FY21 Half Year Results

October 2020

02

HY21 Overview

Financial highlights

  • Revenue of £32.1m (HY 20: £26.5m) - up 21%
  • Sales across all channels from 15 June 2020 (date stores re-opened) to 31 July 2020 - up 95%
  • Gross profit of £10.8m (HY 20: £8.5m) - up 27%. Gross margin improved by 140 bps to 33.5%
  • EBITDA of £2.9m (HY 20: £1.2m) - up 142%. Pre-IFRS 16 EBITDA of £2.1m (HY 20: £0.8m) - up 163%
  • Net cash and cash equivalents at 31 July 2020 of £21.0m (31 July 2019: £13.3m)
  • Operating cash generation of £11.3m (HY 20: £1.8m) - up 528%
  • Successful placing in June 2020 raising £5.5m (gross) strengthens the balance sheet and provides funds to invest in growth

Operational highlights

  • Online - Material growth in revenue and customer numbers:
    • UK revenues up 62% to £14.8m (HY 20: £9.2m)
    • Native language international country revenues up 51% to £1.6m (HY 20: £1.0m)
    • UK website visitors up 54% to 3.7m (HY 20: 2.4m). Native language website visitors up 150% to 1.0m (HY 20: 0.4m)
  • Stores - Resilient sales despite enforced government 12-week closure
    • Revenue up 2% to £14.2m (HY 20: £14.0m)
    • 23% reduction in like-for-like store sales including the impact of closure during lockdown
    • All stores safely and successfully re-opened, 75% like-for-like sales growth between 15 June 2020 to 31 July 2020
    • New stores opened in Warrington (February 20), Bristol (June) and Northampton (July)

Current trading and outlook:

  • Current trading both online and in-stores proving resilient
  • Closely monitoring government guidance, will review government restrictions and financial support as circumstances change
  • Leicester store opened in September 2020, with total count of 38 stores anticipated at the year end
  • Guidance reinstated for FY 21 and on track to meet current year market expectations

03

HY21 Highlights

Websites

UK WEBSITE VISITORS

HY21

3.7m

HY202.4m

HY192.1m

3.7m

+54%

UK WEBSITE CONVERSION

HY215.5%

HY205.7%

HY19 5.2%

5.5%

Sales

TOTAL REVENUE GROWTH

HY21

£32.1m

HY20£26.5m

HY19£21.9m

£32.1m

+21%

INTERNATIONAL NATIVE WEBSITE COUNTRY REVENUE GROWTH

HY21£1.6m

HY20£1.0m

HY19 £0.7m

£1.6m

Profitability

GROSS MARGIN %

HY2133.5%

HY20 32.1%

HY1932.9%

33.5%

+140 bps

EBITDA - PRE IFRS 16

HY21

£2.1m

HY20£0.8m

HY19£0.7m

£2.1m

-20bps

+51%

+163%

SECTION 2

FINANCIAL OVERVIEW

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Angling Direct plc published this content on 21 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2020 08:34:01 UTC