Specialist retailer Angling Direct has reported a rise in sales and market share as it achieved “record UK revenues” in the full year ending January 31, 2024.

angling direct

Angling Direct’s profit before tax increased 126.8% to £1.5m

The omnichannel fishing tackle and equipment retailer posted total sales of £81.7m, up 10.2% from total sales of £74.1m year on year.

During the same period, total sales in the UK grew 9% to £77.4m, which the retailer said was the highest on record in the country.

Profit before tax saw a 126.8% rise to £1.5m as the group set an outlook of generating £100m in annual UK sales with a pre-IFRS16 EBITDA in excess of £6m.

Steve Crowe, chief executive at Angling Direct, said: “The last 12 months have seen Angling Direct further expand its market share and grow sales, despite the continued industry headwinds. Supported by our omnichannel business model, we are pleased to have achieved record UK revenues of £77.4m and delivered growth across our markets. This stellar performance reflects the dedication and exceptional customer service provided by Angling Direct colleagues.

“Throughout the period, we have made good progress against our strategic objectives. Through a prudent and considered investment strategy, we have continued our store rollout plans in the UK and, for the first time, into mainland Europe. The opening of our store in Utrecht marks a significant milestone for Angling Direct, and we are pleased that our European customers can now participate in the full omnichannel proposition.”

He added: “The board remains optimistic about the long-term growth prospects of the group, and despite the challenges we have seen in consumer confidence, inflation and suboptimal weather, the angling market remains resilient. We are excited to set out our medium-term objectives which outline our strategy of continued growth both in the UK and Europe in the years ahead.

“Our core objectives remain in place, and I am confident that with our agile business model and strong fundamentals, we are well positioned to navigate the period ahead as we fully capitalise on the significant opportunities available to us.

“Angling Direct has a compelling product and service offering for our passionate and loyal customer base, and it is with these foundations that I remain optimistic in the group’s outlook.”

The retailer serves over nine million online visitors each year and an average 24,000 weekly sales in-store.

Topics