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Angling Direct has seen revenues rise by 2.2% to £74.1m in FY23, in line with expectations, as sales rose despite “significant” consumer headwinds across its key markets.
The group said its growth was underpinned by “robust” store sales, which rose by 6.8% to £41.3m, as its store roll out strategy continued.
The total number of stores increased from 42 to 45 in the year, with new openings in Washington (July), Coventry (August) and Stockton-on-Tees (September). These new stores contributed £0.9m of sales in the year.
Total online sales fell by 3.0% to £32.8m, down from £33.8m in FY22. UK online sales, representing 90% of total online sales, decreased by 4.8%, driven by tough H1 comparatives. However, UK online sales returned to growth in H2.
Furthermore, despite online sales falling across the year as a whole, UK online sales were still 57.9% above pre-Covid levels, “illustrating a significant step change in the group’s omni-channel offering”.
Andy Torrance, CEO of Angling Direct, said: “We are pleased with the progress achieved in FY23 despite the difficult macro-economic environment. Following the opening of our European Distribution centre in March, it was particularly pleasing to see such strong sales growth in Europe, which is further evidence of the opportunity that lies ahead for the group.
“Angling Direct’s leading omni-channel model, combined with the strategic and operational progress achieved in FY23, leaves the company well placed to benefit from ongoing consolidation in the industry. The group will therefore continue to invest, where prudent to do so, in order to drive market share growth, leveraging its strong balance sheet, to ensure it is best placed competitively to benefit when consumer confidence returns.”
He added: “Ahead of the start of the 2023 fishing season, the board re-affirms its view that the company is well-placed to capitalise on the opportunities ahead and gain market share both within the UK and Europe whilst remaining vigilant as to continuing challenges for consumers in the macro-environment.”
