Angling Direct reports record revenues for 2021
One of Europe’s biggest retailers, Angling Direct, has reported record revenues of £72.5 million in the financial year ended January 31st, 2022, an increase of 7.2% on the previous year’s revenue of £67.6m.
The company delivered a pre-tax profit of £4m compared to the £2.7m reported the previous year. Gross margin improved to 36.7%.
While stores were affected by a forced closure at the start of the year, store sales were up 19.9% to £38.7 million on 2020. However total online sales dropped by 4.3% to £35.3m reflecting the fact that stores were closed for much longer during 2020.
Improved buying and pricing enhanced product margins and continued investment in growth – including the appointment of a new commercial director to the European team – has helped drive growth, says an Angling Direct statement.
The company opened its new distribution centre in the Netherlands which is now supplying European customers and delivering the strategy to drive European expansion. It is also helping negate the export issues brought by Brexit.
“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.” said CEO Andy Torrance.
“We see a significant opportunity to continue to grow our market share through establishing our presence in Europe and this new facility [Venlo] will help to accelerate delivery of our strategic plans in a more efficient manner. It will ideally position us to become Europe’s first choice omni-channel fishing tackle destination for all anglers, regardless of their experience or ability.
“Whilst trading in the new financial year to date has seen growth broadly in line with our expectations, our business is subject to the same pressures and challenges as many others.
“However, 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.”
Angling Direct opened four new stores in the year, taking its total number to 42. It also launched a web trading app in the UK, the only one of its kind serving angling customers, says the company.
Looking ahead, Angling Direct’s expectations for the year ending January 31st, 2023, are for £82m revenue and pre-tax profits of £4.3m.