8
October 2024
Angling Direct
PLC
('Angling
Direct', the 'Company' or the 'Group')
Half Year
Results
Continued strategic progress
alongside revenue and margin growth, trading in line with FY25
market expectations
Angling Direct PLC (AIM: ANG),
the leading omni-channel specialist fishing tackle and equipment
retailer, is pleased to announce its unaudited financial results
for the six months ended 31 July 2024 (H1 FY25).
£m
|
H1 FY25
|
H1 FY24
|
%
Change
|
Revenue
|
45.8
|
43.3
|
+5.6%
|
UK retail store sales
|
26.4
|
24.4
|
+8.4%
|
UK online sales
|
17.0
|
16.5
|
+2.8%
|
Total UK sales
|
43.5
|
40.9
|
+6.2%
|
European sales
|
2.4
|
2.4
|
0.0%
|
Gross profit
|
16.8
|
15.2
|
+10.6%
|
Gross margin %
|
36.7%
|
35.1%
|
+160bps
|
Adj. EBITDA1
|
2.8
|
2.4
|
+16.9%
|
UK
Adj. EBITDA
|
3.2
|
2.9
|
+12.7%
|
European Adj. EBITDA
|
(0.5)
|
(0.5)
|
+7.7%
|
Profit before tax
|
2.3
|
1.7
|
+35.7%
|
Basic EPS
|
2.24p
|
1.71p
|
+31.0%
|
Net
cash & cash equivalents at period end
|
17.0
|
17.6
|
-3.8%
|
Financial highlights:
·
|
Group revenue increased by 5.6% to
£45.8m
|
·
|
UK sales grew 6.2% to £43.5m, +7.6%
during key Q2 trading period
|
·
|
UK retail store estate delivered
sustained strong growth, with total store sales increasing by 8.4%,
largely driven by new stores acquired and opened
|
·
|
Like-for-like store sales increased
by 1.8%2 underpinned by improved customer footfall and
ATV
|
·
|
UK online sales grew 2.8% with
increasing unique customer numbers and transactions
growth
|
·
|
In Europe, overall sales were flat
at £2.4m, within this positive progress in Germany
|
·
|
Gross margin increased by 160 bps,
driven in part by a higher mix in sales from own brand
products
|
·
|
Adj. EBITDA grew by 16.9% to
£2.8m
|
·
|
Adj. EBITDA margin increased by 50
bps to 6.0%, benefitting from operating leverage
|
·
|
Profit before tax increased 35.7%,
+28.1% on a pre interest income basis
|
·
|
Operating cashflow of £4.9m (HY24:
£5.5m)
|
·
|
Strong balance sheet with Group net
cash of £17.0m at 31 July 2024 (31 July 2023: £17.6m) underpinning
UK M&A and strategic opportunities
|
Operational highlights:
·
|
Annualised the launch of MyAD with
membership increasing 50% in the first half to over 330k members
(31 January 2024: 220k). This has proven to drive better customer
loyalty and engagement, with over 75% of UK revenues now transacted
through MyAD
|
·
|
Completed three UK acquisitions of
existing retail businesses alongside opening two new UK retail
catchments, scaling the UK store footprint to 52
stores
|
·
|
Higher margin own brand gross
profits grew by 40%, leveraged through new ranges, everyday
pricing, and improved sourcing and buying. This growth came through
both the demand for our entry level "Discover" Brand as well as
further progress on the established Advanta Brand
|
·
|
Secured a new UK logistics facility
in the West Midlands to support further scale roll out of own brand
ambitions beyond FY25
|
·
|
Opened first store in Europe in
Utrecht, The Netherlands, to trial European omni-channel
model
|
Current trading and outlook
·
|
The Company remains focused on
delivering its medium-term financial
objectives3 with good progress made against these during H1
FY25
|
·
|
Strong trading in the last key
seasonal trading weeks in the two months to 30 September 2024, with
Group revenues increasing 19.8% on the same period last
year
|
·
|
Post the period end, the Group
agreed terms with a third-party logistics operator in Europe to
service customer fulfillment in this region
|
·
|
The Board remains confident in
the long-term prospects for the Group, underpinned by its leading
UK omni-channel proposition and strong balance sheet which
reinforces the Group's decision to continue to invest in its home
market to support the long-term strategy alongside continued
prudent European investment
|
·
|
Overall, a combination of continued
UK sales momentum and pursuing a profitable European growth
strategy means the Group is well placed to deliver revenue and Adj.
EBITDA in line with market expectations for
FY254
|
Steve Crowe, CEO of Angling Direct, said:
"We have delivered significant progress in the first half and
I would like to thank the team for their continued dedication and
hard work. We successfully completed three acquisitions and
increased our UK store estate to 52 while also opening our first
European store, in Utrecht, the Netherlands. Online sales continued
to increase and our focus on availability during peak season
resulted in the UK online business taking greater share of the
higher ticket item market. The Group's loyalty and repeat purchase
membership club, MyAD, gathered further momentum in the UK,
increasing member numbers by 50% to over 330,000 in the first half.
Over 75% of Angling Direct's UK revenues are now transacted through
MyAD, providing greater insights into customer behaviours and
buying patterns and driving loyalty.
"Looking forward, I am pleased that the strong trading has
continued into the second half with revenue in the first two months
increasing 19.8% on the same period last year. The solid
foundations that we have established ensure that the Group is well
placed to take advantage of the significant growth opportunities
available in the UK, alongside prudent and controlled expansion in
Europe which will significantly grow our addressable market and
support our longer term growth ambitions.
"The Board is fully focused on the options available for
deployment of surplus capital and these continue to develop as
opportunities present themselves. We will continue to actively
manage the key aspects of both our balance sheet and wider growth
strategy for the business, having regard to our overarching
objective of maximising shareholder returns."
