Angling Direct profits have more than doubled as the brand grows its store footprint and develops its omnichannel offer.
Pre-tax profits for the specialist fishing tackle and equipment retailer have rocketed to £1.5m in the year to 31 January, up from £700,000 the year before.
Sales jumped 10.2% to £81.7m, boosted by a 9% rise in UK revenue to £77.4m and a 36.3% surge to £4.3m in European online sales.
Angling Direct boosted its gross margin to 34.9%, driven by improvement in ranges and development in own-brand lines helping to offset increased levels of store theft.
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It attributed part of its growth to the launch of its omnichannel loyalty club MyAD, which has gained over 200k members by the period end.
Angling Direct chief executive Steve Crowe said: “The last 12 months have seen Angling Direct further expand its market share and grow sales, despite the continued industry headwinds.
“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.”
Crowe said the opening of its Utrecht store in the Netherlands was a “significant milestone” for Angling Director.
“We are pleased that our European customers can now participate in the full omnichannel proposition. 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,” he said.
“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.”
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