportunity to grow market share in Europe remains a realistic ambition with
the cumulative addressable markets in Germany and the Netherlands alone over
twice the size of the UK's.
During the period, the European digital trading landscape remained challenging
with significant pressure on both customer price and paid advertising costs.
We continued to concentrate on optimising trading in our key target
territories of Germany and the Netherlands. This approach provides a clear
focus on delivering profitable sales in order to protect margins and further
reduce the trading losses of the digital business and their associated drag on
Group earnings whilst retaining optionality, ahead of any market recovery
which would justify further material capital deployment in Europe. At the end
of the period the European business scaled a "just in time" stock offering
with a number of key European suppliers to increase our range by over 25%
without any investment into working capital. We will report further on the
impact of this strategy at the year end.
In the period, the Group made strong progress against the like-for-like loss
reduction plan and associated KPIs:
· Gross margins +20 bps to 29.4%;
· Digital channel margin improvement of +330 bps to -8.3%;
· Adj. EBITDA losses reduced c40% to £0.2m with an associated +630 bps
improvement in the Adj EBITDA margin.
Our first European store in Utrecht, the Netherlands traded during its maiden
full summer season. Customer numbers and revenues scaled with MyAD customer
numbers growing over 200% and revenues c.269%. Our marketing focus amplifies
our product and price credentials, underpinned by MyAD. The store delivered a
breakeven position for HY 26, a milestone for the business as we continue to
learn in this new market 14 months after first opening.
During the period the European business switched from an owned logistics
facility to a third-party logistics operator who began the servicing of our
European customer fulfilment. This is enabling our European business to access
labour and carriage rates which allow us to benefit from access to the new
third party operator's greater economies of scale. This agreement has also
enabled our European business to reduce property costs and provides greater
flexibility on property space requirements in FY26 and beyond.
The European consumer landscape is currently more uncertain than the UK and
intense pricing competition has continued. Whilst the competitive market is
creating opportunity for the Group, we will keep EU trading progress under
continual evaluation, maintaining a balance between market optionality and a
forward looking view of the likely returns in this area of the business. In
summary, we continue to believe that there is a significant longer term
opportunity to underpin a sustained growth trajectory for the Group, and
despite the current unsustainable market trends, this will create opportunity
for the Group much as it has done in the UK.
4. Creating Europe's largest fishing club, MyAD and leveraging its value
MyAD has attracted over 496k members as of 31 July 2025, growing 21% since
January 2025. The proposition provides access to everyday deals, 'money can't
buy' prizes, special MyAD bundles and monthly free prize giveaways, which
continue to resonate well and attract new customers. Alongside this, we held
our second MyAD Choice awards in H1 FY26 which allows customers to vote for
products across a number of categories. We then share the results with
suppliers to leverage the exposure of these products which has proven to be
engaging for customers and value accretive for suppliers. To further
supplement the "why wouldn't I join" appeal of MyAD to help us understand our
customer more deeply, MyAD now offers wider benefits enabling members to
access discounts and offers from complementary organisations.
In May the team launched AD Win, our own competition website to take a share
of this expanding market and at the same time give MyAD another avenue to
offer value to its members through free entry tickets to some of the
competitions.
We are increasingly confident that our deepening and unique data-driven
insights into anglers' needs and preferences will drive improved performance
in revenues and operations through growing levels of loyalty, repeat
purchasing and better ability to engage with our customer base. To underpin
this, we started the journey of personalised offers to customers based on data
and behaviours and are now fully engaged with our established customer data
and experience platform provider to leverage this opportunity. This provides
clear data points around the value of our omni-channel customers and is
increasing our understanding of how a store or digital only customer
transitioning into an omnichannel customer enables us to capture a greater
share of their angling wallet.
5. Deployment of surplus liquidity to further grow the business beyond the
medium-term objectives
We have a strong balance sheet which allows us to remain focused on deploying
surplus capital into accelerating the growth of the UK business. There is
significant opportunity to scale the UK store roll out programme and we
continue to develop existing "greenfield" sites, our store acquisition
pipeline both in traditional size and more latterly smaller format locations
to ensure that we are best positioned to fully capitalise on the opportunities
available to us in the market. Since the period end, we opened a further three
locations in Bradford, Burnley and Stourport and, alongside Chester, £1.5m
was invested in assets and working capital in total across these locations.
