Angling Direct reports record UK sales
By Josh White
Date: Tuesday 13 May 2025
(Sharecast News) - Angling Direct reported record UK sales and a double-digit rise in group revenue for the year ended 31 January on Tuesday, driven by both online and in-store growth.
Group revenue increased 11.9% to £91.3m, with UK sales reaching £86.4m.
Like-for-like store sales rose 6.0%, and online sales grew 8.4%, with momentum strengthening in the second half.
Adjusted EBITDA rose 20% to £3.4m, slightly ahead of upgraded market expectations, while adjusted profit before tax increased 23.6% to £2m.
Gross margin improved by 130 basis points to 36.2%, supported by the expansion of own-brand products.
The AIM-traded retailer said it ended the year with net cash of £12.1m, having invested in acquisitions, store openings, and automation, while also returning £0.6m to shareholders under a buyback programme that has now reduced the share count by around 5%.
It expanded its UK footprint to 53 stores and opened its first European location in the Netherlands, where early progress was said to be encouraging.
The firm said its MyAD loyalty platform more than doubled membership to over 409,000 and is now positioned as Europe's largest fishing club.
It said first quarter sales for the new financial year were up 17.1%, with continued growth in both the UK and Europe.
Despite sector headwinds, Angling Direct remains confident in delivering on its medium-term growth strategy.
"Angling Direct delivered a stellar performance in the 2025 financial year, both against a strong comparator and ongoing negative pressure on consumer confidence and cost headwinds," said chief executive officer Steve Crowe.
"Against this backdrop, we are pleased to report EBITDA for the year slightly ahead of recently upgraded consensus market expectations.
"We remain vigilant of the external headwinds facing the sector, including inflationary pressures, having absorbed significant additional costs in terms of national living wage inflation and employers national insurance increases."
Crowe said the company was also monitoring carefully the evolving global tariff landscape, although it did not currently expect there to be any significant direct impact on the group from the measures.
"Overall I believe that our experienced team and agile business model position us well to navigate any challenges in the period ahead as we fully capitalise on the significant opportunity available to us in the UK and Europe.
"Delivering on our medium-term targets is at the centre of everything we do. I am pleased with the progress in our first year since setting out our growth plans last May and remain confident in achieving our goals."
At 0833 BST, shares in Angling Direct were up 3.87% at 41.55p.
Reporting by Josh White for Sharecast.com.
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