Angling Direct reveals full-year performance and new CFO

Omni-channel retailer Angling Direct today announced a full year group revenue increase of 2.2%, while at the same time unveiling new Chief Financial Officer (CFO) Sam Copeman.

The addition of Copeman (pictured), who has held senior finance roles across a number of industries, completes a succession plan that sees Andy Torrance stepping down from CEO to Non-Executive Chairman to be replaced by Steve Crowe, the current CFO.

Martin Page will also vacate his role as Non-Executive Chairman, remaining on the Board as a Non-Executive Director. The moves will take place in June.

Angling Direct’s full year UK sales of £71m comprised store sales of £41.3m (up 6.8%) and online sales of £32.8m (down 3%). UK online sales, which represent 90% of total online sales, dropped by 4.8%. Gross profit of £25.8m was 3.1% down.

The company’s key European territories of Germany, France and the Netherlands grew 32.3% year-on-year following the opening of a new European distribution centre in March 2022.

The Group’s own brand, Advanta, delivered 24% growth after significant investment in stock and new ranges.

CEO Andy Torrance said revenue growth had been achieved despite consumer headwinds that included inflation and cost of living pressures. “Our omni-channel business model continues to demonstrate considerable financial and operational resilience.

“We continue to make good progress against our strategic objectives – establishing our European distribution centre, continuing our store roll-out and improving our omni-channel proposition.

“We will continue to evolve our customer offering, but with a particular focus on sustainable profitable growth and our European presence. The group will continue to invest so long as it remains prudent to do so, and only to the extent that it retains both strong liquidity and a robust balance sheet.”

Torrance added that despite a challenging macro-economic backdrop, he remained ‘cautiously optimistic’ for the future as the company maintained focus on gaining market share both in the UK and Europe over the medium term.

Angling Direct now has 45 stores across the UK, three more than last year, with a further store in Cardiff due to open in early 2024.