1
|
Adjusted EBITDA figures are
presented on a Pre IFRS 16 and Pre IFRS 2 basis unless otherwise
stated.
|
2
|
Excluding the Reading store which
hasn't materially traded in the comparative period after it
suffered a fire in the first week of February 2023. Total like for
like stores grew 2.6% including Reading.
|
3
|
The Company's medium-term financial
objectives were published in the Company's FY24 Preliminary Results
announcement on 14 May 2024 and comprise: 1. UK business generating
£100m annual revenues; 2. An Adjusted EBITDA in excess of £6m; 3.
Moving the European business through the early stages of
development to break-even; and 4. Deployment of surplus capital to
accelerate growth beyond our medium-term targets, including
selective M&A, with investment weighted towards the UK
business.
|
4
|
Angling Direct believes that
consensus market expectations for the year ending 31 January 2025
are for revenues of £88.4 million and pre-IFRS 16 EBITDA of £3.15
million.
|
Investor Meet Company presentation - 14 October
2024
Steve Crowe (CEO) and Sam Copeman
(CFO) will provide a live presentation via the Investor Meet
Company platform at 11.00 a.m. BST on 14 October. The presentation
is open to all existing and potential shareholders. Questions can
be submitted pre-event via the Investor Meet Company platform up
until 9.00 a.m. the day before the meeting or at any time during
the live presentation.
Investors can sign up to Investor
Meet Company for free via the following link:
https://www.investormeetcompany.com/angling-direct-plc/register-investor.
Investors who already follow Angling Direct on the platform will
automatically be invited.
For
further information please contact:
Angling Direct PLC
|
+44
(0) 1603 258 658
|
Steven Crowe, Chief Executive
Officer
Sam Copeman, Chief Financial
Officer
|
|
Singer Capital Markets - NOMAD and Broker
|
+44
(0) 20 7496 3000
|
Peter Steel
Tom Salvesen
Alex Bond
James Todd
|
|
FTI
Consulting - Financial PR
|
+44
(0) 20 3727 1000
|
Alex Beagley
Matthew Young Hannah Butler
|
anglingdirect@fticonsulting.com
|
About Angling Direct
Angling Direct is the leading
omni-channel specialist fishing tackle retailer in the UK, with an
established and growing presence in Europe. Headquartered in
Norfolk UK, the Company sells fishing tackle products and related
equipment through its network of in excess of 50 UK retail stores,
as well as through its leading digital platform
(www.anglingdirect.co.uk)
and the MyAD Fishing Club app. The Company has three further native
language websites in its key European territories
(www.anglingdirect.de, .fr,
.nl), with orders fulfilled by its international distribution
centre in The Netherlands.
Angling Direct's purpose is to
inspire everyone to get out and enjoy an exceptional fishing
experience, regardless of background or ability, in the great
outdoors. Angling Direct's active digital channels and over 500
colleagues contribute to the Company's ethos of care for the wider
community and the environment (www.anglingdirect.co.uk/sustainability).
Angling Direct currently sells over 25,000 fishing tackle products
from industry leading brands alongside its own brands 'Advanta',
and entry level offering 'Discover'.
Delivering against our strategy - Building Europe's largest
fishing club
Angling Direct is the UK's largest
scale omni-channel fishing tackle retailer and the Group holds a
leading position in this attractive market. The Group's published
medium-term objectives, as introduced in May 2024 and commented on
in further detail below, are as follows:
1. UK business on a
flightpath to revenue of £100m
2. UK business on a
flightpath to >£6m Adj EBITDA
3. Development of a
sustainable European business
4. Creating Europe's
largest fishing club, MyAD, and leveraging its value
5. Deployment of surplus
liquidity to further grow the business beyond the medium-term
objectives
6. Angling retail's
largest responsible employer
The Board is confident that delivery
of our strategy and medium-term objectives will further
differentiate us from our competitors and unlock the unique
opportunity we see ahead, generating long-term sustainable value
for all stakeholders.
1. UK business on a flightpath
to revenue of £100m
The UK business delivered revenue of
£43.5m, growing 6.2% against H1 FY24, with Q2 FY25 being
particularly strong at 7.6%. Pleasingly, despite a soft start in Q1
FY25, our stores and the digital channel showed positive
progression in H1 FY25. The growth was delivered in both channels
through increasing customer numbers as our omni-channel model,
underpinned by MyAD and our price promise, continued to increase
its reach and gain traction in a consolidating market.
UK
Retail Stores
Total store sales in the period
increased 8.4% to £26.4m (H1 FY24: £24.4m). Like-for-like store
sales grew by 1.8% (excluding Reading, which didn't materially
trade in the prior year period due to a fire in February 2023).
Recent new stores (opened since January 2023 - Cardiff, Goole,
Cannock, Walsall, Crewe, Newark and Shrewsbury) contributed £1.7m
of sales in the period with our UK estate increasing to 52 stores
overall.
During the period, we saw an
increase in footfall and customer numbers across both our
established and new spaces. This has been driven by the success of
our MyAD loyalty and repeat purchase membership club, alongside the
increased use of merchandising technology, growing demand for our
in-store services and our valued assisted selling model.
In line with our medium-term
objectives of delivering a UK retail stores portfolio with annual
sales in excess of £60m, we continued to invest in new UK retail
stores. This investment, for the first time since 2019, included
the acquisitions of three businesses which allows us to enter
attractive catchments and scale earnings faster than our
traditional "green field" approach. These opportunities have arisen
as the pace of consolidation in the market increases against the
backdrop of single site operators' costs increasing ahead of sales,
and the need for investment in technology and working capital to
mitigate these challenges.
