Angling Direct revenues leap higher
By Iain Gilbert
Date: Monday 18 Feb 2019
(Sharecast News) - Fishing tackle and equipment retailer Angling Direct saw revenues soar in its last trading year, driven by an increase in both in-store and online sales.
Angling Direct expects to turn in a 39% year-on-year increase in total revenues to £42m, while in-store sales leapt 50% to £19.74m and online sales grew 30% to £22.26m, driven by the group's continued investment into its ecommerce platform and the development of several international websites.
International sales increased by 98% to £4.66m and made up 20.9% of Angling Direct's total online sales.
Angling Direct said it was "delighted" with its international reach and stated that it had undertaken several restructuring steps in order to avoid any disruption to supply throughout the next few months, "regardless of any Brexit outcome".
"The group has entered its new financial year in a strong position to continue its strategy to grow both organically and by acquisition and the board remains confident that Angling Direct will achieve its targets for the year."
As of 1200 GMT, Angling Direct shares had ticked up 0.72% to 73.03p.
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