// Angling Direct sees its revenue rise by 7.2% to £72.5 million in the year to 31 January.
// Trading in the new financial year to date has seen growth broadly in line with the retailer’s expectations
Fishing tackle group Angling Direct achieved record sales in the year to the end of January, seeing its revenue rise by 7.2% to £72.5 million in the year to 31 January.
Whilst the retailer’s shops were affected by Covid-19 related closures at the beginning of the financial year, store sales still increased in the year, rising to £38.7 million from £32.3 million in the prior 12-month period.
The company delivered a pre-tax profit of £4 million, which was up from £2.7 million in the prior year.
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Meanwhile, total online sales fell by 4.3% to £33.8 million, although UK online sales edged up 2.7%.
Four new stores opened in the year in Cheltenham, Ipswich, Redditch and Southampton in strategically located, high density fishing catchments, bringing the store estate total to 42
Chief executive Andy Torrance said: “The last 12 months have marked a period of significant progress for Angling Direct, both online and in store, in the UK as well as continuing our focus on key European territories. I am proud that despite all the headwinds our teams faced last year, we were able to continue to progress on all of our key strategic and operational priorities.
Since the year-end, Angling Direct has opened a new fulfilment centre in Venlo in the Netherlands as it looks grow its market share in Europe.
The company said growth in the new financial year to date has been broadly in line with expectations.
Torrance added: “The strategic and operational progress the group made last year means we are able to continue investing appropriately to strengthen our market leading position and gain market share both within the UK and Europe. As a result, we remain cautiously optimistic for the future and the board remains committed to its growth plan.”
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