LONDON (ShareCast) - (Sharecast News) - Fishing equipment retailer Angling Direct issued a profit warning and withdrew market guidance on Monday, having shuttered its stores as a result of the Covid-19 pandemic.
Angling Direct said it expected to report a material reduction in full-year revenues and profitability but said it had taken action to slash costs - including furloughing employees under the government's job retention scheme to pay 80% of salary up to ?2,500 a month.

The company also revealed it had secured a short term ?2.5m credit facility from NatWest in order to help manage working capital.

"Due to the inevitable uncertainty caused, the board has decided to withdraw current market guidance and will provide a further update on the anticipated FY21 out-turn only when it believes that there is sufficient clarity," said Angling Direct.

As of 1305 BST, Angling Direct shares had sunk 9.68% to 28p.

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