Angling Direct (AIM:ANG), the AIM-listed omni-channel fishing tackle retailer, reported revenue of £56.4m for the six months to 31 July, up 5.1% on the £53.6m recorded in the same period last year.
The board confirmed the group is trading in line with full-year market expectations, which it said stand at consensus revenue of £109.1m and adjusted EBITDA of £5.7m for the year to 31 January 2027. Earnings (adjusted EBITDA) rose 11.9% to £4.3m, with margin up 50 basis points to 7.7%, while adjusted profit before tax increased 11.2% to £3.3m. Basic earnings per share climbed 10% to 3.20p.
UK sales, which make up the bulk of the group, grew 6.9% to £54.6m, with UK like-for-like revenue up 2.9%.
Store sales rose 6.4% to £32.4m after three new openings in Crawley, Kettering and Gloucester took the UK estate to 60 sites, while like-for-like store sales dipped slightly by 0.2%.
Online sales grew 7.5% to £22.1m, supported by the MyAD loyalty programme, which the company said reached over 696,000 members, up 16% since January.
European sales fell 30.4% to £1.8m, though the European adjusted EBITDA loss narrowed 20% to £0.2m as the business focused on profitable trading in Germany and the Netherlands rather than volume growth.
Group net cash stood at £14.5m at period end, up from £12.5m a year earlier, with adjusted free cash flow strengthening to an inflow of £5m from £3.6m. The company returned £0.9m to shareholders during the period under its buyback programme, which launched in December 2024; it has acquired around 12% of its shares since then, deploying £4.1m at an average price of 44p.
Chief executive Steve Crowe said the first half was "a resilient performance despite the well-documented challenges facing the UK retail sector", pointing to revenue growth of 5.1% and adjusted EBITDA growth of 11.9% as evidence of progress against the group's strategic objectives.
Crowe added that higher-ticket categories held up "even as reduced rainfall impacted footfall and seasonal demand patterns", with demand earlier in the half also affected by the onset of the Iran conflict and the resulting rise in oil prices.
The company said group revenue grew 10.7% in August and September, with UK like-for-like sales benefiting as it continued to acquire customers from store-based rivals unable to keep trading in the current environment.