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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Angling Direct Plc | LSE:ANG | London | Ordinary Share | GB00BF1XGQ00 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -2.90% | 33.50 | 33.00 | 34.00 | 34.50 | 33.50 | 34.50 | 93,601 | 15:12:29 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Sporting & Rec Goods-whsl | 74.1M | 539k | 0.0070 | 47.86 | 25.88M |
From Apr 2019 to Apr 2024
TIDMANG
RNS Number : 9992S
Angling Direct PLC
09 October 2017
9 October 2017
Angling Direct plc
("Angling Direct" or "the Company" or "the Group")
Half-yearly report for the period ended 31 July 2017
Angling Direct plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce its unaudited financial results for the six months ended 31 July 2017.
Financial Highlights:
-- Group revenue of GBP14.08 million up by 39.2% (H1 2017: GBP10.12 million) -- Gross profit of GBP4.73 million up by 35.3% (H1 2017: GBP3.50 million) -- EBITDA GBP0.93 million up by 72.6 % (H1 2017: GBP0.54 million) -- Net cash and cash equivalents at 31 July 2017 of GBP4.10 million (H1 2017: GBP1.55 million)
-- Successful listing on AIM and associated placing to strengthen the balance sheet for future expansion and growth
Operational Highlights:
-- Online sales up 67% to GBP6.57 million -- Store sales up 38% to GBP6.20 million, included like for like store growth of 10% -- Continued investment in online marketing, logistics and distribution
-- Opened new 4,000 sq ft store in Swindon, with further new store openings in Slough and Stoke expected before the end of the financial year
Post-Period End:
-- GBP3.0 million acquisition of fishing tackle store, Fosters of Birmingham, as announced on 2 October 2017
Martyn Page, Executive Chairman, said: "We are delighted to announce Angling Direct's first maiden set of results as a quoted company in respect of the six month period to 31 July 2017, demonstrating further growth across our network of stores and online. Following our admission to AIM in July 2017, we have developed a strong pipeline of new store openings and acquisitions, and we look forward to another period of strong growth in the second half of the year.
"I would like to thank my fellow directors and the whole of the Angling Direct team for their efforts over the interim period and for seeing the Group through its highly successful IPO."
For further information:
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Angling Direct PLC
Martyn Page, Executive
Chairman
Darren Bailey, Chief
Executive Officer +44 (0) 1603 258658
Cenkos Securities - NOMAD
and Broker
Bobbie Hilliam (Corporate
Finance)
Russell Kerr (Sales) +44 (0) 20 7397 8900
Yellow Jersey - Financial
PR
Charles Goodwin +44 (0) 7747 788 221
Harriet Jackson +44 (0) 7544 275 882
Darren Bailey, Chief Executive's review
I am pleased to report a strong set of interim results for the six months ended 31 July 2017. This has been a transformational period for the Company and, in particular, the performance of the Group's retail stores and online divisions during the first six months of the year has been very encouraging. Revenue for the period was GBP14.08 million, an increase of GBP3.97 million or 39.2% (H1 2017: GBP10.12 million). EBITDA was GBP0.93 million, an increase of GBP0.39 million or 72.6% (H1 2017: GBP0.54 million. Following various adjustments including the costs associated with the company's flotation on the AIM market, the income statement shows a pre-tax profit of GBP0.09 million.
Current Trading
The Group has continued its strong start to the year with retail store revenue increasing by 38% to GBP6.20 million (H1 2017: GBP4.50 million) demonstrating continued growth, backed with increased footfall in store of 10.8% v (H1 2017: 0.6%) and an online revenue increase of 66% to GBP6.57 million (H1 2017: GBP3.90 million). Average basket values during the period rose by 5.3% to GBP96.96 (H1 2017: GBP92.12), reflecting the continuous improvements and investment we are making to protect the Groups position as a market leader both instore and online.
Ebay sales have continued to fall, as expected, reducing by 21% to GBP0.74 million (H1 2017: GBP0.93 million), which is in line with our strategy to migrate customers across to the Company's e-commerce platform. In addition, Insurance replacement sales also reduced by 18% to GBP0.55 million (H1 2017: GBP0.68 million) low claim volumes and reduced crime rates delivering the reduction.
