Angling Direct warns on profits, withdraws guidance
Angling Direct
34.50p
16:55 24/04/24
Fishing equipment retailer Angling Direct issued a profit warning and withdrew market guidance on Monday, having shuttered its stores as a result of the Covid-19 pandemic.
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Angling Direct said it expected to report a material reduction in full-year revenues and profitability but said it had taken action to slash costs - including furloughing employees under the government's job retention scheme to pay 80% of salary up to £2,500 a month.
The company also revealed it had secured a short term £2.5m credit facility from NatWest in order to help manage working capital.
"Due to the inevitable uncertainty caused, the board has decided to withdraw current market guidance and will provide a further update on the anticipated FY21 out-turn only when it believes that there is sufficient clarity," said Angling Direct.
As of 1305 BST, Angling Direct shares had sunk 9.68% to 28p.