Heatwave hurts Angling Direct sales
Shop sales grew for Angling Direct in the six months to the end of July, but recent adverse fishing conditions caused by the heatwave and its resulting effect on river levels and fish health has impacted its trading in the usually busy month of August.
The UK specialist fishing tackle retailer, which has shops in Halesowen and Willenhall, had also seen a fall off in online sales in the half year.
The group saw overall revenue grow by 1.3 per cent on the year to £38.9 million with retail store sales ahead 9.8 per cent to £21.9m.
Online sales fell 7.9 per cent to £17m. UK Online sales slipped 11.1 per cent to £15.3m.
Angling Direct recorded sales growth of 5.4 per cent in the first quarter, but pressure on discretionary spending and consumer confidence significantly impacted the second quarter with sales reducing marginally by 1.6 per cent.
During the half year the company opened one new store in Washington in July, and now operates a total of 43 stores across the UK. A further two new stores are scheduled to open in the third quarter.
Angling Direct said the previous year's online sales had been helped by Covid-19 store restrictions.
The focus remains on gaining market share both in the UK and Europe over the medium to long term.
It is still is gaining market share and demonstrating resilience in the UK.
The group now expects to generate revenue marginally below current market expectations for 2022-2023. Earnings before tax are expected to be in the range of between £3m and £3.4m. It had previously expected revenue of £82m and earnings of £4.3m.
The company currently sells over 20,000 fishing tackle products including its own brand Advanta.