There is a distinct opportunity for the Group to further scale investment in
owned brands and we continue to actively develop this pipeline both
organically and inorganically.
In December 2024 the Group published its Capital Allocation Policy and is
fully focused on both deploying and returning capital to shareholders in
accordance with this, maintaining our overarching objective to maximise
shareholder returns. In accordance with the Capital Allocation Policy the
Company commenced a £4m share buyback programme in December 2024. At the
period end and at the reporting date, £1.7m had been deployed under the
buyback, with the Board and its advisors continuing to closely scrutinise the
effectiveness of this current strategy ahead of the end of the current buyback
programme in December 2025.
6. Angling retail's largest responsible employer
We remain fully committed to acting responsibly and sustainably within the
environment and communities in which we operate. We continue to be the
employer of choice for an increasing number of anglers with our colleague
count remaining over 500 as we balance increasing our operational footprint
against automation in key areas of the business.
We continue to support the Anglers National Line recycling scheme through our
recycling bins for fisheries from suppliers alongside our recycling points in
our new retail stores. We have set ourselves the ambitious target of
increasing our line recycling by over 33% in FY26 and we are on target to
deliver this.
Protecting the environment is core to everything we do and we remain focused
on leveraging our size and scale to reduce our environmental impact. We are
proud to support and sponsor the Angling Trust's "Anglers Against Pollution"
campaign by providing essential funding and logistical support to expand the
Water Quality Monitoring Network (WQMN), a vital initiative that empowers
anglers to test and report on water pollution across England and Wales. During
the period we have supplied 86 water testing kits to organisations
During the period we have established the AD Community fund. The fund was
established to support angling and environmental projects in the UK, with
grants available from 2026 to fishing clubs, charities, and communities for
work on fishery restoration, pollution, and well-being initiatives. At least
5% of revenue from the new AD Win competitions website is dedicated to this
fund, alongside additional partnerships and funding efforts to grow its
impact.
Coarse fishing licence sales remain broadly flat against those of the pre
COVID landscape, but with over 20% increases in young people and disabled
licence sales, it is pleasing to see growing engagement from people new to the
pastime.
We take our ESG responsibilities seriously and that extends to ensuring
Angling Direct is continually working towards enhancing sustainable business
practices across the areas of environmental protection, economic viability,
and social diversity.
Current trading and Outlook
We have a clear ambition to scale the UK business to our medium-term £100m
revenue target and we are accelerating towards this. Our MyAD fishing club
will be pivotal to achieving this objective. MyAD provides the platform to
continue to take market share through leveraging our physical and digital
infrastructure, in turn enabling us to serve new and existing customers.
Alongside this, we will maintain the pace of our UK physical estate roll out
by taking advantage of continuing market consolidation and acquiring existing
retailers or reaching new unserved catchments where we believe we can make
accretive returns. The UK digital business will continue its development,
accessing and developing new retail and AI technologies to maintain its
competitive advantage. Our technology deployments will continue to focus on
accessing efficiency benefits to mitigate further inflationary cost headwinds.
In Europe, we will continue with a considered and risk-based approach,
reducing losses and their drag on overall Group earnings, balancing this
against current market conditions whilst retaining the option to significantly
grow our addressable market and support long term growth.
Against these ambitions, in the two months to 30 September 2025, the Group
grew overall revenue 10.8%. In the UK a combination of softer consumer demand
and the lack of summer rainfall impacting fisheries moderated revenue growth
in the post reporting period.
We continue to focus on gross margin development, and at the same time, our
tight operational control and focus on efficiency means that we are continuing
to mitigate ongoing inflationary cost headwinds.
With a significant level of cash on the balance sheet, the Group will continue
to strategically invest in UK market share gains alongside leveraging customer
insights and the MyAD proposition whilst also further benefiting from
operational leverage.
As a result of the strong trading over the first half and now that we have
traded the final two months of the key trading season, the Board believes
the Company will exceed current market expectations with upgraded forecast
Group revenues of not less than £102.0m and Adjusted EBITDA outturn for FY26,
of not less than £4.35m. Whilst the Board is confident that its market
leading position, strategy and resilient business model positions it well for
further profitable growth, we remain vigilant to the external headwinds facing
the sector, including inflationary pressures and consumer spending capacity.
