8th Oct 2024 12:24
(Alliance News) - Angling Direct PLC on Tuesday said it was "well-placed" to deliver full-year market expectations, as profit rises alongside growth in membership for its loyalty club, MyAD.
The Norwich, England-based fishing tackle and equipment retailer said pretax profit was GBP2.3 million in the six months to July 31, up 35% from GBP1.7 million last year. Revenue grew 5.8% to GBP45.8 million from GBP43.3 million.
Total UK sales increased 6.4% to GBP43.5 million from GBP40.9 million last year, whilst European sales were unchanged from last year at GBP2.4 million. Online sales grew 3.0% to GBP17.0 million from GBP16.5 million.
Chief Executive Officer Steve Crowe said: "We have delivered significant progress in the first half. We successfully completed three acquisitions and increased our UK store estate to 52, while also opening our first European store in Utrecht, the Netherlands. Online sales continued to increase and our focus on availability during peak season resulted in the UK online business taking greater share of the higher ticket item market.
"The group's loyalty and repeat purchase membership club, MyAD, gathered further momentum in the UK, increasing member numbers by 50% to over 330,000 in the first half. Over 75% of Angling Direct's UK revenues are now transacted through MyAD, providing greater insights into customer behaviours and buying patterns and driving loyalty.
"Looking forwards, I am pleased that the strong trading has continued into the second half with revenue in the first two months increasing 20% on the same period last year. The solid foundations that we have established ensure that the group is well-placed to take advantage of the significant growth opportunities available in the UK, alongside prudent and controlled expansion in Europe which will significantly grow our addressable market and support our longer-term growth ambitions."
Angling Direct believes itself well-placed to deliver revenue and adjusted earnings before interest, tax, depreciation and amortisation in line with market expectations for the year due to end January 31, 2025, citing a company-compiled consensus of GBP88.4 million in revenue and pre-IFRS 16 Ebitda of GBP3.2 million. This would be an 8.2% increase from the revenue of GBP81.7 million reported in financial 2024, and a 19% rise in last year's pre-IFRS 16 Ebitda of GBP2.7 million. Pretax profit in 2024 was GBP1.5 million.
Shares in Angling Direct were up 4.7% at 37.17 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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