We continue to actively identify
opportunities within attractive catchments across the UK, including
traditional scale opportunities (greenfield and acquisition) now
complemented by smaller catchment areas where we can deploy a
smaller store footprint with a margin intense range model. Both
Crewe and Walsall represent our first conscious investments in
smaller store formats and their performance since opening has
been in line with our internal plans. We continue to make progress
with a trial "store in store" concept representing a further
opportunity to accelerate the reduced footprint format.
Outside of new space, we continue to
evaluate our store refresh and roll back concepts across the
existing estate to drive further like for like sales. Three store
refreshes are scheduled for the second half of FY25.
UK
Online
UK online sales grew by 2.8% to
£17.0m (H1 FY24: £16.5m) as our MyAD and everyday low-price
propositions, alongside our focus on availability during peak
season, resulted in the UK online business continuing to take
greater share of the higher ticket item market.
As part of our drive to grow market
share and customer loyalty, we continue to invest in contemporary
digital infrastructure and customer marketing, further increasing
our competitive moat. These investments delivered increased
customer numbers, alongside improved conversion (+c120 bps) despite
the more challenging consumer landscape for higher ticket
items.
Utilising a more data led approach
to our digital marketing continues to prove a clear differentiator
and source of competitive advantage. Our YouTube channel
subscribers at 31 July surpassed 75,000 with views of c.800,000 in
the month of July alone, 16x greater than our next largest
omni-channel competitor. Alongside this our social media reach, in
particular TikTok and Instagram, continues to scale with our total
social followers increasing 17% since 31 July 2023.
Leveraging store footfall to offer
customers our broader digital range is a clear opportunity. During
H1 FY25 we have built the technology to offer customers in store
access to our full range delivered next day to home or the store of
their choice. The technology is being trialled in an increasing
number of stores with the full launch across the estate scheduled
in FY26.
2. UK business on a flightpath
to >£6m EBITDA
UK
Trading
The UK business increased Adj.
EBITDA by 12.7% to £3.2m, exceeding sales growth by c.2 times, with
the business able to balance cost investment and revenue growth to
deliver earnings aligned to the medium-term ambition.
A key component of delivering the UK
profitability ambitions requires further progress on our gross
margin. During the period our increasingly sophisticated and agile
ranging, buying and pricing practices have increased the gross
margin +150 bps, with overall UK margin + 160 bps to
37.1%.
Higher margin own brand gross profit
grew by c40% (third party brands c8%), playing an increasingly
pivotal role in the overall UK gross margin profile. Stock
availability within own brand ranges remains at good levels and
provides a strong platform to develop this further in H2
FY25.
Alongside our growing scale, we have
continued to deepen our relationships with key suppliers,
increasingly allowing us to secure stock at favourable trade terms
while giving supplier partners surety of volume and cashflow. In
conjunction with this, we have continued the sale of physical and
digital space to join up with our MyAD strategy and these revenues
increased 100% in the period.
The team has successfully secured
new distribution capacity located in Wednesbury (West Midlands) to
serve as the Group's own brand storage and logistics operation.
With the increasing reputation and demand of our own brand offer,
the need for increased space and more frequent store replenishment
capability is critical. The team has worked hard to deliver this
ambition and the project is substantially advanced, with go live
for picking own brand replenishment from the new facility scheduled
for Q3 FY25.
Our technology deployment in the
second half is focused on operational efficiency improvements to
reduce the exposure of the business to any further above
inflationary increases of the living wage in FY26 and
beyond.
UK
Retail Stores
Following our investment in footfall
counting technology in Q4 FY22, we have deployed customer targeted
colleague working rotas and store opening hours, which have gone
some way towards mitigating significant inflationary pressures from
the c.10% increase in the living wage in April 2024. We continue to
investigate further deployment model changes, with a view to
mitigating future living wage increases. These include, for
example, trialling two digital shelf edge labelling solutions as
one potential strategy alongside handheld digital technologies to
support store colleagues with in-store tasks
In H2 FY24 the business observed
increasing levels of product theft from its stores. In response,
further operational measures were deployed. These measures have
abated some of the impact on earnings with the year-on-year UK
retail stores gross margin improving by +20 bps in H1 FY25 as a
result and providing a strong platform to leverage further gains in
the second half of the year.
UK
Online
The online business balanced revenue
progression and an increasingly volatile paid advertising landscape
against further cost investment in some retail AI and pricing
technologies as a mitigatory measure. Alongside this, we have
implemented new AI technologies into the customer service journey
and continue to trial new digital checkout payment propositions. We
have made strong progress in ensuring earnings delivery has kept
pace with revenue progression while at the same time selectively
investing to deliver further progress in H2 and beyond.
3. Development of a sustainable
European business
The European opportunity for medium
term market share growth remains clear in an addressable market
within Germany, the Netherlands and France over three times that of
the UK. During the period the European digital trading landscape
remained challenging with significant pressure on both customer
price and paid advertising costs. Management therefore
concentrated on optimising trading in our key target territories of
Germany and the Netherlands. This approach provides a clear focus
on controlled expansion in order to protect margins and reduce
trading losses from the digital business ahead of any further
material capital deployment in Europe.
In the period, the Group made strong
progress against a number of like for like European KPIs
including:
·
|
Gross margins advancing +160 bps to
29%;
|
·
|
Operating margins +440 bps to -9.5%;
and
|
·
|
Adj. EBITDA losses reduced 20% to
£0.4m with an associated 360 bps improvement in the EBITDA
margin.
|
In May 2024 we opened our first
European store in Utrecht, the Netherlands. Revenues continue to
scale alongside improved footfall and we are focusing on trading as
nimbly as possible to learn at pace and maximise the profit
opportunity.
During the period we have been in
discussion with a third-party logistics operator to service our
European customer fulfilment, enabling our European business to
access labour and carriage rates which reflect the third party's
greater economies of scale. This agreement will also enable the
European business to reduce property costs and provides greater
flexibility on property space requirements in FY26 and
beyond.
