Angling Direct plc (AIM: ANG), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce its audited financial results for the twelve months ended 31 January 2019.
- Group sales of £42.0m up by 39% (2018: £30.2m)
- Online sales of £22.3m up by 30% (2018: £17.1m) with international sales up by 112%
- Store sales of £19.7m up by 50% (2018: £13.2m) including like-for-like store growth of 6.2%
- Gross profit of £13.8m up by 40% (2018: £9.9m) with gross margin increasing to 32.9%
- Net cash equivalents at 31 January 2019 of £13.5m (2018: £0.8m)
- Successfully completed a placing raising £20.0m.
- Store network increased to 24 at the year-end (2018: 21), with new stores opened in:
- Guildford (6,500 sq ft),
- Peterborough (3,500 sq ft)
- Preston (3,000 sq ft) - following the acquisition of Ted Carter Fishing Tackle
- Three additional stores opened post year-end including the acquisition of Chapmans Angling, increasing the network to 27 stores. The Group is targeting opening 7 additional stores during the fiscal year
- Continued investment in online marketing including the opening of the German, French and Benelux websites
- ·nternational sales up by 112% exporting to more than 48 countries
- Introduction of the new Kardex stock control and picking system is delivering efficiencies in distribution and warehousing, whilst also future proofing capacity.
Commenting on the results, Martyn Page, Executive Chairman, said: "It has been a transformational year for Angling Direct, achieving record sales across the store network and online. The successful £20.0 million placing in October 2018, has enabled us to accelerate our expansion strategy with three stores opened in the period, cementing Angling Direct's position as the UK's number one fishing tackle retailer."
"As the UK market consolidates, we are seeing a corresponding increase on our margins as the level of discounting from competitors decreases. Coupled with this are encouraging customer habits with increasing numbers of returning customers both in-store and online as Angling Direct becomes the retailer of choice."
"We are excited by the sales growth outside the UK through our native language websites, which will be a key focus for the Group in 2019. The European market is highly fragmented with limited competition online. We expect to increase our market share through targeted marketing campaigns, unrivalled customer experience and carefully considered M&A opportunities."
"The Company has made an excellent start to the fiscal year and, in the first two months like-for-like sales were up by 28.5% and overall sales were up by 50.7% compared to the previous year. We will continue to build on this momentum in the year ahead, with exciting new store openings planned and continued targeted online growth. Our plans for the summer season are progressing very well and the Board is confident that the Company is on track to meet its full year targets."