13th Oct 2021 15:04
Angling Direct PLC - Norwich, Norfolk-based fishing tackle and equipment retailer - Pretax profit multiplies to GBP3.7 million in six months to July 31 from GBP1.4 million year before. Revenue improves by 20% to GBP38.4 million from GBP32.1 million. Administrative expenses held to a 6.7% increase, to GBP9.6 million from GBP9.0 million.
Online sales rises 3.2% year on year and are up 48% on the first half of 2019, with retail store sales up 40% on year before and up 42% on two years ago.
Chief Executive Andy Torrance says: "We are pleased to have delivered a robust financial performance in the first half of the year, building on the operational and strategic progress made last year. These results demonstrate that the increasingly efficient, market leading omni-channel nature of the company's trading platform, combined with its strong balance sheet, ensures it is well placed to serve customers across all channels as it emerges from the challenges of the Covid-19 pandemic."
Expects sales in third quarter to drop from "unprecedented levels" seen year before.
"It is not yet clear the extent to which the company will track sales levels during Q4 against the comparative period, which included the second lockdown, all stores closed November 2020, and the beginning of the third lockdown, all stores closed January 2021. Post period-end, we have not experienced any material impact from supply chain disruption and continue to hold good levels of stock in mitigation," company adds.
Current stock price: 70.90 pence, up 11% on Wednesday
Year-to-date change: down 3.5%
By Paul McGowan; [email protected]
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