23rd Aug 2023 10:04
Angling Direct PLC - Norfolk, England-based fishing tackle retailer - Revenue in the six months that ended July 31, the first half of the company's financial year, is GBP43.3 million, up 11% from GBP38.9 million a year before. UK revenue is up 10% to GBP40.9 million from GBP37.2 million, with retail store sales up 11% and online sales up 8.3%. European online sales were up 40% to GBP2.4 million from GBP1.7 million. Angling Direct says like-for-like store sales grew 4.9%. The figure excludes a store in Reading that suffered a fire in February. Angling Direct opens two new stores during the recent half year - one in Cardiff, Wales and one in Goole, Yorkshire - and now trades from 47 stores.
Says it is "well placed" to meet market expectations for financial 2024, which it places at GBP2.7 million in pre-IFRS 16 earnings before interest, tax, depreciation and amortisation on GBP83.0 million in revenue. This will compare to GBP2.2 million in Ebitda on GBP74.1 million in revenue in financial 2023. IFRS 16 is an accounting rule governing the treatment of lease obligations.
Angling Direct will issue its complete half-year results on October 24.
Current stock price: 38.75 pence
12-month change: up 19%
By Tom Waite, Alliance News editor
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