It’s bleak on the British high street. Up and down the country retailers are being forced to close their doors as a downturn in consumer spending dampens the outlook for revenue growth, while excessive discounting hammers margins. But there is a ray of sunshine amid the gloom in the shape of Angling Direct (ANG) – the UK’s largest fishing tackle and equipment retailer.
The group arrived on AIM in July 2017 at a share price of 64p and market capitalisation of £27.4m. With the share price now standing some 28% higher at 82p it’s been an admirable performance in the circumstances, especially when compared to AIM-peer Fishing Republic (FISH), which called in the administrators last week after a tortuous few years on AIM.
Angling Direct’s sales for the three months to the end of November grew a whopping 32% to £14.6m, driven by a strong increase in e-commerce sales via its own website. A new German…
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