Revenue growth for Angling Direct
Fishing tackle and equipment group Angling Direct reported a group revenue increase of 5.6 per cent in half year results.
Revenue rose to £45.8m from £43.3m at the same point last year.
UK sales grew 6.2% to £43.5m, up 7.6% during key second quarter trading period
The group, which has shops in Cannock, Halesowen, Shrewsbury, Walsall and Willenhall, said reported adjusted EBITDA was £2.8m for the six months to July 31, which was up 16.9% on last year.
Angling Direct's pre-tax profit jumped 35.7% to £2.3m from £1.7m at the same point last year.
Steve Crowe, CEO of Angling Direct, said: "We have delivered significant progress in the first half and I would like to thank the team for their continued dedication and hard work.
"We successfully completed three acquisitions and increased our UK store estate to 52 while also opening our first European store, in Utrecht, the Netherlands.
"Online sales continued to increase and our focus on availability during peak season resulted in the UK online business taking greater share of the higher ticket item market.
"Looking forward, I am pleased that the strong trading has continued into the second half with revenue in the first two months increasing 19.8% on the same period last year.
"The solid foundations that we have established ensure that the Group is well placed to take advantage of the significant growth opportunities available in the UK, alongside prudent and controlled expansion in Europe which will significantly grow our addressable market and support our longer term growth ambitions.
"The Board is fully focused on the options available for deployment of surplus capital and these continue to develop as opportunities present themselves. We will continue to actively manage the key aspects of both our balance sheet and wider growth strategy for the business, having regard to our overarching objective of maximising shareholder returns."