4. Creating Europe's largest
fishing club, MyAD and leveraging its value
Thirteen months from launch, MyAD
had attracted over 330k members by 31 July 2024, growing 50%
through H1 (220k at 31 January 2024). The proposition provides
access to everyday deals, 'money can't buy' prizes, special MyAD
bundles and monthly free prize giveaways, which continues to
resonate well and attract new customers. Alongside this, we
launched the MyAD Choice awards in H1 FY25 which allows customers
to vote for products across a number of categories. We then share
the results with suppliers to leverage the exposure of these
products which has proven to be engaging for customers and value
accretive for suppliers.
Outside of this, we continue to work
on the planned H2 delivery of personalised offers to customers
based on data and behaviours. The annualisation of MyAD has enabled
the business to see year on year customer behaviours, in particular
around frequency, average basket and buying patterns. Over 75% of
our UK revenues are now transacted through MyAD, with approximately
one third of our MyAD customers being an omni-channel customer, one
third digital only with the remaining third store only. We
are increasingly confident that our deepening and unique insights
into anglers' needs and preferences will drive improved performance
in revenues and operations through growing levels of loyalty,
repeat purchasing and better ability to engage with our customer
base.
5. Deployment of surplus
liquidity to further grow the business beyond the medium-term
objectives
We have a strong balance sheet which
allows us to remain focused on deploying surplus capital into
accelerating the growth of the UK business. The significant
opportunity to scale the UK store roll out programme is clear and
we continue to develop existing greenfield sites, develop our store
acquisition pipeline and develop our 'store in store' programme to
ensure that we are best positioned to fully capitalise on the
opportunities available to us in the market.
Outside of store growth, during the
period we have committed further capital to secure the Group's new
own brand distribution facility, as well as further investment in
the UK automated packaging project for the UK online business which
is due to go live in Q4 FY25.
There is a distinct opportunity for
the Group to further scale investment in owned brands and we will
continue to actively develop this pipeline both organically and
inorganically.
The Board is fully focused on the
options available for deployment of surplus capital and these
continue to develop as opportunities present themselves. We will
continue to actively manage the key aspects of both our balance
sheet and wider growth strategy for the business, having regard to
our overarching objective of maximising shareholder
returns.
6. Angling retail's largest
responsible employer
We remain fully committed to acting
responsibly and sustainably within our environment and communities.
We continue to be the employer of choice for an increasing number
of anglers with our colleague count increasing to over 500 for the
first time.
We continue to develop our approach
to sustainability and have focused on reducing our waste sent to
landfill and reducing plastic packaging within our own brand ranges
in the period. We continue to support our fishing line recycling
programme to source recycling bins for fisheries from suppliers and
have introduced recycling points in our new retail
stores.
Protecting the environment is core
to everything we do and we remain focused on leveraging our size
and scale to increase our environmental impact. Our angler
engagement programme, through our collaboration with the Angling
Trust, is helping fishing clubs gain knowledge and access to
testing water quality in their locality, alongside some of the work
our colleagues have been doing on river litter picks and the
benefits to water quality and fisheries. We have also continued our
work with the Pike Anglers Club of Great Britain to discourage warm
water pike fishing to help reduce stress impact for pike during the
warmer months when oxygen levels are lower in the water.
We continue to support Tackling
Minds, a Community Interest Company focused on positively
supporting those with mental health issues and rehabilitation
through access to angling and blue spaces. Our support comes
through the sale of their merchandise in some of our key trading
locations with all proceeds returned to Tackling Minds alongside
associated donations.
It is more important than ever to
ensure we rigorously scrutinise any incremental organisational risk
and investment, whilst ensuring we appropriately plan and resource
for future share growth in our consolidating markets. In the
period, we have deployed the new major release of our ERP platform
alongside improving our flexibility and resilience by moving our
key technology to being cloud hosted. Outside of this our appetite
for increasingly contemporary technology and deployment within the
business increases and the Board continues to review the
opportunities and associated risks this represents.
Current trading and Outlook
Following a strong performance in
H1, Angling Direct has seen the positive momentum continue into
August and September with current trading ahead of the H1 FY25 run
rate. As such, the Board remains confident in delivering continued
revenue and earnings growth while remaining laser focused on
progressing against the stated medium-term objectives.
The UK angling market remains
resilient and is benefiting from increasing consolidation, with
good demand for a compelling product offering alongside quality
service. Our customer loyalty programme, MyAD, has proven
successful to date and will further help to meet the needs of our
customers while simultaneously driving loyalty and repeat purchase.
We will continue our investment in the UK in our people,
technology, physical estate and brands in order to support further
organic growth. This will be augmented by investment in selective
acquisitions which complement the existing business and accelerate
our ambitions.
In Europe, the competitive landscape
remains tough and achieving profitable digital customer acquisition
growth has proven challenging. However, selective bricks and mortar
investment remains a realistic target to deliver value within these
markets to leverage existing investments already made. The Group
will continue to invest to drive market share and consolidation,
where prudent to do so, and review operational flexibility and
performance to ensure it is well positioned as consumer pricing and
markets stabilise.
The Board would like to acknowledge
and thank all members of the Angling Direct team for their efforts
and we look forward to sharing continued success in the
future.
