Business
Annual results date and Covid-19 trading update
Annual results date and Covid-19 trading update.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \n \n RNS Number : 5584M\n Angling Direct PLC\n 12 May 2020\n \n \n \n \n 12 May 2020\n \n \n Angling Direct plc\n \n \n (\"Angling Direct\", the \"Group\" or the \"Company\")\n \n Annual results release date and further Covid-19 trading update\n \n Audited results for the year ended 31 January 2020 - change of release date\n Angling Direct, the largest specialist fishing tackle and equipment retailer in the UK, announces that the publication of its audited results for the year ended 31 January 2020 (\"FY20 Results\"), originally scheduled for release on 13 May 2020, will now be released on 3 June 2020. Audit of the FY20 Results is well advanced, however, due to the disruption caused by Covid-19-related remote working restrictions, it has not been possible for the Company's auditors to finalise their work. The Board has therefore decided to postpone release of the FY20 Results to provide the Company's auditors with more time to complete their processes satisfactorily. \n \n \n \n \n As per previous guidance, the Board reiterates its expectation that the Group will report turnover of £53.1 million and a pre IFRS 16 EBITDA loss of no more than £0.5 million for the year ended 31 January 2020 (\"FY20\").\n \n \n \n \n \n Further Covid-19 trading update\n \n \n The positive trends noted in the update announced on 6 April 2020, namely encouraging levels of trade across the Company's webstores in both the UK and international markets, have continued over recent weeks. Online sales in April 2020 were up 24% against the prior year, with a further acceleration of these trends experienced in May 2020 to date. Pleasingly, additional investment made last year in our French, German and Dutch websites is already generating significant growth in international sales and improved conversion rates. \n \n \n \n \n \n Cash at 30 April 2020 was £6.0 million, with the Company also having access to a £2.5 million undrawn credit facility until September 2020. As and when lockdown restrictions are eased, the Board expects that the Company's cash and working capital position will begin to return to more normal levels as re-stocking commences and normal supplier payment patterns are resumed. \n \n \n \n \n \n We welcome the news from the UK Government that fishing is one of the sports where restrictions will be ...