Angling Direct FY revenues grow
By Iain Gilbert
Date: Wednesday 21 Feb 2024
(Sharecast News) - Fishing tackle and equipment retailer Angling Direct said on Wednesday that its overall trading performance for the year ended 31 January was expected to be in line with market expectations.
Angling Direct said revenues were up 10.2% at £81.7m, with UK sales growing 9% year-on-year to £77.4m and. Retail store sales were 7.6% higher at £44.4m, while online sales improved 13.5% to £37.2m.
The AIM-listed group said trading had been "robust" since its last update, despite the "challenging consumer landscape" and disruption to fishing caused by named storm events in the final few weeks of the trading year.
Angling Direct noted that it has continued to optimise stock investment, driving down underlying working capital requirements, adding that the "robust trading performance" and associated cash conversion had enabled it to continue its store roll out strategy, delivering an increased net cash position of £15.8m at year-end - up from £14.1m at the end of the prior year.
Chief executive Steve Crowe said: "Angling Direct has continued to gain market share in the UK and Europe, and we believe there are significant further growth opportunities in both markets. The group will continue to invest in its digital and physical footprint in the UK to capture further market share growth, leveraging its strong balance sheet to ensure it is competitively placed as consumer confidence returns.
"As we progress into FY25, macro expectations for economic growth and consumer spend both remain unpredictable. Alongside other retail businesses, we also face cost increases from higher than anticipated wage and business rates related cost inflation and are mindful of the possibility for supply chain disruption, although we have observed no material impact on stock availability to date. The group's strong pipeline of investment opportunities, coupled with its robust balance sheet and prudent focus on cost control, provides the Board with the confidence that the Group remains well-positioned to navigate these challenges and achieve further growth through this financial year."
As of 1120 GMT, Angling Direct shares were up 2.47% at 41.50p.
Reporting by Iain Gilbert at Sharecast.com
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