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Angling Direct swings to annual profit as online sales jump
StockMarketWire.com
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Fishing equipment retailer Angling Direct swung to a profit as sharp rise in annual sales boosted revenue.
Martyn Page, currently executive chairman, said he intended to seek re-appointment to the board in the role of non-executive chairman at the company's 2021 Annual General Meeting.
For the 12 months ended 31 January 2021, pre-tax profit was £2.6 million, compared with a loss of £1.5 million a year earlier, as revenue increased 27.1% to £67.6 million.
Online sales were up 39.9% to £35.3 million, with international sales accounting for 12.4% of total online sales.
Looking ahead, the company reported strong first-quarter fiscal 2022 sales, up 54% on the prior year, with online sales up 42% and store sales up 75%.
Financial guidance was reinstated for FY22, and the company said was on track to meet current year market expectations.
'We made great strides with our strategic and operational objectives, growing revenues both in the UK and key European territories, driving operational excellence across the business and delivering sustainable margin-accretive, profitable growth as part of our laser-focus on pricing and inventory management,' the company said.
At 9:27am: (LON:ANG) Angling Direct Plc share price was 0p at 62.5p
Story provided by StockMarketWire.com
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