Angling Direct (LSE:ANG) reported a 5.1% increase in group revenue to £56.4 million for the six months ended 31 July 2026, supported by growth across its UK retail stores and online operations.
The fishing tackle and equipment retailer recorded an 11.9% increase in adjusted EBITDA to £4.3 million, while UK revenue rose 6.9% during the period.
The company said its domestic performance reflected contributions from its store network and e-commerce channels, alongside an increased focus on higher-margin own-brand products and operating cost management.
Angling Direct also reported improvements in cash generation, with net cash increasing to £14.5 million at the end of the reporting period.
Adjusted return on capital employed (ROCE) improved to 10.3%, reflecting changes in operating profitability relative to the capital invested in the business.
The group has been expanding its range of own-brand fishing products, including its Advanta and Discover labels, as part of its strategy to develop product margins and customer offerings.
Management said these products contributed to the group’s margin performance during the first half, alongside cost controls and changes to its product mix.
Angling Direct continued investing in its UK retail estate, opening three new stores during the six-month period.
The additions expanded its physical retail network and formed part of the company’s strategy to increase its geographical coverage and serve customers through both stores and digital channels.
The group also reported an increase in customer engagement through its MyAD Fishing Club membership programme.
Membership rose 16% to approximately 696,000, reflecting continued growth in the retailer’s customer loyalty and digital engagement activities.
Angling Direct said the number of customers using its combined store and online channels also increased during the period, although the supplied update did not provide a specific figure for this growth.
The company operates an omni-channel retail model, allowing customers to purchase products through its physical stores, websites and associated digital services.
Its MyAD Fishing Club platform forms part of this approach, providing a means of maintaining customer relationships and supporting engagement across different sales channels.
Management also highlighted customer gains from competing retailers, attributing part of its UK performance to changes in the competitive environment.
The company has been seeking to increase its share of the UK specialist fishing tackle market through store openings, digital investment and the expansion of its product range.
Alongside its operational activities, Angling Direct continued its share repurchase programme.
The group said buybacks completed since late 2024 represented approximately 12% of its equity, reflecting the scale of shares repurchased over that period.
The company has been returning capital to shareholders while maintaining investment in its retail operations and digital infrastructure.
Following the end of the first half, Angling Direct reported continued sales activity during August and September, with management highlighting trading performance across its UK business.
The board confirmed that the group’s performance remained in line with full-year market expectations.
The company did not provide revised numerical guidance for annual revenue or profitability in the supplied update.
Angling Direct continues to develop its European online operations through local-language websites and its distribution infrastructure in the Netherlands.
These activities form part of its longer-term strategy to expand sales outside the UK while maintaining its domestic retail and e-commerce operations.
The company’s current priorities include developing its UK store network, increasing customer participation in its digital platforms, expanding own-brand sales and managing operating costs.
With first-half revenue of £56.4 million and adjusted EBITDA of £4.3 million, Angling Direct enters the second half of FY27 with management maintaining its existing full-year expectations.
About Angling Direct Plc
Angling Direct Plc is a UK-based specialist retailer of fishing tackle, equipment and related accessories, operating through physical stores and online sales channels.
Headquartered in Norfolk, the company offers more than 25,000 product lines, including products from established fishing equipment manufacturers and its own Advanta and Discover brands.
Its UK operations combine a nationwide retail store network with an e-commerce platform and the MyAD Fishing Club customer membership programme.
The group also serves customers in selected European markets through local-language websites and a distribution facility in the Netherlands.
Angling Direct employs more than 500 people and provides products for different types of recreational fishing, including coarse, carp, sea and game fishing.
The company’s activities include specialist retailing, product development, digital customer services and community engagement initiatives intended to encourage participation in angling.
Its business strategy focuses on developing its UK retail presence, expanding online operations and increasing sales through its own-brand product portfolio.
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