Annual sales rise, but profits down at Angling Direct
Fishing tackle chain Angling Direct saw sales rise but a fall in profits for the year to the end of January.
Revenue for the group, which has shops in Halesowen and Willenhall, was up 2.2 per cent to £74.1 million with Uk sales up 1.6 per cent at £71m.
Store sales contributed £41.3m – up 6.8 per cent – with online down three per cent to £32.8m.
Angling Direct's pre-tax profits were down 83.4 per cent to £700,000.
Store sales were hit by the unusually hot weather in the UK and Europe in August last year.
The group now has 46 stores across the country.
In the first quarter of 2023-2024 sales grew by 11.0 per cent with growth across all channels, including accelerated growth in Europe.
Chief executive Andy Torrance said: “The last 12 months have seen Angling Direct continue to grow sales despite significant consumer headwinds, including inflation and cost of living pressures across all of the company’s key markets. Our omni-channel business model continues to demonstrate considerable financial and operational resilience and we are pleased to have increased revenues to £74.1m."
He added: "Looking ahead, we will continue to evolve our customer offering across all channels but with a particular focus on sustainable profitable growth and our European presence."
The group has appointed Sam Copeman as its new chief financial officer. He will join on June 5.
Mr Torrance will step down from his role as chief executive and move to non-executive chairman with Steve Crowe, Angling Direct’s current CFO replacing him as CEO.
Mr Torrance explained: “It’s exciting to announce the appointment of Sam to the role of CFO as we execute on the board succession plan we outlined earlier this year. I believe that Steve and Sam are the right team to lead Angling Direct on its growth journey and I look forward to working with in my new chair role.”
