Angling Direct profit improves as sales rise 21%

Wed, 14th Oct 2020

Fishing tackle and equipment retailer Angling Direct posted a rise in first-half profit, driven by a jump in online revenue. Pre-tax profit for the six months through July increased to £1.36 million, up from £0.37 million year-on-year. Revenue rose 21% to £32.1 million and included 62% growth in UK online revenue. Store revenue grew by a more modest 2% following temporary stores closures due to government lockdowns, though had bounced back in the final weeks of the reporting period. 'The group's first-half performance demonstrates considerable resilience, with strong growth achieved through our online business at a time when Covid-19 has posed significant challenges,' chief executive Martyn Page said. 'The like-for-like sale growth of our store network since reopening has also been hugely encouraging.' 'Importantly our focus on our core UK and European territories with a refined trading strategy, as well as further enhancements made to customer experience, has lifted margins and driven greater profitability.' Page said the company was on track to meet market expectations for the full year. At 1:58pm: (LON:ANG) Angling Direct Plc share price was -3.25p at 65.25p Story provided by StockMarketWire.com

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