8th Oct 2018 09:47
LONDON (Alliance News) - Fishing tackle retailer Angling Direct PLC said Monday its interim profit and revenue jumped as it continued to see strong growth and invested in further expansion in the UK and overseas.
For the six months ended July, pretax profit multiplied to GBP572,000 from GBP86,000 the year prior. This was after revenue rose 55% to GBP21.9 million from GBP14.1 million the year before.
Revenue performance was driven by a significant rise in store numbers to 22 from 15 a year prior. Since the end of the period, a further store in Guildford, Surrey has been opened. Like-for-like store sales rose 4.2% with total store sales 60% higher. Online sales also were 60% higher to GBP11.7 million.
Profit performance was held back by a sharp rise in expenses. Distribution costs almost doubled to GBP1.4 million from GBP797,000 the year prior. Meanwhile, administrative expenses rose to GBP5.2 million from GBP3.1 million as the firm "accelerated investment in European expansion" including its first international investment in Germany.
"It has been another highly successful period for the group with impressive growth achieved across our network of stores and online," Angling Direct Executive Chairman Martyn Page said. "We have executed on our strategy to develop a strong pipeline of new store openings and acquisitions and remain on track to meet our full-year targets."
Angling Direct does not pay a dividend.
"Our online business has been developing at an exceptional rate and we successfully launched our first international Angling Direct website in Germany in June," Page added. "Further international expansion is expected to take place, with websites for France and Benelux being developed for the second half of this year."
Shares in Angling Direct were 1.9% lower at 106.00 pence on Monday.
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