// Angling Direct enjoyed a 40% uplift in online sales to £35.3m last year, driven by 62% boost in UK market
// It now expects to post a 27% increase in full-year sales and pre IFRS-16 EBITDA of at least £3.8m
Angling Direct has said it expects to swing back into profit and on the back of an annual sales surge, especially online.
In a trading update ahead of its full-year results, the specialist fishing retailer forecast a 27 per cent surge in increase in revenue to £67.6 million for the year ending January 31.
It said trading was driven by strong online sales which grew by 40 per cent to £35.3 million.
In terms of its markets, Angling Direct said the UK was its best performer – with online sales skyrocketing 62 per cent.
Meanwhile those in Germany, France and The Netherlands saw online sales grow 35 per cent.
On the other hand, total store sales, which included Angling Direct’s call & collect service, increased by 16 per cent to £32.3 million.
However, like-for-like store sales dropped eight per cent thanks to Covid-19 lockdowns.
Angling Direct said it now expected to report a pre IFRS-16 EBITDA of at least £3.8 million for the year, compared to a £500,000 loss the prior year.
“I am pleased with the performance that we have delivered through FY21, with good progress made on all fronts, both operationally and strategically, and look forward to reopening our stores in April, in line with the government’s roadmap as announced on 22 February 2021,” chief executive Andy Torrance said.
“The actions taken in FY21 ensure that the company is well positioned to withstand future challenges and I firmly believe that when we are through the other side of the pandemic, the company’s market leading omnichannel offering and scale will enable us to continue on our growth trajectory in the UK and internationally, as angling grows in popularity.”