Record sales for fishing gear and equipment retailer | Commercial news from the Center and the East
An East Anglia-based tackle and fishing gear retailer posted record sales in what has been described as a year of âtransformationâ.
In the year up to January 31, 2019, group sales at Angling Direct increased by 39% to reach Â£ 42million, with online sales increasing from Â£ 17.1million to Â£ 22m. Â£ 3million. International sales increased 112%.
Store sales of Â£ 19.7million increased 50%, including same-store growth of 6.2%. The Angling Direct store network grew to 24 at the end of the year.
The listed company, which was listed on AIM in July 2017, also reported gross profits of Â£ 13.8million, up 40% from the previous year, although investments in its infrastructure contributed to a pre-tax loss of Â£ 300,000.
In October last year, Angling Direct closed a placement, raising gross proceeds of Â£ 20million which will be used to support the continued expansion of the business both online and in-store.
âThis has been a year of transformation for Angling Direct, achieving record sales across the store network and online,â said Executive Chairman Martyn Page.
âThe successful Â£ 20million placement in October 2018 allowed us to accelerate our expansion strategy with three stores opened during the period, solidifying Angling Direct’s position as the leading retailer of luxury goods. UK fishing.
He added: âThe company had an excellent start to the year and in the first two months like-for-like sales increased by 28.5% and overall sales by 50.7% compared to the last year.
âWe will continue to build on this momentum over the coming year, with exciting new store openings planned and focused and continued online growth. “