Business
Half-Year Trading Update and New Store Opening
Half-Year Trading Update and New Store Opening.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \nRNS Number : 6332I Angling Direct PLC 12 August 2019 \n\n12 August 2019\n \n \nAngling Direct plc\n(\"Angling Direct\" or the \"Company\")\n \nHalf-Year Trading Update and New Store Opening \n \nAngling Direct plc (AIM: ANG.L), the largest specialist fishing tackle and equipment retailer in the UK, is pleased to announce its trading update for the six months ended 31 July 2019 and that it will publish its interim results on 7 October 2019.\n \nTrading Update \n \nRevenue for the period was in line with management's expectations, increasing by 21 per cent. to £26.52 million in the six months ended 31 July 2019 (2018: £21.94 million). The Company was delighted to achieve strong store and e-commerce sales, in what has been a challenging period for the wider UK retail sector, demonstrating the success of the Company's strategic focus on customer experience and service, as well the growing recognition of the Angling Direct brand. The Company expects to report gross margins for the period of 32.1 per cent. and, with margins stronger in June and July, management remain confident in the outcome for the year.\n \nRetail store sales increased by 41 per cent. to £14.00 million (2018: £9.93 million), boosted by the Company's expanding footprint, with five new stores opening in the period whilst, also improving like-for-like store sales, which were up 15 per cent. on the previous year. At the same time, online sales increased 10 per cent. to £11.90 million (2018: £10.84 million) benefitting from the continued investment in the Company's e-commerce platform and expansion into European markets. Third party websites (eBay & Insurance) were down by 47 per cent to £0.62million (2018: £1.17 million) as the Company migrates customers to its own more profitable online offering. \n \nThe number of unique users visiting the Company's UK website increased by 12.2 per cent., with online conversion up to 5.66 per cent. in the period (2018: 5.24 per cent.). The Company is particularly pleased with the unique user growth of its German website up by 48%, French website up by 52% and Benelux website up by 59% when compared to the same period last year. \n \nThe Company's cash position at the half year remained strong at £13.00 million.\n \nNew Store Opening\n \nStore expansion remains on t...