The Group continues to invest in its own branded product range, Advanta, which contributed GBP0.45 million of the group's total sales, up 26% from last year (H1 2017: GBP0.35 million). We have employed a full-time brand manager who oversees the product range from manufacture to sale and in addition we have increased our investment in stock to improve the availability throughout the year of key selling items.
The group's strategy of remaining competitive with its pricing structure, as per its price checker policy will remain, however market conditions, online growth and price increases from suppliers in the far east have affected our margin to be down slightly at 34%. We will continue to monitor the margin and look to increase this with more own brand sales.
Store Roll-out
The Group's focus remains on expanding the number of its retail sites through a programme of expansion, although the Group does continue to assess acquisition opportunities that may be a strategic fit and add value to the Group's overall operations.
The Group ended the period owning and operating 15 stores based around the UK. Following the period end a further store was opened in Swindon (August 2017) and the acquisition of Fosters of Birmingham was completed (as further explained below). Since opening the Swindon store, trading has been very strong, further complimenting the Groups retail offering along the M4 corridor alongside Reading.
It is anticipated that the Group will open two further new sites before the end of December 2017, in Slough and Stoke. The Group therefore expects to own and operate 19 stores based by the end of the financial year. The new store pipeline for 2018 is already being developed and will see expansion into new areas of the country in line with the Company's stated strategy.
Acquisitions
Subsequent to the period end, the Company acquired Fosters of Birmingham for a total consideration of GBP3.0 million. Fosters is one of the largest single-store fishing tackle retailers in Europe and the acquisition strengthens Angling Direct's presence in the Midlands. Integration and re-branding was started immediately upon acquisition. As part of the acquisition, the Company acquired a freehold property valued at GBP0.50 million. Where possible the Company will seek not to purchase freehold property as part of any acquisition unless absolutely necessary. Further details on the acquisition are set out in note 5 below.
Outlook
The Group continues to control its costs and improve its operational efficiencies and margins, with the quality of the new site openings planned for the remainder of the financial year. Expansion through new store roll outs and acquisitions, together with the continuing solid trading that the Group has experienced in July and August, there is confidence that the Board's expectations for the full 2017 financial year will be achieved.
Darren Bailey
Chief Executive Officer
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHSED 31 JULY 2017
(Unaudited) (Unaudited) (Audited)
6 months 6 months
to to Year ended
31 July 31 July
2017 2016 31 Jan 2017
Notes GBP 000's GBP 000's GBP 000's
CONTINUING OPERATIONS
Revenue 14,083 10,116 21,032
Cost of sales (9,353) (6,620) (13,859)
GROSS PROFIT 4,730 3,496 7,173
Distribution costs (797) (568) (1,206)
Administrative
expenses (3,079) (2,457) (5,229)
OPERATING PROFIT
BEFORE EXCEPTIONAL
ITEMS 854 471 738
Exceptional items 3 (740) - -
OPERATING PROFIT 114 471 738
Finance costs (28) (33) (75)
PROFIT BEFORE INCOME
TAX 86 438 663
Income tax (117) (62) (103)
(LOSS)/PROFIT FOR
THE PERIOD (31) 376 560
(Loss)/Profit attributable
to:
Owners of the parent (31) 376 560
(Loss)/Earnings
per share attributable
to the ordinary
equity holders
of the parent:
Basic and diluted
(pence) (0.33) 375.83 547.22
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHSED 31 JULY 2017
(Unaudited) (Unaudited) (Audited)
6 months 6 months
to to Year ended
31 July 31 July 31 Jan
2017 2016 2017
GBP 000's GBP 000's GBP 000's
(LOSS)/PROFIT FOR THE
PERIOD (31) 376 560
OTHER COMPREHENSIVE INCOME
Item that may be reclassified
subsequently
to profit or loss:
Bonus share issue (302) - (9)
Income tax relating to
components of other comprehensive
income - - -
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF
INCOME TAX (302) - (9)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD (333) 376 551
Total comprehensive income
attributable to:
Owners of the parent (333) 376 551
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2017
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year ended
to to
31 July 31 July 31 Jan
2017 2016 2017
ASSETS Notes GBP 000's GBP 000's GBP 000's
NON-CURRENT ASSETS
Intangible assets 1,816 1,828 1,816
Property, plant
and equipment 1,310 1,015 1,121
3,126 2,843 2,937
CURRENT ASSETS
Inventories 4,818 4,795 4,378
Trade and other
receivables 770 485 496
Cash and cash equivalents 4,099 1,649 283
9,687 6,929 5,157