Consolidated statements of profit or loss and other
comprehensive income
|
For
the period ended 31 July 2024
|
|
|
|
|
Unaudited six months ended 31
July
|
|
Audited
year ended
31 January
|
|
|
Note
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
Revenue from contracts with
customers
|
|
4
|
|
45,838
|
|
43,341
|
|
81,657
|
Cost of sales of goods
|
|
|
|
(29,031)
|
|
(28,149)
|
|
(53,153)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
16,807
|
|
15,192
|
|
28,504
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
17
|
|
111
|
|
205
|
Interest revenue calculated using
the effective interest method
|
|
|
|
309
|
|
140
|
|
494
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
|
(12,764)
|
|
(11,820)
|
|
(23,728)
|
Distribution expenses
|
|
|
|
(1,719)
|
|
(1,656)
|
|
(3,458)
|
Finance costs
|
|
|
|
(315)
|
|
(246)
|
|
(500)
|
|
|
|
|
|
|
|
|
|
Profit before income tax expense
|
|
|
|
2,335
|
|
1,721
|
|
1,517
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
6
|
|
(601)
|
|
(400)
|
|
(299)
|
|
|
|
|
|
|
|
|
|
Profit after income tax expense for the period attributable to
the owners of Angling Direct PLC
|
|
|
|
1,734
|
|
1,321
|
|
1,218
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
|
|
|
(68)
|
|
(81)
|
|
(96)
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the
period, net of tax
|
|
|
|
(68)
|
|
(81)
|
|
(96)
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable to the
owners of Angling Direct PLC
|
|
|
|
1,666
|
|
1,240
|
|
1,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pence
|
|
Pence
|
|
Pence
|
Basic
earnings
|
|
15
|
|
2.24
|
|
1.71
|
|
1.58
|
Diluted earnings
|
|
15
|
|
2.22
|
|
1.69
|
|
1.57
|
|
|
|
|
|
|
|
|
|
Consolidated statements of financial
position
|
As
at 31 July 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited six months ended 31
July
|
|
Audited
year ended
31 January
|
|
|
Note
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Intangibles
|
|
7
|
|
6,315
|
|
6,007
|
|
6,052
|
Property, plant and
equipment
|
|
8
|
|
9,674
|
|
7,916
|
|
8,675
|
Right-of-use assets
|
|
9
|
|
12,822
|
|
11,150
|
|
11,237
|
Total non-current assets
|
|
|
|
28,811
|
|
25,073
|
|
25,964
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
21,899
|
|
20,013
|
|
16,974
|
Trade and other
receivables
|
|
|
|
770
|
|
751
|
|
403
|
Prepayments
|
|
|
|
875
|
|
763
|
|
811
|
Cash and cash equivalents
|
|
|
|
16,955
|
|
17,624
|
|
15,765
|
Total current assets
|
|
|
|
40,499
|
|
39,151
|
|
33,953
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
10
|
|
12,697
|
|
11,702
|
|
6,976
|
Contract liabilities
|
|
|
|
518
|
|
481
|
|
790
|
Lease liabilities
|
|
|
|
2,059
|
|
1,809
|
|
1,809
|
Derivative financial
instruments
|
|
|
|
14
|
|
32
|
|
9
|
Income tax
|
|
|
|
235
|
|
315
|
|
32
|
Total current liabilities
|
|
|
|
15,523
|
|
14,339
|
|
9,616
|
|
|
|
|
|
|
|
|
|
Net
current assets
|
|
|
|
24,976
|
|
24,812
|
|
24,337
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
53,787
|
|
49,885
|
|
50,301
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Lease liabilities
|
|
|
|
11,071
|
|
9,583
|
|
9,754
|
Restoration provision
|
|
|
|
914
|
|
840
|
|
851
|
Deferred tax
|
|
|
|
1,569
|
|
910
|
|
1,171
|
Total non-current
liabilities
|
|
|
|
13,554
|
|
11,333
|
|
11,776
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
|
|
40,233
|
|
38,552
|
|
38,525
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Share capital
|
|
11
|
|
773
|
|
773
|
|
773
|
Share premium
|
|
|
|
31,037
|
|
31,037
|
|
31,037
|
Reserves
|
|
|
|
593
|
|
543
|
|
619
|
Retained profits
|
|
|
|
7,830
|
|
6,199
|
|
6,096
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
40,233
|
|
38,552
|
|
38,525
|
Consolidated statements of changes in equity
|
For
the period ended 31 July 2024
|
|
|
Share
|
|
Share
premium
|
|
|
|
Retained
|
|
Total
equity
|
|
|
capital
|
|
account
|
|
Reserves
|
|
profits
|
|
Unaudited six months ended 31 July
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 February
2024
|
|
773
|
|
31,037
|
|
619
|
|
6,096
|
|
38,525
|
|
|
|
|
|
|
|
|
|
|
|
Profit after income tax expense for
the period
|
|
-
|
|
-
|
|
-
|
|
1,734
|
|
1,734
|
Other comprehensive income for the
period, net of tax
|
|
-
|
|
-
|
|
(68)
|
|
-
|
|
(68)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the
period
|
|
-
|
|
-
|
|
(68)
|
|
1,734
|
|
1,666
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners in their capacity as
owners:
|
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
|
-
|
|
-
|
|
42
|
|
-
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 July 2024
|
|
773
|
|
31,037
|
|
593
|
|
7,830
|
|
40,233
|
|
|
Share
|
|
Share
premium
|
|
|
|
Retained
|
|
Total
equity
|
|
|
capital
|
|
account
|
|
Reserves
|
|
profits
|
|
Audited year ended 31 January
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 February
2023
|
|
773
|
|
31,037
|
|
602
|
|
4,878
|
|
37,290
|
|
|
|
|
|
|
|
|
|
|
|
Profit after income tax expense for
the period
|
|
-
|
|
-
|
|
-
|
|
1,218
|
|
1,218
|
Other comprehensive income for the
period, net of tax
|
|
-
|
|
-
|
|
(96)
|
|
-
|
|
(96)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the
period
|
|
-
|
|
-
|
|
(96)
|
|
1,218
|
|
1,122
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners in their capacity as
owners:
|
|
|
|
|
|
|
|
|
|
|
Share-based payments
|
|
-
|
|
-
|
|
113
|
|
-
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 January
2024
|
|
773
|
|
31,037
|
|
619
|
|
6,096
|
|
38,525
|
Consolidated statements of cash flows
|
For
the period ended 31 July 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited six months ended 31
July
|
