18th Aug 2020 10:43
(Alliance News) - Angling Direct PLC on Tuesday said it will report an interim revenue rise despite lockdowns keeping stores closed for several weeks.
Shares in the company surged 16% to 56.86 pence each in London on Tuesday morning.
The fishing equipment retailer added that there could be even more good news to come as it believes it is "well-placed" to take advantage of increased "stay-cations" during the rest of the UK summer.
Revenue in the six months to July 31 rose 21% to GBP32.1 million from GBP26.5 million a year earlier, Angling said.
This was despite all stores being closed between March 24 and June 14. The company did keep its online operations going however, and fishing was one of the first leisure activities to be allowed by the UK government, back in May.
Angling's online sales surged 43% annually to GBP17.9 million and despite closures, store sales actually climbed 1.6% to GBP14.2 million. Like-for-like store sales did fall 23%, however.
"Looking ahead, the board believes that it is very well-placed within its market to benefit from 'staycations' over the summer months, as well as heightened interest in angling as customers seek to take advantage of its numerous wellbeing benefits," Angling said.
"The impact of Covid-19 has created an exceptional sales period, with pent-up demand certainly experienced as a consequence of fisheries being closed for almost two months. Whilst the extent to which some of the exceptional trends will continue longer-term is not yet clear, with no further Covid-19 restrictions, the board is expecting sales to begin reverting to more normal trading patterns during the remainder of the year."
By Eric Cunha; [email protected]
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