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Fishing and tackle equipment retailer, Angling Direct, revealed that group revenues increased by 11.4% to £43.3m in the six months ended 31 July.
This comes as the group’s retail store estate experienced another strong period of growth, with total store sales increasing by 11.3% against H1 FY23. Meanwhile, UK online sales grew 8.3%.
As a result, UK EBITDA increased by 24.1% to £2.8m during the period, while operating cash flow hit £5.5m from £2.4m in H1 FY22.
The group also ended H1 FY24 with a strong balance sheet, as net cash reached £17.6m by 31 July from £14.1m at the beginning of the year.
According to Angling Direct, it remains “well capitalised and securely positioned” to continue investing in strategic opportunities to capture further market share in the UK and Europe
Steve Crowe, CEO of Angling Direct, said: “We are pleased to have achieved robust sales growth during H1 FY24. In the UK, we achieved strong growth in both retail stores and online sales. Simultaneously, we made strong progress in growing our store estate and unveiling our MyAD loyalty programme.
“Despite the more competitive market conditions in Europe, European sales in H1 FY24 were 39.9% ahead of H1 FY23, re-validating the significant growth opportunity that Europe represents for the business.”
He added: “The board is optimistic about the long-term growth prospects of the group, underpinned by its robust balance sheet. The UK angling market remains resilient, with strong demand for a compelling product offering alongside quality service.”
