13th May 2025 14:12
(Alliance News) - Angling Direct PLC on Tuesday reported increased revenue, earnings before interest, tax, depreciation and amortisation, and pretax profit in its latest financial year.
The Norwich, England-based fishing tackle and equipment retailer said pretax profit for the year ended January 31 totalled GBP2.0 million, up 33% from GBP1.5 million the year before. Basic earnings per share rose 17% to 1.85 pence from 1.58p.
Revenue increased 12% to GBP91.3 million, in line with market consensus, from GBP81.7 million. Total UK sales also rose 12% to GBP86.4 million from GBP77.4 million, while European sales rose 14% to GBP4.9 million from GBP4.3 million.
UK retail store sales rose 14% to GBP50.7 million from GBP44.4 million, while UK online sales increased 8.4% to GBP35.7 million from GBP32.9 million.
Adjusted Ebitda increased 20% to GBP3.4 million from GBP2.8 million, "slightly ahead of recently upgraded consensus market expectations" which had guided for GBP3.2 million.
Angling Direct did not declare any dividends for the period, unchanged from the previous year.
"Angling Direct delivered a stellar performance in FY25, both against a strong comparator and ongoing negative pressure on consumer confidence and cost headwinds," commented Chief Executive Officer Steve Crowe, adding: "The UK store footprint increased to 53 and I am confident that plenty of opportunity remains, both greenfield and via acquisition.
"Coupled with this growth in stores, the group's MyAD fishing club has increased its member numbers by 86% to [409,000], demonstrating the benefits of loyalty and repeat purchasing, helping the group build more tailored and targeted customer offers."
For the year ending January 31, 2026, consensus expectations are for GBP97.8 million in revenue and GBP3.8 million in adjusted Ebitda.
"We remain vigilant of the external headwinds facing the sector, including inflationary pressures, having absorbed significant additional costs in terms of national living wage inflation and employers national insurance increases," Crowe said. "We are also monitoring carefully the evolving global tariff landscape, albeit we do not currently expect there to be any significant direct impact on the group from these measures."
He continued: "Overall I believe that our experienced team and agile business model position us well to navigate any challenges in the period ahead as we fully capitalise on the significant opportunity available to us in the UK and Europe.
"Delivering on our medium-term targets is at the centre of everything we do. I am pleased with the progress in our first year since setting out our growth plans last May and remain confident in achieving our goals."
Shares in Angling Direct were up 0.8% at 40.33p on Tuesday afternoon in London.
By Emma Curzon, Alliance News reporter
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