This ongoing wider uncertainty mean that the Board will continue to adopt a
prudent approach to planning for the next financial year.
The Board would like to acknowledge and thank all members of the Angling
Direct team for their efforts and we look forward to sharing continued success
through 2025 and beyond.
Condensed consolidated statements of profit or loss and other comprehensive
income
For the period ended 31 July 2025
Unaudited six months ended 31 July Audited
year ended
31 January
Note 2025 2024 2025
£'000 £'000 £'000
Revenue from contracts with customers 4 (#_ArvNote_TOC) 53,628 45,838 91,339
Cost of sales of goods (33,243) (29,031) (58,287)
Gross profit 20,385 16,807 33,052
Other income 62 17 45
Interest revenue calculated using the effective interest method 177 309 575
Expenses
Administrative expenses (15,240) (12,764) (27,301)
Distribution expenses (2,131) (1,719) (3,754)
Finance costs (366) (315) (659)
Profit before income tax expense 2,887 2,335 1,958
Income tax expense 6 (#_AitNote_TOC) (735) (601) (530)
Profit after income tax expense for the period attributable to the owners of 2,152 1,734 1,428
Angling Direct PLC
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation 77 (68) (74)
Other comprehensive income for the period, net of tax 77 (68) (74)
Total comprehensive income for the period attributable to the owners of 2,229 1,666 1,354
Angling Direct PLC
Pence Pence Pence
Basic earnings 14 2.91 2.24 1.85
Diluted earnings 14 2.88 2.22 1.84
Condensed consolidated statements of financial position
As at 31 July 2025
Unaudited six months ended 31 July Audited
year ended
31 January
Note 2025 2024 2025
£'000 £'000 £'000
Non-current assets
Intangibles 7 (#_NaiNote_TOC) 6,353 6,315 6,355
Property, plant and equipment 8 (#_NaaNote_TOC) 12,082 9,674 10,950
Right-of-use assets 9 (#_NauNote_TOC) 12,011 12,822 12,352
Total non-current assets 30,446 28,811 29,657
Current assets
Inventories 26,188 21,899 21,279
Trade and other receivables 1,109 770 598
Derivative financial instruments 14 - 15
Income tax refund due - - 37
Prepayments 549 875 698
Cash and cash equivalents 12,456 16,955 12,060
Total current assets 40,316 40,499 34,687
Current liabilities
Trade and other payables 10 (#_ClpNote_TOC) 13,517 12,697 8,522
Contract liabilities 649 518 946
Lease liabilities 2,287 2,059 2,211
Derivative financial instruments - 14 -
Income tax 153 235 -
Total current liabilities 16,606 15,523 11,679
Net current assets 23,710 24,976 23,008
Total assets less current liabilities 54,156 53,787 52,665
Non-current liabilities
Lease liabilities 10,246 11,071 10,649
Restoration provision 954 914 922
Deferred tax 2,185 1,569 1,673
Total non-current liabilities 13,385 13,554 13,244
Net assets 40,771 40,233 39,421
Equity
Share capital 11 (#_EqcNote_TOC) 773 773 773
Treasury shares 11 (#_EqcNote_TOC) (1,634) - (605)
Share premium 31,037 31,037 31,037
Reserves 919 593 692
Retained profits 9,676 7,830 7,524
Total equity 40,771 40,233 39,421
Condensed consolidated statements of changes in equity
For the period ended 31 July 2025
Share Treasury Share Retained Total equity
premium
capital shares account Reserves profits
Unaudited six months ended 31 July 2025 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2025 773 (605) 31,037 692 7,524 39,421
Profit after income tax expense for the period - - - - 2,152 2,152
Other comprehensive income for the period, net of tax - - - 77 - 77
Total comprehensive income for the period - - - 77 2,152 2,229
Transactions with owners in their capacity as owners:
Share-based payments - - - 150 - 150
Own shares acquired in the period - (1,029) - - - (1,029)
Balance at 31 July 2025 773 (1,634) 31,037 919 9,676 40,771
Share Treasury Share premium Retained Total equity
capital shares account Reserves profits
Unaudited six months ended 31 July 2024 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2024 773 - 31,037 619 6,096 38,525
Profit after income tax expense for the period - - - - 1,734 1,734
Other comprehensive income for the period, net of tax - - - (68) - (68)
Total comprehensive income for the period - - - (68) 1,734 1,666
Transactions with owners in their capacity as owners:
Share-based payments - - - 42 - 42
