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Lockdowns do not halt growth at Angling Direct

Fishing tackle retailer Angling Direct (LON: ANG) has coped with the past year relatively well. Call and collect helped to bolster store sales and online demand soared.

In the year to January 2021, retail store sales were 15% higher at £32.3m, although that does include newly opened stores. Online sales were two-fifths higher at £35.3m, taking over as the larger generator of revenues. Overall revenues were 27% higher at £67.6m.

Angling Direct moved back into profit helped by improved gross margins. Pre-tax profit was £2.6m and there was £6.9m of cash generated from operations. However, it should be noted that £1.53m was received in government grants.

Own brand (Advanta) products were 4.8% of sales, up from 2.8%. Net cash was £15m at the end of January 2021, thanks to good stock c...

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