// Angling Direct reports strong store sales growth of 41% amid expansion
// Like-for-like sales went up 15%
// Overall revenue for the first half was up 21%
Angling Direct sales continued to rise in the first half of its current year, driven by in-store shoppers as the fishing retailer pushed on with its expansion plans.
Revenue for the six months to July 31 jumped 21 per cent to £26.52 million, against what the retailer called a “challenging period for the wider UK retail sector”.
Angling Direct enjoyed a 41 per cent surge in retail store sales to £14 million, boosted both by the opening of five new stores and 15 per cent like-for-like sales growth.
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Online sales were up 10 per cent to £11.9 million, but sales from third-party websites declined by 47 per cent to £620,000 as Angling Direct shifted focus on selling through its own web platform.
The AIM-listed firm, which has acted as a consolidator in the fragmented fishing retail market, said its expansion plans were on track after it opened a new store near Leeds over the weekend.
Angling Direct reiterated a “confident” outlook for the rest of the year and said it would continue to assess opportunities to expand through “strategic acquisitions” alongside new store openings.
“We have demonstrated that our strategy to operate both online and in-store works effectively together in niche markets,” Angling Direct chief executive Darren Bailey said.
“We remain focused on our strategy of consolidation, as well as on the roll-out of new ecommerce platforms in Europe, in order to continue to deliver value and growth.”
Angling Direct’s half-year profit details will be revealed in its interim results, which are scheduled for October 7.
It now has 29 stores in its UK portfolio.
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