Internet sales driving growth for UK’s largest tackle retailer
The UK’s largest tackle retailer has continued to grow its revenues in the first half of this year, posting a 21% increase in overall sales to £32.1m.
Angling Direct now operates 38 stores, but it is a prospering online business that headlines its performance for the six months ending July 31st, 2020. While like-for-like store revenues, impacted by the COVID-19 lockdown, were down 23%, UK online revenues were up 62% to £14.8m and international online revenues up 51% to £1.6m. These latest figures mean that online sales accounted for more than 50% of the company’s overall revenues for the half year.
EBITDA – earnings before interest, taxes, depreciation and amortization – was up 142% to £2.9m. Gross margin improved by 33.5%. The Norwich-based company has also reinstated guidance for the financial year ending January 31st, 2021, and says it is on track to meet current year expectations.
“The Group’s first half performance demonstrates considerable resilience, with strong growth achieved through our online business at a time when COVID-19 has posed significant challenges,” said Executive Chairman Martyn Page. “Our focus on core UK and European territories with a refined trading strategy, as well as further enhancements made to customer experience, has lifted margins and driven greater profitability.” During the first half of the year, the group opened three stores in Warrington (pictured), Bristol and Northampton.