Fishing retailer catches sales boost to defy summer drought

cityam

Aug 19

Angling Direct said it is growing UK market share (Lesley Martin/PA Wire) The UK’s largest fishing shop has posted a surge in sales to defy fears that the record drought is impacting the country’s ...

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The group’s revenue jumped by five per cent to £56.4m in the first half of the year. Angling Direct also opened three new stores during the period, bringing its total network to 60 sites across the UK. Crowe said the retailer’s big-ticket categories are proving “robust” despite rising fuel prices and the “ongoing headwinds in the consumer sector”. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Norwich-based firm is “making further progress against our recently upgraded medium-term objectives and gaining further share of the UK angling market,” he added.\n\nOn track for £100m turnoverThe UK has been hit with a record drought this summer, as rainfall dropped to less than one per cent across parts of southern and southeastern England.River flows in 78 per cent of English rivers fell below normal levels in July, with one sixth classed as exceptionally low, but Crowe said demand for fishing tackle has held up.Despite growing sales in the UK, Angling Direct has seen revenue plummet in its European business. The group’s turnover in Europe fell by more than 30 per cent to £2.5m, which it blamed on “a challenging” fishing market on the continent.\n\n“The company has continued its focus on key markets in Germany and the Netherlands, with our European business trading in line with the Board’s expectations during [the first half of the year],” the group said.Angling Direct said it is on track to meet expectations of £109m revenue and £5.7m adjusted earnings by year-end.The firm’s shares rose by 1.5 per cent to 47p in early trading.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}