Angling Direct has reported a rise in interim sales and profits and said it will meet full-year expectations.
The specialist retailer, which trades online and through 34 shops, generated a 15.7% rise in adjusted EBITDA to £1.25m on sales up 21% to £26.5m.
In-store revenue was up 41.1% to £14m in the period to July 31, when UK online sales rose 16.8% to £9.2m and in Europe advanced 29% to £2.7m.
The second half has got off to a good start. Store like-for-like sales increased 13.3% and online sales climbed 26.7% between June 1 and August 31.
Angling Direct executive chair Martyn Page said: “It has been another highly successful period for the group with strong growth achieved across our network of stores and online. We have successfully executed our strategy to deliver new store openings and have further consolidated the market through selective acquisitions.
“Our retail store portfolio in the UK, which is growing rapidly and to plan, is delivering good results, as are our new German, French and Dutch websites which were launched last year. Our new store opening programme for the next 12 months is progressing as planned with future locations identified.
“The second half has started well, with the opening of two new stores and a record performance in August with sales up 33% on the prior year; I am pleased to report that the group is on track to meet market expectations. The board views the future with confidence and I look forward to reporting further on progress at the full year.”
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