Balance at 31 January 2025 773 - 31,037 593 7,830 40,233
Condensed consolidated statements of cash flows
For the period ended 31 July 2025
Unaudited six months ended 31 July Audited
year ended
31 January
Note 2025 2024 2025
£'000 £'000 £'000
Cash flows from operating activities
Profit before income tax expense for the period 2,887 2,335 1,958
Adjustments for:
Depreciation and amortisation 2,310 1,973 4,236
Share-based payments 150 42 147
Net movement in provisions 22 17 40
Net variance in derivative liabilities 1 5 (24)
Interest received (177) (309) (575)
Interest and other finance costs 344 298 643
5,537 4,361 6,425
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables (508) (364) (195)
(Increase)/decrease in inventories (4,924) (4,431) (3,837)
Decrease/(increase) in prepayments 152 (63) 113
Increase in trade and other payables 5,182 5,621 1,384
(Decrease)/increase in contract liabilities (297) (272) 156
5,142 4,852 4,046
Interest received 177 309 575
Interest and other finance costs (344) (298) (643)
Income taxes (paid)/refunded (34) - (97)
Net cash from operating activities 4,941 4,863 3,881
Cash flows from investing activities
Payment for purchase of business, net of cash acquired - (740) (740)
Payments for property, plant and equipment (1,878) (1,535) (3,674)
Payments for intangibles (178) (232) (482)
Proceeds from disposal of property, plant and equipment 4 - 17
Net cash used in investing activities (2,052) (2,507) (4,879)
Cash flows from financing activities
Proceeds from sale of treasury shares 57 - -
Payments for shares buy-back (treasury shares) (1,086) - (605)
Repayment of lease liabilities (1,439) (1,086) (2,007)
Net cash used in financing activities (2,468) (1,086) (2,612)
Net increase/(decrease) in cash and cash equivalents 421 1,270 (3,610)
Cash and cash equivalents at the beginning of the financial period 12,060 15,765 15,765
Effects of exchange rate changes on cash and cash equivalents (25) (80) (95)
Cash and cash equivalents at the end of the financial period 12,456 16,955 12,060
Notes to the consolidated financial statements
31 July 2025
Note 1. General information
The financial statements cover Angling Direct PLC as a Group consisting of
Angling Direct PLC ('Company' or 'parent entity') and the entities it
controlled at the end of, or during, the half-year (collectively referred to
in these financial statements as the 'Group'). The financial statements are
presented in British Pound Sterling ('GBP'), which is Angling Direct PLC's
functional and presentation currency.
Angling Direct PLC is a listed public company limited by shares incorporated
under the Companies Act 2006, listed on the AIM (Alternative Investment
Market), a sub-market of the London Stock Exchange. The Company is
incorporated and domiciled in England and Wales within the United Kingdom. The
registered number of the Company is 05151321. Its registered office and
principal place of business is:
2d Wendover Road,
Rackheath Industrial Estate
Rackheath
Norwich
Norfolk
NR13 6LH
The principal activity of the Group is the sale of fishing tackle through its
websites and stores. The Group's business model is designed to generate growth
by providing excellent customer service, expert advice and ensuring product
lines include a complete range of premium equipment. Customers range from the
casual hobbyist through to the professional angler.
The financial statements were authorised for issue, in accordance with a
resolution of Directors, on 6 October 2025. The Directors have the power to
amend and reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the interim half-year reporting period ended 31
July 2025 have been prepared in accordance with the AIM Rules for Companies,
International Accounting Standard IAS 34 'Interim Financial Reporting' and the
Companies Act for for-profit oriented entities.
These interim financial statements do not include all the notes of the type
normally included in annual financial statements. Accordingly, these financial
statements are to be read in conjunction with the annual report for the year
ended 31 January 2025 and any public announcements made by the Company during
the interim reporting period.
