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Sport & Leisure

Angling Direct sees 19.5% H1 revenue rise

The figure for the six months ended 31 July 2021 represents a 44.8% spike when compared to H1 FY20’s £26.5m revenues

Angling Direct, the fishing tackle and equipment retailer, saw revenues rise 19.5% year-on-year to £38.4m in H1 FY22.

The figure for the six months ended 31 July 2021 represents a 44.8% spike when compared to H1 FY20’s £26.5m revenues.

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Physical retail sales comprised 51.8% of total group sales during the period, an uptick from H1 FY21’s 44.2%.

While UK online sales increased 15.8% year-on-year to £17.2m, international e-commerce sales plummeted 34.2% as a result of “post-Brexit restrictions on bait sales and significant customs border disruption”.

Andy Torrance, CEO at Angling Direct, said: “We are pleased to have delivered a robust financial performance in the first half of the year, building on the operational and strategic progress made last year. 

“Despite the challenges brought about by the pandemic, we have remained focused on driving operational excellence and taking our seamless omni-channel proposition to new and existing angling communities.”

Looking ahead, the group’s board claimed it is confident to achieve an FY22 EBITDA of at least £4m pre-IFRS 16, and £5.7m post-IFRS 16.

Torrance added: “Our market leading offering means we are well positioned to leverage the growing interest in fishing, and we look forward to further updating shareholders at the interim results in October.”

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