AUS
NZ
UK
CA
USA
IND
Fishing tackle and equipment retailer Angling Direct (LSE:ANG) reported on Wednesday a revenue increase for the six months ending 31 July, bolstering its confidence in meeting full-year market expectations.
The company revealed that interim revenues grew by 5.6%, reaching £45.8 million. Within this, UK retail sales saw an 8.4% rise to £26.4 million, while UK online sales increased by 2.8% to £17.0 million. European sales remained stable at £2.4 million year-on-year.
Angling Direct attributed its strong revenue performance to effective strategies in third-party product assortment and availability, a compelling own-brand offering, and the expansion of its MyAD customer loyalty program, which now boasts over 330,000 subscribers.
Chief Executive Steve Crowe commented on the company's progress, highlighting the successful expansion of the UK store network and the growth of the MyAD loyalty club. This progress, alongside revenue increases in existing UK stores and digital platforms, has reinforced confidence in achieving the medium-term UK revenue goal of £100 million.
Crowe further noted that the company remains committed to its medium-term objectives, as outlined in the final results announcement on 14 May 2024. During the first half of the year, Angling Direct implemented additional strategic and operational changes aimed at achieving these goals. Further details on these developments will be provided at the interim results presentation scheduled for 8 October.
As of 1050 BST, shares in Angling Direct had risen by 2.96% to 36.55p, reflecting positive market sentiment following the announcement.
