Online sales help fishing retailer reel in whopping turnover

Angling Direct on Aylsham Road.Byline: Sonya DuncanCopyright: Archant 2017

Angling Direct on Aylsham Road.Byline: Sonya DuncanCopyright: Archant 2017 - Credit: Sonya Duncan

The Rackheath-based company, which floated on the stock exchange in July, has said it expects its full year turnover to come in at £30.2m for the year to January 31, a 44% jump from £21m the year before.

The firm said investment in its e-commerce platform had helped it reel in a 54% rise in like-for-like sales while in-store sales increased by 40%.

A pre-close statement from Angling Direct said: 'The directors acknowledge that the growing uncertainty across the wider economic and consumer environment, as well as structural changes in retail buying habits, is likely to result in increased price competition.

'However, as demonstrated during the past year, the company has benefitted from its continued investment in e-commerce and marketing, resulting in greater brand awareness, and as the market leader the directors believe Angling Direct is best placed to succeed in this evolving retail environment.'

The directors added the company planned to continue growing through acquisitions as well as organically.

The company will officially announce its first set of full-year results since joining the Aim list on May 14.

After joining the London Stock Exchange in a £27.4m flotation the company, which started out as a single shop in Wroxham in 1986, has grown to be worth £41.5m.