Andy Torrance, who joined the business in October last year, is the new CEO of Angling Direct.
The UK’s largest fishing tackle retailer, which replaced its CEO last week, has announced that it expects a loss ‘of not more than’ £500,000 before tax for the year ended January 31st, 2020.
Angling Direct said that a disappointing post-Christmas trading period, which was hit by flooding in many regions of the UK, impacted on its profits.
The company’s leader for the last 17 years, Darren Bailey, resigned last week and was replaced by Andy Torrance, who joined the Board as Non-Executive Director in October 2019.
The company said it expected to report revenue for the period of £53.1m, an increase of 26.5% compared with the same period in the previous year (2019: £42m). It continued to grow sales both instore and online. Bricks and mortar sales were up 41.3% to £27.9m and 12% on a like-for-like basis.
Online sales grew to £25.2m, an increase of 13.3%, with growth across its European networks which include Germany (24.6%), France (70.9%) and the Netherlands (86.7%). Total international sales increased by 7.6% to £5m, accounting for 19.9% of total online sales.
It told investors: “Notwithstanding the strong growth the company has delivered this year, a disappointing trading period post-Christmas, influenced by exceptional winter flooding, has impacted profits. The lower levels of fishing activity meant that the higher margin, consumable products were hit disproportionately.”
It added that it continues to have a strong balance sheet and held cash of £5.9m at the end of its financial year.
(Posed in Angling International by Anthony)