11th May 2021 10:06
(Alliance News) - Angling Direct PLC on Tuesday reported strong annual results, as people prevented from taking foreign holidays went fishing instead.
The Norwich-based retailer posted revenue for the financial year that ended January 31 of GBP67.6 million, up 27% from GBP53.2 million the previous year.
Likely helped by lockdown restrictions, online sales of fishing equipment surged 40% to GBP35.3 million, with international sales accounting for 12% of the amount.
Profit before tax for the year was GBP2.6 million, swung from a GBP1.5 million loss in 2020. The significant improvement in results was driven by a "more disciplined approach to pricing" giving a healthier margin, while a rise in staycations boosted sales.
"In a year characterised by the unique challenges associated with the pandemic, I am extremely proud of the way our people responded to help deliver such a strong group performance," said Chief Executive Andy Torrance.
"We are ideally positioned to fulfil our ambition of becoming Europe's first choice omni-channel fishing tackle destination for all anglers, regardless of their experience or ability."
Looking ahead, Angling plans to "capitalise upon the growth in popularity of sea fishing given increased staycation during the summer months" and is focusing on international growth in Germany, France, the Netherlands, Belgium and Austria.
After a bright start to the year, first-quarter sales were up 54% year-on-year, with store sales 75% higher.
"Having reopened our stores on 12 April and with the UK emerging from the pandemic, I am cautiously optimistic when I look to the future: the strong foundations we have put in place through 2020 will ensure the group is able to take advantage of the numerous opportunities that will arise through the remainder of 2021 and beyond," commented Torrance.
Despite the positive results, Angling said it won't be declaring a dividend, the same as the prior year.
Shares in the company were down 1.1% to 84.06 pence each in London on Tuesday morning.
In boardroom news, Executive Chair Martyn Page will move to non-executive chair after Angling Direct's annual general meeting. Page is a co-founder of the company. Andy Torrance remains chief executive officer.
Meanwhile, Non-Executive Director Darren Bailey will step down from the board at the same time. Bailey was CEO until 2019.
Angling Direct didn't provide the date of its 2021 AGM. Last year, it was held on July 30.
By Will Paige; [email protected]
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