Expansion plans pay dividends as Angling Direct's profits surge

Angling Direct, the UK’s largest fishing tackle specialist, saw revenues and profits jump in the first half of the year.

Revenues were £21.9m in the six months to 31 July, ahead 56% on the same period last year, while gross profits were up 53% at £7.2m. Pre-tax profits came in at £570,000 against £90,000 in 2017.

Like-for-like sales rose 4.2%, despite a 1.2% drop in footfall due to the adverse weather early in the year, while online sales jumped 60% to £11.7m.

The Aim-listed group now has 23 stores.

Chairman Martyn Page said it had been a “highly successful” period: “We have executed on our strategy to develop a strong pipeline of new store openings and acquisitions and remain on track to meet our full-year targets. Our online business has been developing at an exceptional rate and we successfully launched our first international website in Germany.

“Further international expansion is expected to take place, with websites for France and Benelux being developed for the second half of this year.”

Chief executive Darren Bailey added: “The group continues to invest in future growth, both online and in-store. We will continue to review costs and improve operational efficiencies and margins.

“We believe that the platform we have established and the experience we have gained will enable us to achieve robust and sustainable growth.”