Angling Direct reels in £42m revenue in end of year results
PUBLISHED: 10:12 18 February 2019 | UPDATED: 11:22 18 February 2019
Angling Direct, the largest specialist fishing tackle and equipment retailer in the UK, is expecting full year revenue to soar to £42m.
The Norfolk-born company said in a pre-close trading update that it expects to see revenue increase by 38.9% compared to this time last year, when the figure stood at £30.24m.
The group was founded by Martyn Page and William Hill in 1986, who bought a single fishing tackle shop in Wroxham.
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More than 30 years later, the fishing equipment outlet has 23 stores, and will open 20 more in the next two years thanks to an institutional investment round last year worth £20m.
Shaking off the trend of other British retailers, Angling Direct saw its stores sales increase ahead of its online sales - though both grew significantly.
Sales made in bricks and mortar stores were up 50%, raking in £19.74m - up 6.2% on a like-for-like basis.
Although online sales brought in more sales at £22.26m, growth was slightly slower at 30%.
However, the company has said it will continue to invest in its web platforms as well as developing international website.
International sales increased by 98% to £4.66m and now account for 20.9% of the group’s online sales - where last year it contributed 13.8%.
Shipments from Angling Direct now go to 49 different countries.
This significant progress was supported by the launch of the group’s German website in June 2018 and Netherlands and French websites which went live towards the end of the year.
Germany was the biggest international customer market, accounting for 3.6% of total online sales, whilst the second and third top international markets were Russia and France, which accounted for 3.5% and 2.1% of total online sales respectively.
A spokesman said: “The board is delighted with the international reach that the company now has and also that the business has been structured in preparation for Brexit, given the very high percentage of stocks coming from the Far East.
“Inventory numbers in general are good and the business does not foresee any disruption to supply throughout the next few months, regardless of any Brexit outcome.”