Angling Direct accelerates online sales growth and eyes reopening physical stores
Angling Direct has reiterated its guidance after “encouraging” levels of trading across the firm’s online stores amid the coronavirus outbreak.
Online sales in April were up 24 per cent year-on-year with a “further acceleration of these trends experienced in May 2020 to date.”
Additionally, the retailer said investment in Angling Direct’s French, German and Dutch websites is generating significant growth in international sales.
The retailer was due to release its full-year results on Wednesday but has rescheduled for next month to give auditors additional time. It reiterated its expectation that the firm will report turnover of £53.1m and an Ebitda loss of around £500,000 for the year ended 31 January 2020.
Last month it scrapped previous market guidance, saying the scale of the impact will be dependent on how the situation develops.
Cash at the end of April was around £6m, with the company also having access to a £2.5m undrawn credit facility until September 2020.
The firm secured the new credit facility last month to help cope with the impact of coronavirus. It secured the facility with Natwest after it was forced to furlough staff and close all of its stores after the UK entered the coronavirus lockdown.
Angling Direct is planning to reopen physical stores when allowed and with sufficient safety measures in place. It comes after the government announced fishing would be one of the sporting activities allowed as lockdown restrictions are eased from Wednesday.
Shares in Angling Direct jumped 9.54 per cent.