|
Audited
year ended
31 January
|
|
|
Note
|
|
2024
|
|
2023
|
|
2024
|
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Profit before income tax expense for
the period
|
|
|
|
2,335
|
|
1,721
|
|
1,517
|
|
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
Depreciation and
amortisation
|
|
|
|
1,973
|
|
1,787
|
|
3,796
|
Share-based payments
|
|
|
|
42
|
|
22
|
|
113
|
Net movement in
provisions
|
|
|
|
17
|
|
16
|
|
30
|
Net variance in derivative
liabilities
|
|
|
|
5
|
|
(19)
|
|
(42)
|
Interest received
|
|
|
|
(309)
|
|
(140)
|
|
(494)
|
Interest and other finance
costs
|
|
|
|
298
|
|
230
|
|
512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,361
|
|
3,617
|
|
5,432
|
|
|
|
|
|
|
|
|
|
Change in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
(Increase)/decrease in trade and
other receivables
|
|
|
|
(364)
|
|
(300)
|
|
49
|
(Increase)/decrease in
inventories
|
|
|
|
(4,431)
|
|
(2,252)
|
|
910
|
Increase in prepayments
|
|
|
|
(63)
|
|
(162)
|
|
(206)
|
Increase in trade and other
payables
|
|
|
|
5,621
|
|
4,893
|
|
171
|
(Decrease)/increase in contract
liabilities
|
|
|
|
(272)
|
|
(246)
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,852
|
|
5,550
|
|
6,419
|
Interest received
|
|
|
|
309
|
|
140
|
|
494
|
Interest and other finance
costs
|
|
|
|
(298)
|
|
(230)
|
|
(512)
|
Income taxes
(paid)/refunded
|
|
|
|
-
|
|
-
|
|
79
|
|
|
|
|
|
|
|
|
|
Net cash from operating
activities
|
|
|
|
4,863
|
|
5,460
|
|
6,480
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Payment for purchase of business,
net of cash acquired
|
|
|
|
(740)
|
|
-
|
|
-
|
Payments for property, plant and
equipment
|
|
8
|
|
(1,535)
|
|
(1,012)
|
|
(2,595)
|
Payments for intangibles
|
|
7
|
|
(232)
|
|
(116)
|
|
(332)
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
|
|
|
(2,507)
|
|
(1,128)
|
|
(2,927)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Repayment of lease
liabilities
|
|
|
|
(1,086)
|
|
(885)
|
|
(1,835)
|
|
|
|
|
|
|
|
|
|
Net cash used in financing
activities
|
|
|
|
(1,086)
|
|
(885)
|
|
(1,835)
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents
|
|
|
|
1,270
|
|
3,447
|
|
1,718
|
Cash and cash equivalents at the
beginning of the financial period
|
|
|
|
15,765
|
|
14,127
|
|
14,127
|
Effects of exchange rate changes on
cash and cash equivalents
|
|
|
|
(80)
|
|
50
|
|
(80)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end
of the financial period
|
|
|
|
16,955
|
|
17,624
|
|
15,765
|
Notes to the consolidated financial
statements
|
31
July 2024
|
Note 1. General information
The financial statements cover
Angling Direct PLC as a Group consisting of Angling Direct PLC
('Company' or 'parent entity') and the entities it controlled at
the end of, or during, the half-year (collectively referred to in
these financial statements as the 'Group'). The financial
statements are presented in British Pound Sterling ('GBP'), which
is Angling Direct PLC's functional and presentation
currency.
Angling Direct PLC is a listed
public company limited by shares incorporated under the Companies
Act 2006, listed on the AIM (Alternative Investment Market), a
sub-market of the London Stock Exchange. The Company is
incorporated and domiciled in England and Wales within the United
Kingdom. The registered number of the Company is 05151321. Its
registered office and principal place of business is:
2d Wendover Road,
|
|
|
Rackheath Industrial
Estate
|
|
|
Rackheath
|
|
|
Norwich
Norfolk
|
|
|
NR13 6LH
|
|
|
The principal activity of the Group
is the sale of fishing tackle through its websites and stores. The
Group's business model is designed to generate growth by providing
excellent customer service, expert advice and ensuring product
lines include a complete range of premium equipment. Customers
range from the casual hobbyist through to the professional
angler.
The financial statements were
authorised for issue, in accordance with a resolution of Directors,
on 12 October 2024. The Directors have the power to amend and
reissue the financial statements.
Note 2. Significant accounting policies
These financial statements for the
interim half-year reporting period ended 31 July 2024 have been
prepared in accordance with the AIM Rules for Companies,
International Accounting Standard IAS 34 'Interim Financial
Reporting' and the Companies Act for for-profit oriented
entities.
These interim financial statements
do not include all the notes of the type normally included in
annual financial statements. Accordingly, these financial
statements are to be read in conjunction with the annual report for
the year ended 31 January 2024 and any public announcements made by
the Company during the interim reporting period.
The interim consolidated financial
information has been prepared on a going-concern basis.
The principal accounting policies
adopted are consistent with those set out on pages 68 to 94 of the
consolidated financial statements of Angling Direct PLC for the
year ending 31 January 2024, except for taxation which has been
accounted for as described in note 6.
New or amended Accounting Standards
and Interpretations adopted
The Group has adopted all of the new
or amended Accounting Standards and Interpretations issued by the
International Accounting Standards Board that are mandatory for the
current reporting period. There was no impact on the adoption of
these new or amended Accounting Standards and Interpretations on
the financial performance or position of the Group during the
financial half-year ended 31 July 2024 and is not expected to have
an impact for the full financial year ending 31 January
2025.
