Angling Direct H1 revenues grow on strong UK performance

21st Aug 2024 10:50

(Sharecast News) - Fishing tackle and equipment retailer Angling Direct said on Wednesday that revenues had grown in the six months ended 31 July, leaving it confident of its ability to meet full-year consensus expectations.

Angling Direct said interim revenues had grown 5.6% to £45.8m, with UK retail sales up 8.4% at £26.4m and UK online sales growing 2.8% to £17.0m. Total European sales were flat year-on-year at £2.4m.

The AIM-listed firm stated its "robust revenue performance" reflected the success of its work on third-party ranging and availability, an "increasingly compelling" own-brand offer and the growth of its MyAD customer loyalty club to over 330,000 subscribers.

Chief executive Steve Crowe said: "The progress made on expanding our UK footprint, alongside the roll out of our customer loyalty club, MyAD, and the associated growth of revenues in our existing UK stores and digital platforms, provides further confidence in achieving our medium-term UK revenue target of £100.0m.

"We remain focused on delivering on our medium-term objectives as announced in the final results on 14 May 2024. During H125 we executed further strategic and operational changes to deliver upon these and will provide further detail on this progress at the interim results on 8 October."

As of 1050 BST, Angling Direct shares were up 2.96% at 36.55p.

Reporting by Iain Gilbert at Sharecast.com