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British fishing equipment retailer Angling Direct has reported pre-tax profits of £1.5m in FY24, up from £700,000 the prior year.
It also recorded revenues of £81.7m, up 10.2% in the financial year to 31 January 2024. Store sales increased by 7.6% to £44.4m (2023 £41.3m) and online sales increased by 13.5% to £37.2m from £32.8m.
This growth was driven by the launch of MyAD, the group’s omni-channel customer loyalty scheme.
Within this, UK online sales increased by 11.1% to £32.9m, achieving a return to growth. Significantly, UK online sales are now 62.8% above pre-Covid levels.
Moreover the group’s total gross margin increased by 10 bps to 34.9% (FY23: 34.8%), due to improvement in own brand customer engagement.
Since the year end, the company has opened three stores in the UK and its first European store, being a mix of new stores as well as acquiring smaller footprint existing fishing tackle stores in new catchments.
This takes its total to 50 UK stores and one European store, with further UK openings in the pipeline through the year.
Additionally, Angling Direct also opened its first store in Utrecht, the Netherlands, following the establishment of its European distribution centre which commenced deliveries in March 2022.
Steve Crowe, CEO of Angling Direct, said: “The opening of this store is a significant milestone for Angling Direct, enabling our European customers to participate in the full Angling Direct omni-channel proposition.
“We are now firmly embedded as the clear UK market leader and have established a growing strategic presence within key markets in Europe.”
