Sparks

Following the trading update in August in which it reported a 5.6% increase in group revenue for H125, reaching £45.8m, Angling Direct has released results for the period. Revenue growth reflected solid growth across its UK operations. UK retail store sales were a standout, growing by 8.4% to £26.4m, supported by new store openings and improved footfall. Online UK sales also rose by 2.8% to £17.0m, driven by an increase in customer numbers and transaction volumes. Compounding the good revenue growth there was an even better increase in profitability. Gross profit grew by 10.6%, with margins up 160bp to 36.7%, partly fuelled by stronger sales of in-house brands. Adjusted EBITDA improved by 17.0% to £2.8m and PBT saw a significant 35.7% jump to £2.3m. Despite a slight decline in net cash to £17.0m, the company remains financially robust and well-positioned to capitalise on future growth opportunities, supported by this cash position and steady progress in both its UK and European markets. The current trading statement indicates that Angling Direct has started H2 well, with revenue increasing by just under 20% in the first two months. The company is confident of meeting consensus expectations for FY25.