Angling Direct PLC Half-Year Trading Update (3527Y)

TIDMANG

RNS Number : 3527Y

Angling Direct PLC

21 August 2018

 
   21 August 2018 
 
 

Angling Direct plc

("Angling Direct" or the "Company")

Half-Year Trading Update

Angling Direct plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce its trading update for the six months ended 31 July 2018.

Revenue for the period was ahead of management's expectations, increasing by 56 per cent to GBP21.94 million in the six months ended 31 July 2018, compared with the same period the previous year (2017: GBP14.08 million), reflecting strong store and e-commerce sales.

Retail store sales increased by 60 per cent to GBP9.93 million (2017: GBP6.21 million), as a result of the Company's expanding footprint, whilst online sales were up 60 per cent to GBP11.69 million (2017: GBP7.33 million) due to continued investment in the Company's e-commerce platform.

The number of unique users visiting the Company's website has increased by 30 per cent, with online conversion up to 5.24 per cent in the period (2017: 3.74 per cent). The Company successfully launched its German website in June and is encouraged by the initial results. Other European websites will follow later in the year, supported by local customer service teams.

We remain on track to open further destination stores, in popular fishing locations, across the UK. The imminent opening of the Guildford store at the end of this month will bring our total number of stores to 23, with more to follow shortly after.

Angling Direct's Chief Executive Officer, Darren Bailey, commented:

"The Company's performance for the first half of the year is extremely positive and, despite the adverse winter weather earlier in the year and the very hot summer, it is pleasing to deliver like-for-like sales for the period up 4.2% per cent.

"We have demonstrated that our strategy to operate both online and retail stores works coherently together in niche markets. We remain focused on our strategy of consolidation, as well as the roll out of new e-commerce platforms in Europe, in order to continue to deliver value and growth."

The Company will publish its interim results on 8th October 2018.

For further information:

 
 
    Angling Direct PLC                            [phone] 
  Martyn Page, Executive Chairman 
  Darren Bailey, Chief Executive Officer 
 
   Cenkos Securities - NOMAD and Broker 
  Stephen Keys (Corporate Finance) 
   Russell Kerr (Sales)                          [phone] 
 
  Yellow Jersey PR - Financial PR 
  Charles Goodwin                                [phone] 
  Harriet Jackson                                [phone] 
 
 

Notes for editors

About Angling Direct plc

Angling Direct is the largest specialist fishing tackle retailer in the UK. The Company sells fishing tackle products and related equipment through its network of retail stores, located throughout the UK, as well as through its own website (www.anglingdirect.co.uk) and other third-party websites.

The Company currently sells over 21,500 fishing tackle products, including capital items, consumables, luggage and clothing. The Company also owns and sells fishing tackle products under its own brand 'Advanta', which was formally launched in March 2016.

From 1986 to 2003 the Company's Founders acquired interests in a number of small independent fishing tackle shops in Norfolk and, in 2003, they acquired a significant premises in Norwich, which was branded Angling Direct. Since 2003, the Company has continued to acquire or open new stores, taking the total number up to 22 retail stores. In 2015 the Company opened a 30,000 sq ft central distribution centre in Rackheath, Norfolk, where the Company's head office is also located.

Angling Direct's shares are traded on the AIM market of the London Stock Exchange under the ticker symbol ANG.L.

For further information, please visit www.anglingdirect.co.uk

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August 21, 2018 02:00 ET (06:00 GMT)