Angling Direct (LON: ANG), the AIM-listed fishing tackle retailer, said UK like-for-like sales grew 2.9% in its first half despite a UK drought and cost-of-living pressures hitting footfall, in a trading update issued before markets opened today. The shares rose modestly on the news.
The stock traded at 47.46p by mid-morning today, up around 1% from yesterday’s close of 47.0p, but remains below both its 50-day and 200-day moving averages and near the bottom of its 52-week range of 45.5p to 60p.
Group revenue for the six months to 31 July rose 5.1% to £56.4m, up from £53.6m a year earlier, the company said in its half-year trading update ahead of full results due on 13 October. Total UK sales, combining stores and online, climbed 6.9% to £54.6m, with store sales up 6.4% to £32.4m and online sales up 7.5% to £22.1m. Chief executive Steve Crowe said UK like-for-like sales growth of 2.9% came “with our higher ticket categories proving robust – even as fuel prices and a lack of rainfall impact footfall and seasonal demand.”
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Net cash rose to £14.5m, up from £12.5m a year earlier, funding three new UK store openings – in Crawley, Kettering and Gloucester – that took the estate to 60 shops, as well as further share buybacks under a £4m programme running since December 2024, of which £2.6m has now been returned to shareholders, including £0.9m in the first half, leaving £1.4m outstanding. European sales fell 30.4% to £1.8m and remain loss-making, with the company prioritising profitable sales over volume there.
Management reiterated that trading remains in line with full-year consensus expectations of £109m revenue and £5.7m adjusted EBITDA – earnings before interest, tax, depreciation and amortisation – for the year to 31 January 2027.
The muted share reaction suggests the update landed broadly as expected rather than as a surprise beat, with AIM liquidity in the stock thin. Angling Direct’s half-year results, covering the same period in full, are due on 13 October.
