Angling Direct swings to loss and blames winter flooding and store acquisitions

angling direct

Specialist retailer Angling Direct reported a net loss before tax for the last financial year, which it blamed on new store acquisitions and a disappointing post-Christmas trading period.

The retailer reported for the 12 months to January 31, 2020, an EBITDA loss of £0.5m and a net loss before income tax of £1.5m and said the “exceptional winter flooding” at the beginning of the year reduced fishing activity in the UK.

Group sales for the year rose 27% up to £53.2m, with stores sales rising 42% to £27.9m with like-for-like store growth of 12%. Online sales meanwhile grew 14% to £25.3m, with international sales seeing an 8% surge.

During the year, Angling Direct opened 10 new stores bringing its estate to 34 and continued its investment in online, native language websites in France and the Netherlands, as well as in Germany.

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