Any new or amended Accounting
Standards or Interpretations that are not yet mandatory have not
been early adopted.
Note 3. Segmental reporting
Segment information is presented in
respect of the Group's operating segments, based on the Group's
management and internal reporting structure, and monitored by the
Group's Chief Operating Decision Maker (CODM).
Segment results, assets and
liabilities include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis.
Unallocated items comprise mainly own brand stock in transit from
the manufacturers, group cash and cash equivalents, taxation
related assets and liabilities, centralised support functions
salary and premises costs, and government grant
income.
Operating segments
Management has made a judgement that
there are three operating segments (Stores, UK Online and Europe
Online). The business operated predominantly in the UK, also
operating three native language web sites for Germany, France and
the Netherlands, being the European segment.
Each of these operating segments is
managed separately as each segment requires different specialisms,
marketing approaches and resources. Head Office includes costs
relating to the employees, property and other overhead costs
associated with the centralised support functions.
The CODM reviews EBITDA (earnings
before interest, tax, depreciation and amortisation) pre IFRS 16
and IFRS 2 ("Adjusted EBITDA"). The accounting policies adopted for
internal reporting to the CODM are consistent with those adopted in
the financial statements, save for IFRS 16 and IFRS 2. A full
reconciliation of pre IFRS 16 and IFRS 2 EBITDA to post IFRS 16 and
IFRS 2 EBITDA performance is provided to the CODM.
The information reported to the CODM
is on a monthly basis.
At 31 July 2024, £ 27,767,000 of
non-current assets are located in the UK (31 July 2023 £24,167,000)
and £ 1,044,000 of non-current assets are located in the
Netherlands (31 July 2023 £906,000).
Operating segment information
|
|
Stores
|
|
UK
Online
|
|
Europe
|
|
Head
Office
|
|
Total
|
31 July 2024
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
26,422
|
|
17,001
|
|
2,415
|
|
-
|
|
45,838
|
Profit/(loss) before income
tax
|
|
3,369
|
|
1,902
|
|
(479)
|
|
(2,457)
|
|
2,335
|
EBITDA post IFRS 16 and IFRS
2
|
|
5,004
|
|
2,206
|
|
(321)
|
|
(2,575)
|
|
4,314
|
Total assets
|
|
33,746
|
|
8,392
|
|
1,962
|
|
25,210
|
|
69,310
|
Total liabilities
|
|
(15,190)
|
|
(9,760)
|
|
(1,495)
|
|
(2,632)
|
|
(29,077)
|
EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before income
tax
|
|
3,369
|
|
1,902
|
|
(479)
|
|
(2,457)
|
|
2,335
|
Less: Interest income
|
|
-
|
|
-
|
|
-
|
|
(309)
|
|
(309)
|
Add: Interest expense
|
|
263
|
|
21
|
|
19
|
|
12
|
|
315
|
Add: Depreciation and
amortisation
|
|
1,372
|
|
283
|
|
139
|
|
179
|
|
1,973
|
EBITDA post IFRS 16 and IFRS
2
|
|
5,004
|
|
2,206
|
|
(321)
|
|
(2,575)
|
|
4,314
|
|
|
|
|
|
|
|
|
|
|
|
Less: Costs relating to IFRS 16
lease liabilities
|
|
(1,195)
|
|
(126)
|
|
(134)
|
|
(133)
|
|
(1,588)
|
Add: Costs relating to IFRS 2
share-based payments
|
|
-
|
|
-
|
|
-
|
|
42
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
3,809
|
|
2,080
|
|
(455)
|
|
(2,666)
|
|
2,768
|
|
|
Stores
|
|
UK
Online
|
|
Europe
|
|
Head
Office
|
|
Total
|
31 July 2023
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
24,382
|
|
16,545
|
|
2,414
|
|
-
|
|
43,341
|
Profit/(loss) before income
tax
|
|
2,974
|
|
1,838
|
|
(518)
|
|
(2,573)
|
|
1,721
|
EBITDA post IFRS 16 and IFRS
2
|
|
4,482
|
|
2,107
|
|
(382)
|
|
(2,593)
|
|
3,614
|
Total assets
|
|
19,662
|
|
7,435
|
|
4,013
|
|
33,114
|
|
64,224
|
Total liabilities
|
|
(7,574)
|
|
(4,725)
|
|
(1,224)
|
|
(12,149)
|
|
(25,672)
|
EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before income
tax
|
|
2,974
|
|
1,838
|
|
(518)
|
|
(2,573)
|
|
1,721
|
Less: Interest income
|
|
-
|
|
-
|
|
-
|
|
(140)
|
|
(140)
|
Add: Interest expense
|
|
222
|
|
21
|
|
15
|
|
(12)
|
|
246
|
Add: Depreciation and
amortisation
|
|
1,286
|
|
248
|
|
121
|
|
132
|
|
1,787
|
EBITDA post IFRS 16 and IFRS
2
|
|
4,482
|
|
2,107
|
|
(382)
|
|
(2,593)
|
|
3,614
|
|
|
|
|
|
|
|
|
|
|
|
Less: Costs relating to IFRS 16
lease liabilities
|
|
(959)
|
|
(84)
|
|
(111)
|
|
(115)
|
|
(1,269)
|
Add: Costs relating to IFRS 2 share
based payments
|
|
-
|
|
-
|
|
-
|
|
22
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
3,523
|
|
2,023
|
|
(493)
|
|
(2,686)
|
|
2,367
|
Note 4. Revenue from contracts with
customers
Disaggregation of revenue
The disaggregation of revenue from
contracts with customers is as follows:
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Route to market
|
|
|
|
|
|
|
Retail store sales
|
|
26,499
|
|
24,382
|
|
44,438
|
E-commerce
|
|
19,339
|
|
18,959
|
|
37,219
|
|
|
|
|
|
|
|
|
|
45,838
|
|
43,341
|
|
81,657
|
|
|
|
|
|
|
|
Geographical regions
|
|
|
|
|
|
|
United Kingdom
|
|
43,423
|
|
40,927
|
|
77,371
|
Europe and Rest of the
World
|
|
2,415
|
|
2,414
|
|
4,286
|
|
|
|
|
|
|
|
|
|
45,838
|
|
43,341
|
|
81,657
|
|
|
|
|
|
|
|
Timing of revenue recognition
|
|
|
|
|
|
|
Goods transferred at a point in
time
|
|
45,838
|
|
43,341
|
|
81,657
|
Note 5. EBITDA reconciliation (earnings before interest,
taxation, depreciation and amortisation)
The Directors believe that adjusted
profit provides additional useful information for shareholders on
performance. This is used for internal performance analysis. This
measure is not defined by IFRS and is not intended to be a
substitute for, or superior to, IFRS measurements of profit. The
following table is provided to show the comparative earnings before
interest, tax, depreciation and amortisation ('EBITDA') after
adjusting for rents, dilapidation charges and associated legal
costs, where applicable, relating to IFRS 16 lease liabilities, and
adjusting for IFRS 2 share-based payments.
