TIDMANG
RNS Number : 3768W
Angling Direct PLC
18 August 2020
18 August 2020
Angling Direct plc
("Angling Direct" or the "Company")
Half-Year Trading Update and Notice of Results
Angling Direct plc (AIM: ANG), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce its
trading update for the six months ended 31 July 2020.
Highlights:
-- Revenue up 21% to GBP32.1m (H1 2020: GBP26.5m)
-- Online sales up 43% to GBP17.9m (H1 2020: GBP12.5m)
-- Key European territories have performed well, with sales to
Germany up 33%, France up 62% and Netherlands up 81%
-- All UK stores safely and successfully reopened, with
like-for-like sales growth of 75% between 15 June - 31 July
2020
-- Sales across all channels from 15 June - 31 July 2020 up 95%
-- Net cash and cash equivalents at 31 July 2020: GBP21.0m (31 July 2019: GBP13.3m)
Revenue for the period increased by 21% to GBP32.1m in the six
months ended 31 July 2020 (H1 2020: GBP26.5). Despite all retail
stores being closed between 24 March and 14 June due to government
restrictions during the coronavirus lockdown, the Company was very
pleased to achieve strong online sales both in the UK and
internationally. The Company's web distribution centre was able to
safely operate during lockdown, facilitated by drawing on existing
stock levels as well as stock held in closed retail stores . Since
restrictions were lifted and all stores safely re-opened on 15
June, sales across all channels have continued to grow strongly ,
exhibiting growth between 15 June - 31 July 2020 of 95% .
Online sales in the period grew by 43% to GBP17.9m (H1 2020:
GBP12.5m), which alongside continued momentum in the UK , reflected
further progression of the Company's native language international
web platforms. Sales to Germany grew by 33%, France by 62% and
Netherlands by 81%. As the Company continues to focus on expanding
more profitable web channels, other international sales, eBay and
insurance sales decreased by GBP0.8m, 36 % in total. The number of
unique visitors to the Company's UK website increased by 1.3m in
the period to 3.7m, with over 70,000 new customers completing a
purchase.
Total store sales in the period increased 1.6% to GBP14.2m (H1
2020: GBP14m). Like-for-like (L4L) store sales were down by 23 %
for the period, as a consequence of the unavoidable impact of store
closures. However, this has recovered strongly in the period since
re-opening, with LFL growth of 75 % from 15 June - 31 July 2020.
Working in accordance with lockdown restrictions , the Company
opened three new stores in the period: Warrington (Feb 2020),
Bristol (June 2020, with enhanced sea fishing ranges) and
Northampton (July 2020 ), contributing GBP0.9m to sales.
Due to the strength of trading, associated cash conversion and
working capital timing, the Company's cash position at the half
year has grown strongly to GBP21.0m . In the period the Company
raised GBP5.5m (gross) from a placing of new ordinary shares and
arranged a GBP2.5m short term credit facility that remains
undrawn.
Despite significant management time being appropriately invested
in dealing with the unique challenges presented by Covid-19 , the
Board remained focused on delivering its long-term strategy of
profitable growth and the Company made good progress in the key
areas of developing margin, increasing own brand sales penetration,
improving working capital and leveraging efficiencies from previous
supply chain and store investments.
Looking ahead, the Board believes that it is very well- placed
within its market to benefit from "staycations" over the summer
months, as well as heightened interest in angling as customers seek
to take advantage of its numerous wellbeing benefits. The impact of
Covid-19 has created an exceptional sales period, with pent-up
demand certainly experienced as a consequence of fisheries being
closed for almost two months. Whilst the extent to which some of
the exceptional trends will continue longer-term is not yet clear,
with no further Covid-19 restrictions, the Board is expecting sales
to begin reverting to more normal trading patterns during the
remainder of the year. The strong balance sheet means the Company
is well positioned to withstand any further challenges, whilst also
continuing to invest in key growth areas.
Notice of results
The Company will announce its half year results for the six
months ended 31 July 2020 on 14 October 2020.
For further information please contact:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Andy Torrance, Chief Executive
Officer
Steven Crowe, Chief Financial
Officer
N+1 Singer - NOMAD and Broker
Peter Steel, Alex Bond (Corporate
Finance)
Tom Salvesen (Corporate Broking) +44 (0) 20 7496 3000
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Annabel Atkins +44 (0) 7983 557 851
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
About Angling Direct
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of retail stores, located throughout
the UK as well as through its own websites
(www.anglingdirect.co.uk, .de, .fr and .nl) and other third-party
websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2002, the Company's founders acquired interests in
a number of small independent fishing tackle shops in Norfolk and,
in 2002, they acquired a significant premise in Norwich, which was
branded Angling Direct. Since 2002, the Company has continued to
acquire or open new stores, taking the total number up to 36 retail
stores. In 2015, the Company opened a 30,000 sq. ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located. The Company has an established, and rapidly
growing, presence in Europe with native language websites set up in
key regions to address demand.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
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END
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