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Angling Direct PLC on Wednesday said it was trading ‘comfortably’ in line with full year consensus market expectations as it disclosed strong first half sales growth supported by growing membership of its loyalty club scheme. The news sent shares in the Norwich-based specialist fishing tackle and equipment retailer up 6.2%, to 47.78 pence each, in London on Wednesday afternoon. Revenue rose 17% to £53.6 million in the six months to July 31 from £45.8 million a year prior. UK retail store sales grew 15% to £30.5 million from £26.4 million and UK online sales increased 21% to £20.6 million from £17.0 million. European sales increased 5.1% to £2.5 million from £2.4 million. Revenue in the UK business, in store and online, was up 17.8% in the second quarter of the financial year, improving slightly from 17.4% in the first quarter. UK like-for-like sales grew 14% in the half year, supported by the continued growth of the MyAD customer loyalty club to over 496,000 subscribers at July 31, rising from 409,000 at January. In August, membership topped the 500,000 mark. Chief Executive Steve Crowe said: ‘Our increasing customer appeal underpinned by our loyalty fishing club, MyAD, and the associated growth of revenues in our existing UK stores and digital platforms, provides us with further confidence in achieving our medium-term UK revenue target of £100 million.’ Strong store sales were underpinned by increasing levels of footfall. During the half-year, Angling Direct opened a new store in Chester, and post period end, a further new store was opened in Bradford. As a result, the group now operates a total of 55 stores across England and Wales. CEO Crowe said the board remains confident that the group is ‘comfortably’ trading in line with full year consensus market expectations for revenue of £97.7 million and adjusted earnings before interest, tax, depreciation and amortisation of £3.75 million. In the financial year to January 2025, Angling Direct reported revenue of £91.3 million and adjusted Ebitda of £3.4 million. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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