What Angling Direct does:
Angling Direct is AIM-listed and the largest specialist fishing tackle and equipment retailer in the UK through its network of stores and websites.
Angling Direct specialises in carp fishing, which makes up 65% of the business.
Angling Direct closed its retail stores in March until further notice but its online offering stayed operational.
The largest specialist fishing tackle and equipment retailer in the UK has shuttered its shops in compliance with the government’s overnight directive.
It noted the measures of support that have been put in place by the government and expects to be a beneficiary of all that are applicable to the company.
Online sales in April were up 24% year-on-year, while sales in May picked up by even more.
Cash at the end of April was around £6.0mln, with the company also having access to a £2.5mln undrawn credit facility until September 2020.
Fishing was allowed to resume in May.
Results for the year to the end of January will show revenues of £53.1mln while the underlying loss (LBITDA) on a pre-IFRS 16 accounting standards basis will be £500,000 or less.
- The company is doing well despite the UK retail crisis thanks to its niche offering
- Online marketing has been one of the key areas of investment to improve the customer experience
- Once more normal conditions return, the group should be in a strong position to build market share
Angling Direct is tapping into the £400mln UK fishing market with relatively low competition.
Angling wants to attract more people into fishing, such as the younger generations, as well as bringing back those who have left it behind, to build its own community of customers.
While the current strategy revolves around growth, Angling will look at establishing a dividend policy in the medium term.
The firm has also been active in reducing its environmental impact by reducing the amount of packaging and encouraging fishing line recycling, which subsequently reduce costs.