Angling Direct (ANG)

Sector:

Retailers

Index:

FTSE AIM All-Share

34.95p
   
  • Change Today:
    -2.05p
  • 52 Week High: 45.00
  • 52 Week Low: 24.00
  • Currency: UK Pounds
  • Shares Issued: 77.27m
  • Volume: 72,026
  • Market Cap: £27.00m
  • RiskGrade: 167

Angling Direct shares tumble on profit warning

By Josh White

Date: Thursday 18 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Angling Direct said in a trading update on Thursday that its first-half revenue was up 1.3% year-on-year at £38.9m, although it warned that full-year earnings would now be "materially behind" market expectations.
The AIM-traded firm said retail store sales were ahead 9.8% in the six months ended 31 July at £21.9m, while online sales were 7.9% lower at £17m.

It said that was driven by an 11.1% decrease in UK online sales, to £15.3m, while online sales in Europe were 36.9% higher at £1.7m.

"The board has remained focused on delivering its long-term omni-channel strategy of profitable growth through both online and bricks and mortar stores," Angling Direct said in its statement.

"Additionally, considerable management focus has been spent on maintaining growth whilst managing gross margins and mitigating cost inflation.

"Whilst facing similar economic challenges to the UK, the highly fragmented European market remains a very attractive strategic priority for the group to accelerate market share."

To deliver on its strategic objectives, Angling Direct said it continued its planned investment to drive European customer acquisition in the period, and also invested in margin, where appropriate, to further establish its competitive position.

"The company continues to strengthen its customer proposition by developing several innovative, digital first and industry leading initiatives, including the ongoing refinement of its trading app, expanding its own brand penetration and developing a range of exclusive branded products, all of which further differentiate the company from its competitors."

Looking ahead, Angling Direct said its focus remained on gaining market share both in the UK and Europe over the medium-to-long term.

"The group will therefore continue to drive market share growth, leveraging its market leading position in the UK and strong balance sheet to ensure it is best placed competitively when consumer confidence returns.

"Despite the current exceptional macro-economic circumstances, the board continues to proactively manage operations and believes the company is gaining market share and demonstrating resilience in the UK.

"However there has been an inevitable impact from the ongoing cost of living pressures, declining consumer confidence and unavoidable inflationary pressures on trading."

Angling Direct said that more recently, adverse fishing conditions caused by the heatwave and its resulting effect on river levels and fish health had also impacted trading in the "usually busy" month of August.

In addition, those factors had impacted sales growth and profitability to a similar extent in Europe, as the company continued to invest in the early stages of its European rollout.

"As a result of these market headwinds, the group now expects to generate revenues marginally below current market expectations for 2023.

"However, pre-IFRS 16 EBITDA was now expected to be materially behind current market expectations for 2023, and in a range of between £3m and £3.4m."

At 1336 BST, shares in Angling Direct were down 13.29% at 31.65p.

Reporting by Josh White at Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Angling Direct Market Data

Currency UK Pounds
Share Price 34.95p
Change Today -2.05p
% Change -5.55 %
52 Week High 45.00
52 Week Low 24.00
Volume 72,026
Shares Issued 77.27m
Market Cap £27.00m
RiskGrade 167

Angling Direct Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
20.29% above the market average20.29% above the market average20.29% above the market average20.29% above the market average20.29% above the market average
Sector averageSector averageSector averageSector averageSector average
Price Trend
31.31% above the market average31.31% above the market average31.31% above the market average31.31% above the market average31.31% above the market average
41.46% above the sector average41.46% above the sector average41.46% above the sector average41.46% above the sector average41.46% above the sector average
Income Not Available
Growth
94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average
90% below the sector average90% below the sector average90% below the sector average90% below the sector average90% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Angling Direct Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
10:57 10,000 @ 35.00p
10:56 1 @ 34.00p
10:53 10,000 @ 35.00p
10:45 3 @ 34.00p
10:45 1 @ 37.00p

Angling Direct Key Personnel

CEO Steven Crowe

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