Angling Direct sees 10% revenue increase despite trading disruptions

Omni-channel retailer Angling Direct has announced total same store sales revenue for 2024 of £40.7m, 1.1% up on the previous year.

New stores opened during the financial year boosted sales by a further £3.6m, taking total stores revenue to £44.4 million.

Overall revenue increased by 10.2% year-on-year to £81.7m, with £77.4 coming from the UK.

Total online sales grew by 13.5% to £37.2m, driven largely by a 36.3% growth in Europe to £4.3m. UK online sales increased by 11.1% to £32.9m thanks to growth in average transaction value.

These latest figures come in a trading update ahead of Angling Direct’s final results on May 14 this year. The company’s expectations for the financial year ended January 31, 2024, are revenues of £83m and EBITDA profit of £2.7m.

Angling Direct CEO Steve Crowe acknowledged that trading had been disrupted by restrained consumer spending and stormy weather at the end of the financial year.

“We continued to gain market share in the UK and Europe, and we believe there are significant further growth opportunities in both markets,” he said. “The Group will continue to invest in its digital and physical footprint in the UK to capture further market share growth, leveraging its strong balance sheet to ensure it is competitively placed as consumer confidence returns.

 “The European market is significantly larger, but remains highly competitive, driven by even more intense price competition. Despite this, the Group delivered strong growth, whilst retaining pricing discipline, leading to further market share gains. This provides the Board with confidence that its European strategy remains appropriate.

“As we progress into FY25, macro expectations for economic growth and consumer spend both remain unpredictable. We also face cost increases from higher-than-anticipated wage and business rates related to cost inflation and are mindful of the possibility for supply chain disruption.”

Crowe added that strong investment opportunities, a robust balance sheet and prudent cost control, gave the Board confidence that the Group is well-positioned for growth in the coming financial year.

Significant milestones in the year included the announcement last month of the company’s first European store. Located in Utrecht in the Netherlands, it is scheduled to open in the spring.

The Group has invested in an automated customer order packaging solution for its UK distribution centre; and its loyalty and repeat purchase model, MyAD, has exceeded 220,000 members since launching in June.

• Total Like for like store sales include Reading, which suffered a fire early in the year.