Fishing tackle and equipment retailer Angling Direct has reported net losses of £1.5m in its full-year results, attributing the decline to “adverse” post-Christmas trading due to “exceptional flooding”.
For the year ended 31 January 2020, the retailer also reported EBITDA losses (pre IFRS 16) of £500,000 compared with £300,000 in the same period last year.
However, the retailer reported a 42% increase in store sales of £27.9m, compared with £19.7m in 2019, including like-for-like store growth of 12%.
Group sales increased by 27% to £53.2m, compared with £42m in 2019, and online sales grew by 14% to £25.3m compared – up by 8%.
During this period, the retailer revealed its store network increased to 34 sites, which included seven new stores and three acquisitions.
Martyn Page, executive chairman, said: “Last year was a period of rapid expansion for Angling Direct, with major investment going into the opening of ten new stores, three of which were acquisitions, as well as delivering further upgrades to our online business and our own brand products.
“All of these initiatives are designed to enable us to grow market share, protect our margins and improve our customer experience.”
Page said the impact of the Covid-19 pandemic led to the closure of 36 stores but its online business has seen “excellent growth”.
He added: “We are now in the process of preparing to open our stores safely, as we work in accordance with government advice to protect our staff and customers. Covid-19 aside, the board has taken progressive steps to create further operational efficiencies and address the challenges inherent in all rapidly growing businesses.
“We continue to focus on these steps and the opportunity to grow revenue and margins both in the UK and internationally.”