Mustad reports most successful year ever

Mustad says that 2021 was the most successful year in its 190-year history.

The iconic Norwegian brand reported a ‘significant’ increase in sales in both its sport and commercial fishing segments thanks not only to the rising interest in angling during the pandemic, but also through its expansion into additional segments internally and through acquisitions.

It says: “The demand for Mustad products remained high throughout the fiscal year and continues to receive positive feedback. To our excitement we have experienced Mustad’s most successful year ever – quite an achievement for a 190-year-old company. In 2021 the Mustad team succeeded in exceeding expectations with an over 30% increase from the previous year.

“Even more impressive was the over 130% growth of EBITDA (earnings before tax) over 2020, reaching an all-time high of $5.8m (USD).”

Mustad CEO Kenni Riise said: “A successful year like this comes thanks to the great effort that the team has put into managing the challenges of the last two years and going above and beyond to deliver a magnificent year. These efforts, combined with the surge in recreational fishing, have proved to be a combination leading to fantastic results.

“In the second half of the year Mustad acquired LIVETARGET, a unique lure brand with a proven message and growth. Its successful integration has led to a positive impact going into 2022, where we have already seen exponential engagement of the brand outside North America.

“Mustad continues to work hard to build upon this success in anticipation of further expansion into lures, rods and our bread-and-butter, fishing hooks.”