The interim consolidated financial information has been prepared on a
going-concern basis.
The principal accounting policies adopted are consistent with those set out on
pages 70 to 96 of the consolidated financial statements of Angling Direct PLC
for the year ending 31 January 2025, except for taxation which has been
accounted for as described in note 6.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board that
are mandatory for the current reporting period. There was no impact on the
adoption of these new or amended Accounting Standards and Interpretations on
the financial performance or position of the Group during the financial
half-year ended 31 July 2025 and is not expected to have an impact for the
full financial year ending 31 January 2026.
Any new or amended Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.
Note 3. Segmental reporting
Segment information is presented in respect of the Group's operating segments,
based on the Group's management and internal reporting structure, and
monitored by the Group's Chief Operating Decision Maker (CODM).
Segment results, assets and liabilities include items directly attributable to
a segment as well as those that can be allocated on a reasonable basis.
Unallocated items comprise mainly own brand stock in transit from the
manufacturers, group cash and cash equivalents, taxation related assets and
liabilities, centralised support functions salary and premises costs, and
government grant income.
Operating segments
Management has made a judgement that there are three operating segments
(Stores, UK Online and Europe). The business operated predominantly in the UK,
also operating three native language web sites for Germany, France and the
Netherlands, and one store in the Netherlands, being the European segment.
Each of these operating segments is managed separately as each segment
requires different specialisms, marketing approaches and resources. Head
Office includes costs relating to the employees, property and other overhead
costs associated with the centralised support functions.
Where the customer contract is fulfilled by an operating segment other than
the segment to which the customer order was placed, the revenue is recognised
in the operating segment to which the order originates, and the profit
attributable to that transaction is recognised in the operating segment
fulfilling the order. In HY26, revenue of £2,063,000 (HY25: £757,000) was
recognised in the UK Online and fulfilled by the Stores, and profit of
£358,000 (HY25: £158,000) was transferred to the Stores from the UK Online
segment.
The CODM reviews EBITDA (earnings before interest, tax, depreciation and
amortisation) pre IFRS 16 and IFRS 2. The accounting policies adopted for
internal reporting to the CODM are consistent with those adopted in the
financial statements, save for IFRS 16 and IFRS 2. A full reconciliation of
pre IFRS 16 and IFRS 2 EBITDA to post IFRS 16 and IFRS 2 EBITDA performance is
provided to the CODM.
The information reported to the CODM is on a monthly basis.
At 31 July 2025, £29,614,000 of non-current assets are located in the UK (31
July 2024 £27,767,000) and £834,000 of non-current assets are located in the
Netherlands (31 July 2024 £1,044,000).
Operating segment information
UK UK Europe Head Office Total
Stores
Online
Online
31 July 2025 £'000 £'000 £'000 £'000 £'000
Revenue 30,489 20,600 2,539 - 53,628
Profit/(loss) before income tax 4,190 2,103 (273) (3,133) 2,887
EBITDA post IFRS 16 and IFRS 2 6,209 2,409 (107) (3,125) 5,386
Total assets 38,695 9,266 1,452 21,349 70,762
Total liabilities (12,659) (10,736) (1,135) (5,461) (29,991)
EBITDA Reconciliation
Profit/(loss) before income tax 4,190 2,103 (273) (3,133) 2,887
Less: Interest income - - - (177) (177)
Add: Interest expense 332 16 13 5 366
Add: Depreciation and amortisation 1,687 290 153 180 2,310
EBITDA post IFRS 16 and IFRS 2 6,209 2,409 (107) (3,125) 5,386
