Angling Direct (LSE:ANG) reported record full-year revenue of £103.9 million for the year ended 31 January 2026, supported by strong growth across both its retail store network and online operations.
UK sales increased 14.8% to £99.2 million during the period, helping drive a significant improvement in profitability. Adjusted EBITDA rose 42.9% to £4.8 million, while gross margin expanded to 37.6%.
The fishing tackle retailer also maintained a strong balance sheet, ending the year with a net cash position of £10.9 million. During the period, the company returned £2 million to shareholders through a share buyback programme that reduced the total share count by approximately 6%.
Operationally, Angling Direct continued expanding its MyAD loyalty and membership platform, with UK membership increasing nearly 47% to more than 600,000 users. The company also opened six additional stores during the year, taking its estate to 58 locations.
Management acknowledged softer recent trading conditions and some modest cost pressures linked to disruption stemming from the conflict in the Middle East. However, the company said it remains comfortable with FY27 expectations and has upgraded several of its medium-term growth targets.
These include a revised UK revenue target of £125 million, higher EBITDA ambitions and continued international expansion across Germany and the Netherlands. Management also reiterated its focus on disciplined capital allocation and responsible employment practices as part of its broader growth strategy.
The company’s outlook is supported by strong financial performance and recent operational progress, although technical indicators currently suggest weaker short-term momentum. Valuation metrics remain moderately attractive, while the absence of updated earnings call guidance limits visibility into longer-term expectations.
More about Angling Direct Plc
Angling Direct Plc is the UK’s largest omni-channel fishing tackle retailer, operating both physical stores and digital sales platforms across the UK and Europe. Headquartered in Norfolk, the company sells more than 25,000 fishing products from major third-party brands alongside its own Advanta and Discover ranges. Angling Direct also operates the MyAD Fishing Club platform and maintains dedicated e-commerce websites in markets including Germany, France and the Netherlands.
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