TOTAL ASSETS 12,813 9,772 8,094
EQUITY
SHAREHOLDERS' EQUITY
Called up share
capital 4 430 1,401 1,410
Share premium 7,032 - -
Retained earnings 650 815 990
TOTAL EQUITY 8,112 2,216 2,400
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other
payables - 403 200
Financial liabilities
- borrowings Interest
bearing loans and
borrowings 62 1,401 1,120
Deferred tax 163 162 160
225 1,966 1,480
CURRENT LIABILITIES
Trade and other
payables 4,173 4,800 3,362
Financial liabilities
- borrowings
Bank overdrafts - 94 187
Interest bearing
loans and borrowings 29 438 501
Tax payable 274 258 164
4,476 5,590 4,214
TOTAL LIABILITIES 4,701 7,556 5,694
TOTAL EQUITY AND
LIABILITIES 12,813 9,772 8,094
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHSED 31 JULY 2017
Called Share Retained Total
up share premium earnings equity
capital GBP 000's GBP 000's GBP 000's
GBP 000's
Balance at 31 January
2016 1 - 464 465
Changes in equity
Issue of share
capital 1,400 - - 1,400
Dividends - - (25) (25)
Profit for the
period - - 376 376
Other comprehensive
income - - - -
Balance at 31 July
2016 1,401 - 815 2,216
Changes in equity
Issue of share
capital 9 - - 9
Costs associated
with share issue - - - -
Profit for the
period - - 184 184
Other comprehensive
income - - (9) (9)
Balance at 31 January
2017 1,410 - 990 2,400
Changes in equity
Issue of share
capital 420 7,402 - 7,822
Costs associated
with share issue - (370) - (370)
Redemption of preference
shares (1400) - - (1400)
Dividends - - (7) (7)
Loss for the period - - (31) (31)
Other comprehensive
income - - (302) (302)
Balance at 31 July
2017 430 7,032 650 8,112
CONSOLIDATED CASHFLOW STATEMENT
FOR THE 6 MONTHSED 30 JULY 2017
Cash flows from operating Notes (Unaudited) (Unaudited) (Audited)
activities
6 months 6 months Year ended
to to
31 July 31 July 31 Jan
2017 2016 2017
GBP 000's GBP 000's GBP 000's
Cash generated from
operations 1 85 1,002 (99)
Interest paid (25) (29) (69)
Interest element of
finance lease payments
made (3) (4) (6)
Taxation refund - - 13
Taxation paid (3) (64) -
Net cash from operating
activities 54 905 (161)
Cash flows from investing
activities
Purchase of goodwill - (1,524) (1,524)
Purchase of tangible
fixed assets (264) (41) (216)
Sale of tangible fixed
assets - 18 18
Net cash from investing
activities (264) (1,547) (1,722)
Cash flows from financing
activities
New loans in period 1,250 1,250
Loan repayments in
period (1,515) (63) (267)
Capital repayments
in period (15) (8) (22)
Share issue 7,520 1,400 1,400
Cost of share issue (370) - -
Redemption of preference
shares (1,400) - -
Equity dividends paid (7) (25) (25)
Net cash from financing
activities 4,213 2,554 2,336
(Decrease)/Increase
in cash
and cash equivalents 4,003 1,912 453
Cash and cash equivalents
at beginning
of period 96 (357) (357)
Cash and cash equivalents
at end of period 2 4,099 1,555 96
NOTES TO THE CASH FLOW STATEMENT
FOR THE 6 MONTHSED 31 JULY 2017
1. RECONCILIATION OF PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS
(Unaudited) (Unaudited) (Audited)
6 months 6 months Year ended
to to 31 Jan 2017
31 July 31 July GBP000's
2017 2016
GBP000's GBP000's
Profit before income
tax 86 438 663
Depreciation charges 75 55 125
Impairment of goodwill - 12 24
Profit on disposal
of fixed assets - (3) (3)
Finance costs 28 33 75
189 535 884
(Increase)/Decrease
in inventories (440) (1.384) (967)
(Increase)/Decrease
in trade and other
receivables (274) 168 156
Increase/(Decrease)
in trade and other
payables 610 1,683 (172)
Cash generated from
operations 85 1,002 (99)
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow statement in respect of cash and
cash equivalents are in respect of the statement of financial position amounts:
Period ended 31 July (Unaudited) (Audited)
2017 As at 31 As at 31
July 2017 Jan 2017
GBP000's GBP000's
Cash and cash equivalents 4,099 283
Bank Overdrafts - (187)
4099 96
Period ended 31 July (Unaudited) (Audited)
2016 As at 31 As at 31
July 2016 Jan 2016
GBP000's GBP000's
Cash and cash equivalents 1,649 6
Bank Overdrafts (94) (363)
1,555 (357)
Period ended 31 January (Unaudited) (Audited)
2017 As at 31 As at 31
Jan 2017 Jan 2017
GBP000's GBP000's
Cash and cash equivalents 283 6
Bank Overdrafts (187) (363)
96 (357)
NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS
FOR THE 6 MONTHS ENDED 31 JULY 2017
1. Basis of preparation
These interim financial statements for the six-month period ended 31 July 2017 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable International Financial Reporting Standards as adopted by the European Union ("IFRS") and with those parts of the UK Companies Act 2006 applicable to companies reporting under IFRS as adopted by the European Union. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 January 2018 and which are also consistent with the accounting policies applied for the year ended 31 January 2017 except for the adoption of any new standards and interpretations.