Less: Costs relating to IFRS 16 lease liabilities (1,345) (85) (139) (109) (1,678)
Add: Costs relating to IFRS 2 share-based payments - - - 150 150
Adjusted EBITDA 4,864 2,324 (246) (3,084) 3,858
UK UK Europe Head Office Total
Stores
Online
Online
31 July 2024 £'000 £'000 £'000 £'000 £'000
Revenue 26,422 17,001 2,415 - 45,838
Profit/(loss) before income tax 3,369 1,902 (479) (2,457) 2,335
EBITDA post IFRS 16 and IFRS 2 5,004 2,206 (321) (2,575) 4,314
Total assets 33,746 8,392 1,962 25,210 69,310
Total liabilities (15,190) (9,760) (1,495) (2,632) (29,077)
EBITDA Reconciliation
Profit/(loss) before income tax 3,369 1,902 (479) (2,457) 2,335
Less: Interest income - - - (309) (309)
Add: Interest expense 263 21 19 12 315
Add: Depreciation and amortisation 1,372 283 139 179 1,973
EBITDA post IFRS 16 and IFRS 2 5,004 2,206 (321) (2,575) 4,314
Less: Costs relating to IFRS 16 lease liabilities (1,195) (126) (133) (134) (1,588)
Add: Costs relating to IFRS 2 share-based payments - - - 42 42
Adjusted EBITDA 3,809 2,080 (454) (2,667) 2,768
Note 4. Revenue from contracts with customers
Disaggregation of revenue
The disaggregation of revenue from contracts with customers is as follows:
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Route to market
Retail store sales 30,774 26,499 51,040
E-commerce 22,854 19,339 40,299
53,628 45,838 91,339
Geographical regions
United Kingdom 51,089 43,423 86,449
Europe and Rest of the World 2,539 2,415 4,890
53,628 45,838 91,339
Timing of revenue recognition
Goods transferred at a point in time 53,628 45,838 91,339
Note 5. EBITDA reconciliation (earnings before interest, taxation,
depreciation and amortisation)
The Directors believe that adjusted profit provides additional useful
information for shareholders on performance. This is used for internal
performance analysis. This measure is not defined by IFRS and is not intended
to be a substitute for, or superior to, IFRS measurements of profit. The
following table is provided to show the comparative earnings before interest,
tax, depreciation and amortisation ('EBITDA') after adjusting for rents,
dilapidation charges and associated legal costs, where applicable, relating to
IFRS 16 lease liabilities, and adjusting for IFRS 2 share-based payments.
Unaudited six months ended Audited year ended
2025 2024 31 January 2025
EBITDA reconciliation £'000 £'000 £'000
Profit before income tax expense 2,887 2,335 1,958
Less: Interest income (177) (309) (575)
Add: Interest expense 366 315 659
Add: Depreciation and amortisation 2,310 1,973 4,236
EBITDA post IFRS 16 and IFRS 2 5,386 4,314 6,278
Less: Costs relating to IFRS 16 lease liabilities (1,678) (1,588) (3,061)
Add: Costs relating to IFRS 2 share-based payments 150 42 147
Adjusted EBITDA 3,858 2,768 3,364
Note 6. Income tax expense
The tax charge for the six months ended 31 July 2025 is recognised based on
management's estimate of the weighted average annual effective tax rate
expected for the full financial year, adjusted for the tax impact of any
discrete items arising in the period. Deferred tax balances are calculated
using tax rates that have been enacted or substantively enacted by the balance
sheet date and that are expected to apply in the period when the liability is
settled or the asset realised.
Note 7. Intangibles
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Non-current assets
Goodwill - at cost 6,015 6,015 6,015
Less: Impairment (182) (182) (182)
5,833 5,833 5,833
Software - at cost 2,711 2,283 2,534
Less: Accumulated amortisation (2,191) (1,801) (2,012)
520 482 522
6,353 6,315 6,355
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Goodwill Software Total
Unaudited six months ended 31 July £'000 £'000 £'000
Balance at 1 February 2025 5,833 522 6,355
Additions - 178 178
Amortisation expense - (180) (180)
Balance at 31 July 2025 5,833 520 6,353
Reconciliations for the prior year can be found in note 11 of the consolidated
financial statements of Angling Direct Plc for the year ending 31 January
2025.
