Angling Direct delivers double-digit revenue growth
Angling Direct – the UK’s largest fishing tackle retailer – has reported double digit growth in revenue in the first half of the year ended July 31st.
Revenue grew by 11.4% to £43.3m compared to £38.9m in the same period of its 2023 financial year. Retail store sales grew by 11.3% to £24.4m (£21.9m) and online increased by 8.3% to £16.5m (£15.3m).
Total UK sales rose by 10.1% to £40.9m (£37.2m) with European online revenue increasing by 39.9% to £2.4m (£1.7m).
Steve Crowe, CEO of Angling Direct, said: “We remain focused on gaining market share both in the UK and Europe, while continuing to proactively manage all aspects of the group’s operations in order to improve gross and operating margins and mitigate cost inflation.
“The business has continued to demonstrate both its resilience and capacity to grow in the UK despite the cost of living pressures facing consumers. Whilst the trading environment in Europe is challenging, with more intense pricing competition persisting in the market, there remains a significant growth opportunity for Angling Direct in the region.
“Overall the Board is confident that a combination of continuing UK sales momentum with balancing European growth and profitability means that the group is well placed to achieve revenue in line with market expectations.”
During the year Angling Direct opened two new stores in Cardiff and Goole and now operates 47 retail outlets in the UK.