Angling Direct interim revenues grow in line with expectations
By Iain Gilbert
Date: Monday 12 Aug 2019
(Sharecast News) - Fishing and tackle retailer Angling Direct saw its revenues grow in line with expectations during the six months ended 31 July, as strong store and e-commerce sales helped the company's overall performance.
Angling's topline increased 21% to £26.52m, with retail store sales increasing 41% to £14m despite a "challenging period" for the wider UK retail sector. Online revenues meanwhile grew 10% to £11.90m as the group benefitted from continued investment in its e-commerce platform and expansion into European markets.
Sales at third-party websites were down 47% to £620,000 as a result of Angling Direct migrating customers to its own more profitable online offering.
The number of unique users visiting the company's UK website increased 12.2%, with online conversion up from 5.24% to 5.66% during the period.
Elsewhere, Angling Direct opened a new retail location in Leeds on Saturday, bringing the total number of stores across the UK to 29.
Looking forward, the AIM-listed company said it would continue to assess opportunities to expand its presence through strategic acquisitions, as well as new store openings in areas with a strong angling demographic.
As of 1005 BST, Angling Direct shares had picked up 2.43% to 75.80p.
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