These interim results for the six months ended 31 July 2017 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 January 2017 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified and did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Profit per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares of 9,172,306 (31 July 2016: 100,000 and 31 January 2017: 102,400) outstanding during the period. (The comparative figures weighted average number of shares have been re-stated to reflect the sub-division of share capital on 19 June 2017).
There is no difference between the basic and diluted loss per share.
3. Exceptional items
During the period the Group incurred exceptional costs of GBP740k, of which GBP623k was in respect of achieving a listing on AIM. These AIM costs included GBP483k for legal and professional fees, together with GBP140k paid to the auditors in their capacity as reporting accountants.
4. Called up share capital
(Unaudited) (Unaudited) Audited
31 July 31 July 31 Jan
2017 2016 2017
GBP GBP GBP
Allotted, called up
and fully paid
Ordinary shares of
GBP1 each - 1,000 10,000
Ordinary shares of
1p each 430,000 - -
Preference shares
of GBP1 each - 1,400,000 1,400,000
430,000 1,401,000 1,410,000
1,400,000 GBP1 preference shares were issued at par on 30 June 2016.
A bonus issue of 9,000 GBP1 ordinary shares was announced on 30 January 2017 with 9 ordinary shares being issued for every 1 share held.
On 22 March 2017 the company consolidated its 'A', 'B' 'C' and 'D' class GBP1 ordinary shares into a single class of GBP1 ordinary shares.
On 19 June 2017 the company sub-divided its ordinary share capital with each GBP1 ordinary share being converted into 100 1p ordinary shares.
A bonus issue of 30,250,000 1p ordinary shares was announced on 19 June 2017 with 30.25 ordinary shares being issued for every 1 share held.
On 13 July 2017 the company issued 11,562,500 new 1p ordinary shares at a premium of 63p per share and also redeemed its 1,400,000 GBP1 preference shares.
On 28 July 2017 the company issued 187,493 new 1p ordinary shares at a premium of 63p per share. The number of shares in issue was as follows:
Preference Ordinary Ordinary
GBP1 Shares 1p shares GBP1 shares
No. No. No.
Balance as 31 January
2016 - - 1,000
Balance at 31 July
2016 - - 1,000
Bonus issue - - 9,000
Issued during the
period 1,400,000 - -
Balance at 31 January
2017 1,400,000 - 10,000
Sub-division of shares - 1,000,000 (10,000)
Bonus issue - 30,250,000 -
Issued during the
period - 11,749,993 -
Redemption of shares (1,400,000) - -
Balance at 31 July
2017 - 42,999,993 -
5. Post balance sheet events
On 2 October 2017, the Company acquired the entire issued share capital of Fosters Fishing Limited ("Fosters") for a total consideration of GBP3.0 million payable in cash. In the year to 31(st) March 2017, Fosters generated revenues of cGBP5.9 million and an operating profit before tax of cGBP460,000, with net assets of cGBP1.1 million. Within net assets is the freehold property of the Fosters store, which has been recently valued at GBP0.5million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSSFFAFWSEES
(END) Dow Jones Newswires
October 09, 2017 02:00 ET (06:00 GMT)
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