Fishing tackle retailer Angling Direct (ANG:AIM) has reported better than expected sales in the year to 31 January 2018 at £30.2m, a 44% increase year-on-year.

This was driven by new store openings and acquisitions, robust like-for-like store sales growth of 9% and the benefits of e-commerce investment. Online sales were also very strong, up 54% to £16.1m.

Stockbroker Cenkos has upgraded its year to 31 January 2019 revenue estimate by 3% to £41.3m. Analyst Tom Callan predicts 22% growth in adjusted pre-tax profit to £1.1m in the new financial year, rising to £1.4m in the following year.

Angling Direct still has but a minimal share of the UK fishing tackle market, meaning there is scope for significant organic and acquisitive gains in the future.

Excitingly, Angling Direct is looking to grow online in Germany, where it has just launched a dedicated website, as well as France and the Benelux, all of which have large angling markets. Management also believe Russia offers compelling opportunities too. (JC)

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