Angling Direct : Annual Results Presentation 2021

2021 Full Year Results

for the 12 months to 31 January 2021

May 2021

01

Agenda

FY21 Highlights & Strategic Progress

FY21 Financial Overview

Business Review

Summary & Outlook

02

FY21 Overview

Financial highlights

• Group revenue increased 27.1% to £67.6m (FY20: £53.2m)
• Online sales up 39.9% to £35.3m (FY20: £25.2m), with international sales accounting for 12.4% of total online sales
• Retail store sales up 15.5% to £32.3m (FY20: £27.9m), despite impact of national lockdowns
• Gross profit of £23.1m, up 39.5% (FY20: £16.6m) with a 300bps improvement in gross margin to 34.2% (FY20: 31.2%), underpinned by more disciplined approach to pricing and inventory management
• Operating cashflow up 825% to £6.9m
• EBITDA (post IFRS 16) of £5.7m (FY20: £0.7m)
• Profit before tax of £2.6m, up 279% (FY20: (£1.5m loss))
• Basic earnings per share of 3.33p (FY20: (2.03p loss))
• Strong balance sheet with Group net cash of £15.0m at 31 January 2021

Operational highlights

• Web platform upgrade delivering new and improved customer journey functionality across UK and international websites (.uk, .de, .fr, .nl)
• Online direct wage cost efficiency improvement of 240 bps to 3.6% of sales alongside distribution centre reconfiguration
• Four new stores opened (Warrington, Bristol, Northampton, Leicester) in strategically located, high density fishing catchments, bringing store estate total to 38 at period end (FY20: 34)
• Post period-end opening of new Redditch store (February) and Sittingbourne re-sited (April)
• Growing contribution from higher margin own brand Advanta range, representing 4.8% of total sales (FY20 2.8%)
• Became exclusive retail partner of Angling Trust's Get Fishing campaign; at least two Angling Trust qualified fishing coaches now in each store
• Key hires within growth critical areas of Web development, Technology, Buying, Finance and Operations

03

FY21 Highlights

Sales

Profitability

TOTAL REVENUE GROWTH

GROSS MARGIN %

FY21

£67.6m

FY21

34.2%

FY20

£53.2m

FY20

31.2%

FY19

FY19

£42.0m

32.9%

£67.6m

34.2%

+27.1%

+300 bps

NATIVE WEBSITE COUNTRY REVENUE GROWTH

EBITDA - PRE IFRS 16

FY21

£2.9m

FY21

£4.0m

FY20

£2.1m

FY20

-£0.5m

FY19

£1.4m

FY19

£0.3m

£2.9m

£4.0m

Websites

UK WEBSITE VISITORS

FY21	7.4m

FY20 4.9m

FY19 4.0m

7.4m

+50%

UK WEBSITE CONVERSION

FY21	5.9%
FY20
5.9%

FY195.5%

5.9%

+35.0%

+958%

+3bps

04

Evolving Strategy

Purpose - Inspiring everyone to get outdoors and enjoy an exceptional fishing experience

Ambition - To become Europe's first choice omni-channel fishing tackle destination, for all anglers regardless of experience or ability

Strategic Pillars

Product Authority	Customer Experience
▪	The most comprehensive	▪ The very best digital and physical
	range all major fishing	retail interactions to:
	disciplines	o drive conversion
▪	Always delivering choice,	o create loyal customers
	value, quality and availability

o prompt recommendation

Inspiration and Advice

• Making fishing accessible to all
• Providing friendly advice, education and inspiration to all sections of the angling community

Responsibility

• Actively engaging the fishing community
• Promoting environmental best practices
• Best employers in our market

Underpinned By Key Enablers

Our founding philosophies -

Inspirational, passionate, trustworthy and genuine - these are the values that form our frame of reference for the business decisions we take each day

Our colleague knowledge, experience and passion -

Are crucial for inspiring anglers of all backgrounds and abilities to stretch themselves and seek more from their fishing

Our contemporary digital technologies -

Facilitate our growth, stand us apart and uniquely position us to grow market share

Our value based, data driven decision making -

Underpins and directs all that we do, ensuring that we maximise value for all our stakeholders