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Sport & Leisure

Angling Direct FY21 revenues soar 27.1%

Online sales at the fishing retailer increased 39.9% to £35.3m in FY21, accounting for over half of the group’s revenues

Angling Direct, the fishing tackle and equipment retailer, saw group revenue spike 27.1% year-on-year to £67.6m in FY21.

The firm’s gross profit rose 39.5% from £16.6m in FY20 to £23.1m this year, as its EBITDA climbed £5m to £5.7m for the 12 months to 31 January 2021.

Online sales at the fishing retailer increased 39.9% to £35.3m in FY21, accounting for over half of the group’s revenues.

The strong performance was also backed by international sales, which represented 12.4% of total online sales during the period.

Andy Torrance, CEO at Angling Direct, said that the group made “great strides” towards its strategic objectives, “growing revenues” both domestically and internationally.

Looking ahead, the group has already posted a 54% year-on-year increase to its Q1 FY22 sales, and is targeting Germany, France, the Netherlands, Belgium, and Austria as key growth areas.

The group’s net cash has also strengthened its position, totalling £15m at the end of FY21, and £15.5m as of 30 April 2021.

Torrance added: “I am cautiously optimistic when I look to the future: the strong foundations we have put in place through 2020 will ensure the group is able to take advantage of the numerous opportunities that will arise through the remainder of 2021 and beyond.”

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