Angling Direct, the UK’s fastest growing fishing tackle retail chain, is pushing forward with its plans to become a major online supplier in mainland Europe.
The East of England-based business, which currently has 39 stores across the UK, told investors at its half-year results presentation this morning that its plans to gain a foothold in mainland Europe is now entering ‘implementation stage’ with the opening of a distribution centre in the Netherlands.
The group saw its revenue for the six months ended July 31st rise by 19.5% from £32.1m to £38.4m. Retail store sales accounted for £19.9m (2021: £14.2m) and online sales £18.5m (£17.9m). It also reported:
• Positive operating cashflow of £5.8m;
• Strong balance sheet with group net cash at July 31st of £19.6m;
• Investment in a distribution centre in the UK with capacity to protect supply position;
• AD+ priority delivery subscription service launched in March last year driving customer loyalty and accounting for 16% of all UK online orders;
• Two new stores planned by year end.
Andy Torrance, CEO of the business, said: “We are pleased to have delivered a robust financial performance in the first half of the year, building on the operational and strategic progress made last year. These results demonstrate that the increasingly efficient, market-leading omni-channel nature of the company’s trading platform, combined with its strong balance, ensures it is well placed to serve customers across all channels as it emerges from the challenges of the COVID-19 pandemic.
“The Group has delivered strong progress against its stated key priorities for FY22 in the first half, including its plans to establish in-region online European fulfilment which is now entering implementation phase. With the group’s leading customer offering and optimised operational capabilities, combined with the scale of the market opportunity, the Board remains optimistic about the growth prospects and overall success of the business.”