Acquisitions and store openings boost Angling Direct revenues

Fishing tackle and equipment retailer Angling Direct posted a decline in interim profit on Monday amid rising costs, but a jump in revenue as new store openings and acquisitions lent a hand.

In the six months to the end of July, revenue rose 21% to £26.5m but pre-tax profit fell to £323,000 from £480,000 the year before as distribution costs increased to £1.5m from £1.4m and administrative expenses pushed up to £6.6m from £5.2m.

In-store revenue was 41.4% higher during the half at £14m, while like-for-like sales were up 14.9% and LFL footfall rose 9.8%. Online revenue grew 9.6% to £11.9m.

Executive chairman Martyn Page said: "It has been another highly successful period for the group with strong growth achieved across our network of stores and online. We have successfully executed our strategy to deliver new store openings in the period and have further consolidated the market through selective acquisitions.

"Our retail store portfolio in the UK, which is growing rapidly and to plan, is delivering good results, as are our new German, French and Dutch websites which were launched last year. Our new store opening programme for the next 12 months is progressing as planned with future locations identified."

Angling Direct said the second half had started well, with the opening of two new stores and a record performance in August, with sales up 33% on the previous year. The group said it is on track to meet market expectations.

At 1040 BST, the shares were up 0.9% at 58p.