Angling Direct reports stronger-than-expected H1 trading performance

(Sharecast News) - Fishing tackle and equipment retailer Angling Direct reported a stronger-than-expected first-half trading performance on Wednesday, with revenues boosted by a solid UK performance. Angling Direct said it had delivered "a strong performance" in H126, with total revenue growth of 17.0% to £53.6m. Revenue in its UK business, both in store and online, was up 17.8% in Q2 as it maintained momentum from Q1 into the early months of its peak trading season.

Total UK like-for-like sales grew 14.2%, reflecting the strength of its omni-channel proposition and increasing customer reach, while outside the UK, its first European store in Utrecht saw customer store visits almost triple across June and July, and while the digital European market was said to have remained "challenging", total European sales were up 5.1% at £2.5m.

Net cash and equivalents sank 26.5% to £12.5m, due to Angling Direct's further investment in its UK store rollout and new digital "shelf edge" technology.

Chief executive Steve Crowe said: "Our increasing customer appeal, underpinned by our loyalty fishing club, MyAD, and the associated growth of revenues in our existing UK stores and digital platforms, provides us with further confidence in achieving our medium-term UK revenue target of £100m.

"We remain focused on delivering on our medium-term objectives and during H1 26 we executed further strategic and operational changes to deliver upon these. The board also remains confident that the group is comfortably trading in line with full-year consensus market expectations."

As of 0810 BST, Angling Direct shares were down 2.22% at 44p.

Reporting by Iain Gilbert at Sharecast.com