// Angling Direct revenues increase 1.3% to £38.9
// Looking ahead the retailer said it will be focusing on gaining market share both in the UK and Europe
Angling Direct’s first-half revenues have risen by 1.3% to £38.9 million after its retail stores achieved strong growth in the period.
Sales grew by 5.4% in its first quarter but second-quarter sales were impacted by the cost-of-living crisis which led to a 1.6% fall against the prior year.
Store sales at the fishing tackle retailer climbed by 9.8% in the half year, but online sales fell by 7.9% to £17 million against a strong year prior.
Gross profit also slipped by 6.5% to £13.4 million as the company sought to maintain a competitive position in light of inflationary cost price increases.
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Looking ahead, Angling Direct said it will be focusing on gaining market share both in the UK and Europe, adding there’s a significant opportunity to achieve this in a weakening competitor landscape.
The business said the general market outlook has deteriorated further in recent weeks which has led to a heightened degree of uncertainty.
As a result, it has reduced its expectations for both revenue and EBITDA for its full year and now expects them to come in at not less than £73.8 million and £2.2 million respectively.
Angling Direct chief executive Andy Torrance, said: “Despite the uncertain macroeconomic environment, our strategy remains unchanged as we continue to focus on gaining market share both in the UK and Europe over the medium to long term. As a result, we are pleased to have achieved sales growth during H1 FY23 against a strong prior year comparator.”
“The board remains optimistic about the long-term growth prospects of the group and believes that continued strategic investment now will leave the group best placed competitively when consumer confidence returns. The group will only continue to strategically invest in a controlled manner and only to the extent that it retains both strong liquidity and its robust balance sheet.”
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