UK’s major tackle retailer hails ‘stellar’ record performance

Angling Direct tightened its grip on the UK retail industry in 2024, judging by full-year figures released today showing record UK sales of £77.4 million, up 9% on last year.

The ever-growing chain, which recently opened its 50th store, grew total year-on-year sales by 10.2% to £81.7 million, with £44.4 million of that coming from retail stores (up 7.6%) and £32.9 million from UK online sales (up 11.1%).

European online sales increased by 36.3% to £4.3 million, fuelled by the key European territories of Germany, France and the Netherlands.

Gross margin increased by 34.9%, driven by ranging and growth in own brand sales.

Operation highlights, says the company, included the growth of its MyAD customer loyalty scheme to more than 220,000 members, and the performance of its own brands, Advanta (reel shown above) and Discover, which increased their gross profit by 16%.

Angling Direct also opened its first European store in Utrecht, as it maintained a ‘prudent approach’ to European investment.

Key objectives in the medium-term are for the UK business to generate £100 million annual revenues and to get the European business to break even. Surplus capital will be used to accelerate growth beyond medium-term targets, including selective mergers and acquisitions, with investment weighted towards the UK.

Describing the latest figures as a ‘stellar performance,’ CEO Steve Crowe said: “The Board is optimistic about long-term growth prospects and, despite the challenges we have seen in consumer confidence, inflation and sub-optimal weather, the angling market remains resilient.”

Despite the uncertain consumer landscape, Angling Direct has started the financial year of 2025 with a total sales increase of 4% in the first quarter.