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IN BRIEF: Angling Direct shares up as first half profit surges on-year

24th Oct 2023 11:54

Angling Direct PLC - Norfolk, England-based fishing tackle retailer - In the six months that ended July 31, pretax profit rises 52% to GBP1.7 million from GBP1.1 million a year earlier. Revenue rises 11% to GBP43.3 million from GBP38.9 million. Declares no interim dividend, unchanged from a year earlier. Says cumulative August and September sales were in line with expectations, up 14% from a year earlier, which it said was a softer comparative period, with the prolonged extreme temperatures in the prior year.

Chief Executive Officer Steve Crowe says: "The board is optimistic about the long-term growth prospects of the group, underpinned by its robust balance sheet. The UK angling market remains resilient, with strong demand for a compelling product offering alongside quality service. Following positive [first half] results, the board remains confident that the full year results will be in line with market expectations."

Current stock price: 35.99 pence, up 9.1% on Tuesday

12-month change: up 24%

By Greg Rosenvinge, Alliance News reporter

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