Angling Direct profit held back by store investment

Investment in growing the business means that fishing tackle retailer Angling Direct (LON:ANG) reported a fall in interim pre-tax profit. That was not a surprise and the benefits of the growth in the retail estate will take time to show through.

The first half is the profitable period of the business, but much higher administrative costs meant that interim pre-tax profit fell from £480,000 to £323,000, while revenues were one-fifth higher at £26.5m. Excluding exceptional costs, last year there was a full year loss of £255,000.

The company prefers to point to EBITDA, which is more flatter...

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.