Angling Direct update fails to hook investors

AIM-listed specialist retailer Angling Direct (LON:ANG) has seen its shares sink by 4.78% to 75.22p (as of 14:15 GMT) despite announcing that revenues for the year ended 31st January increased by 27%. Management said that strong online demand had driven growth, but in shop sales had also risen despite the enforced closure of retail branches. Management believe that the company is well placed for the current period, but warned of continuing uncertainties regarding COVID.

CEO Andy Torrance commented: “On behalf of the Board I would like to take this opportunity to thank all Angling Direct employees who have worked tirelessly throughout the COVID-19 pandemic, often in challenging circumstances, to deliver for our growing customer community. I am pleased with the performance that we have delivered through FY21, with good progress made on all fronts, both operationally and strategically, and look forward to reopening our stores in April, in line with the government’s roadmap as announced on 22 February 2021. The actions taken in FY21 ensure that the Company is well positioned to withstand future challenges and I firmly believe that when we are through the other side of the pandemic, the Company’s market leading omni-channel offering and scale will enable us to continue on our growth trajectory in the UK and internationally, as angling grows in popularity“.