Note 8. Property, plant and equipment
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Non-current assets
Land and buildings improvements - at cost 1,002 1,002 1,002
Less: Accumulated depreciation (365) (357) (361)
637 645 641
Plant and equipment - at cost 16,682 12,754 14,759
Less: Accumulated depreciation (5,701) (4,186) (4,910)
10,981 8,568 9,849
Motor vehicles - at cost 61 44 59
Less: Accumulated depreciation (6) (10) (12)
55 34 47
Computer equipment - at cost 1,620 1,444 1,526
Less: Accumulated depreciation (1,211) (1,017) (1,113)
409 427 413
12,082 9,674 10,950
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings
improvements equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2025 641 9,849 47 413 10,950
Additions - 1,908 15 92 2,015
Disposals - - (4) - (4)
Exchange differences - 13 - 1 14
Depreciation expense (4) (789) (3) (97) (893)
Balance at 31 July 2025 637 10,981 55 409 12,082
Reconciliations for the prior year can be found in note 12 of the consolidated
financial statements of Angling Direct Plc for the year ending 31 January
2025.
Note 9. Right-of-use assets
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Non-current assets
Land and buildings - long leasehold - right-of-use 22,734 21,292 22,033
Less: Accumulated depreciation (10,772) (8,594) (9,765)
11,962 12,698 12,268
Plant and equipment - right-of-use 80 80 80
Less: Accumulated depreciation (72) (66) (69)
8 14 11
Motor vehicles - right-of-use 248 269 248
Less: Accumulated depreciation (207) (164) (177)
41 105 71
Computer equipment - right-of-use 59 59 59
Less: Accumulated depreciation (59) (54) (57)
- 5 2
12,011 12,822 12,352
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial period are set out below:
Land and Plant and Motor Computer
buildings equipment vehicles equipment Total
Unaudited six months ended 31 July £'000 £'000 £'000 £'000 £'000
Balance at 1 February 2025 12,268 11 71 2 12,352
Additions 1,028 - - - 1,028
Disposals (194) - - - (194)
Remeasurement 45 - - - 45
Exchange differences 17 - - - 17
Depreciation expense (1,202) (3) (30) (2) (1,237)
Balance at 31 July 2025 11,962 8 41 - 12,011
Reconciliations for the prior year can be found in note 13 of the consolidated
financial statements of Angling Direct Plc for the year ending 31 January
2025.
Note 10. Trade and other payables
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Current liabilities
Trade payables 9,077 8,729 5,028
Accrued expenses 1,915 1,499 1,970
Refund liabilities 63 49 36
Social security and other taxes 1,415 1,458 687
Other payables 1,047 962 801
13,517 12,697 8,522
Note 11. Share capital
Unaudited six months ended 31 July
2025 2024 2025 2024
Shares Shares £'000 £'000
Ordinary shares of £0.01 each - fully paid 77,267,304 77,267,304 773 773
Share buy-back (treasury shares) - - (1,634) -
77,267,304 77,267,304 (861) 773
Comparatives for the prior year can be found in note 21 of the consolidated
financial statements of Angling Direct Plc for the year ending 31 January
2025.
On 9 December 2024, the Company announced the commencement of a share buyback
of up to £4m of ordinary shares. The shareholders approved a buyback
provision in the June 2024 annual general meeting resolutions. The total
number of ordinary shares purchased and held in treasury at 31 July 2025 was
4,398,000, representing 5.7% of the Company's ordinary shares. These shares
were purchased through Singer Capital Markets Securities Limited at an average
price of 38.2p per share, with prices ranging from 34.0p to 44.0p per share.
The total cost of £1,634k included £10k of transaction costs.
Note 12. Dividends
There were no dividends paid, recommended or declared during the current or
previous financial period.
Note 13. Contingent liabilities
The Group had no material contingent liabilities as at 31 July 2025, 31
January 2025 and 31 July 2024.
Note 14. Earnings per share
Unaudited six months ended 31 July Audited
year ended
31 January
2025 2024 2025
£'000 £'000 £'000
Profit after income tax attributable to the owners of Angling Direct PLC 2,152 1,734 1,428
Number of shares Number of shares Number of shares
Weighted average number of ordinary shares used in calculating basic earnings 73,980,492 77,267,304 77,139,433
per share
Adjustments for calculation of diluted earnings per share: 711,615 612,946 618,263
Options over ordinary shares
Weighted average number of ordinary shares used in calculating diluted 74,692,107 77,880,250 77,757,696
earnings per share
Pence Pence Pence
Basic earnings per share 2.91 2.24 1.85
Diluted earnings per share 2.88 2.22 1.84
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