Angling Direct more than doubled its profits following sales reaching record levels in the UK during its latest financial year.
The Norwich-headquartered fishing tackle and equipment retailer has posted pre-tax profits of £1.5m for the year to January 31, 2024, up from £700,000.
Newly-filed figures with the London Stock Exchange also show its total revenue increased from £74.1m to £81.7m in the 12 months while UK sales hit a record £77.4m.
In a statement, Angling Direct’s chief executive said the company had achieved a “stellar performance” and that the business was confident for the future.
Retail store sales rose by 7.6 per cent while UK online sales grew by 11.5 per cent.
By the end of the financial year, Angling Direct had 47 stores across the UK.
The business added that it is aiming to generate £100m in UK revenues in the medium term.
Angling Direct’s board ‘remains optimistic’
Chief executive Steve Crowe said: “The last twelve months have seen Angling Direct further expand its market share and grow sales, despite the continued industry headwinds.
“Supported by our omni-channel business model, we are pleased to have achieved record UK revenues of £77.4m and delivered growth across our markets.
“This stellar performance reflects the dedication and exceptional customer service provided by Angling Direct colleagues.
“Throughout the period, we have made good progress against our strategic objectives.
“Through a prudent and considered investment strategy, we have continued our store rollout plans in the UK and, for the first time, into mainland Europe.
“The opening of our store in Utrecht marks a significant milestone for Angling Direct, and we are pleased that our European customers can now participate in the full omni-channel proposition.
“Now with over 220,000 members since launch in June 2022, our MyAD customer proposition bridges the gap between our physical stores and online offering, unlocking further marketing efficiencies across the business and giving our customers access to differentiated pricing, targeted offers and promotions.
“I am excited by the significant progress since the launch of MyAD and the opportunity this creates to build Europe’s largest and most engaging fishing club, harnessing the passion of a thriving angling community.
“The board remains optimistic about the long-term growth prospects of the group, and despite the challenges we have seen in consumer confidence, inflation, and sub-optimal weather, the angling market remains resilient.
“We are excited to set out our medium term objectives which outline our strategy of continued growth both in the UK and Europe in the years ahead.
“Our core objectives remain in place, and I am confident that with our agile business model and strong fundamentals, we are well positioned to navigate the period ahead as we fully capitalise on the significant opportunities available to us.
“Angling Direct has a compelling product and service offering for our passionate and loyal customer base, and it is with these foundations that I remain optimistic in the group’s outlook.”
‘Resilient’ trading
Angling Direct added that its sales increased by four per cent in the first three months of its new financial year while it also acquired two new stores in the UK. It also opened a new shop in the Netherlands.
The company said that the “changing UK competitive landscape creates a significant opportunity for further growth”, and that its board is “actively seeking and engaging in opportunities to deploy capital, take market share and reduce surplus liquidity to improve return on capital employed”.
Angling Direct also said that its “resilient” trading during its first quarter had been achieved “against an uncertain consumer landscape and sub-optimal weather conditions”.