By Michael Susin
Angling Direct, the U.K.’s leading fishing-tackle and equipment retailer, announced on Wednesday that it is projected to meet market expectations for its fiscal year 2024. The company anticipates continued sales momentum in the U.K. market and growth in European sales during the first half of the year.
Expected Revenue and Adjusted Ebitda Figures
Angling Direct aims to deliver revenue of £83.0 million ($105.7 million) for the year ending January 31. Its forecasted adjusted Ebitda, which excludes exceptional and one-off items, is £2.7 million. These projected figures align with company-provided market expectations.
Strong First-Half Performance
In the first six months of the fiscal year, Angling Direct experienced a notable rise in revenue. The company’s total U.K. sales increased by 10% to reach £40.9 million, with higher store sales driving this growth. Additionally, European online sales rose from £1.7 million to £2.4 million, largely bolstered by remarkable progress in Germany.
CEO’s Strategic Focus
Chief Executive Steve Crowe highlighted the company’s ongoing commitment to gaining market share in both the U.K. and Europe. Crowe emphasized the proactive management of all aspects of Angling Direct’s operations, aiming to improve gross and operating margins while mitigating cost inflation.