|
|
Unaudited
six months
ended 31 July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
EBITDA reconciliation
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Profit before income tax expense
post IFRS 16 and IFRS 2
|
|
2,335
|
|
1,721
|
|
1,517
|
Less: Interest
income
|
|
(309)
|
|
(140)
|
|
(494)
|
Add: Interest expense
|
|
315
|
|
246
|
|
500
|
Add: Depreciation and
amortisation
|
|
1,973
|
|
1,787
|
|
3,796
|
EBITDA post IFRS 16 and IFRS
2
|
|
4,314
|
|
3,614
|
|
5,319
|
|
|
|
|
|
|
|
Less: Costs relating to IFRS 16
lease liabilities
|
|
(1,588)
|
|
(1,269)
|
|
(2,628)
|
Add: Costs relating to IFRS 2
share-based payments
|
|
42
|
|
22
|
|
113
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
2,768
|
|
2,367
|
|
2,804
|
Note 6. Income tax expense
The tax charge for the six months
ended 31 July 2024 is recognised based on management's estimate of
the weighted average annual effective tax rate expected for the
full financial year, adjusted for the tax impact of any discrete
items arising in the period. Deferred tax balances are calculated
using tax rates that have been enacted or substantively enacted by
the balance sheet date and that are expected to apply in the period
when the liability is settled or the asset realised.
Note 7. Intangibles
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Goodwill - at cost
|
|
6,015
|
|
5,802
|
|
5,802
|
Less: Impairment
|
|
(182)
|
|
(182)
|
|
(182)
|
|
|
5,833
|
|
5,620
|
|
5,620
|
|
|
|
|
|
|
|
Software - at cost
|
|
2,283
|
|
1,835
|
|
2,052
|
Less: Accumulated
amortisation
|
|
(1,801)
|
|
(1,448)
|
|
(1,620)
|
|
|
482
|
|
387
|
|
432
|
|
|
|
|
|
|
|
|
|
6,315
|
|
6,007
|
|
6,052
|
Reconciliations
Reconciliations of the written down
values at the beginning and end of the current financial period are
set out below:
|
|
Goodwill
|
|
Software
|
|
Total
|
Unaudited six months ended 31 July
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Balance at 1 February
2024
|
|
5,620
|
|
432
|
|
6,052
|
Additions
|
|
-
|
|
232
|
|
232
|
Additions through business
combinations *
|
|
213
|
|
-
|
|
213
|
Amortisation expense
|
|
-
|
|
(182)
|
|
(182)
|
|
|
|
|
|
|
|
Balance at 31 July 2024
|
|
5,833
|
|
482
|
|
6,315
|
* During the period the Group has
acquired the following:
●
|
|
In Crewe, the following two
transactions were consolidated on to a single site:
- On 8 February 2024, the business and assets of HF Angling Limited
(a company registered in England and Wales) for consideration of
£0.21m. The business comprised of a single angling retail store in
Crewe, UK.
- On 9 February 2024, the specific assets of Fink Foods Limited (a
company registered in England and Wales) for consideration of
£0.04m. The assets were acquired from a single angling retail store
in Crewe, UK.
|
●
|
|
In Walsall, on 22 April 2024, the
specific assets of Allen's Fishing Tackle Limited (a company
registered in England and Wales) for consideration of £0.07m. The
assets were acquired from a single angling retail store in Walsall,
UK.
|
●
|
|
In Shrewsbury, on 24 July 2024, the
business and assets of Total Angling Limited (a company registered
in England and Wales) for consideration of £0.43m. The business
comprised of a single angling retail store in Shrewsbury,
UK.
|
The following summarises the total
assets acquired through business combinations in the six months
ended 31 July 2024:
|
|
|
Fair value of assets
acquired
|
|
|
|
2024
|
|
|
|
|
£'000
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
65
|
Inventories
|
|
|
|
468
|
Contract liabilities
|
|
|
|
(6)
|
Total identifiable assets
|
|
|
|
527
|
|
|
|
|
|
Goodwill
|
|
|
|
213
|
|
|
|
|
|
Total consideration
|
|
|
|
740
|
Goodwill arising from the
acquisitions consists largely of the synergies and economies of
scale expected from combining the operations of Angling Direct and
the businesses acquired.
Goodwill and intangible assets
recognised in the year relating to business combinations are not
expected to be deductible for tax purposes.
The Directors do not consider any
individual in-year acquisition to be material to the Group and
therefore have not disclosed these.
Note 8. Property, plant and equipment
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Land and buildings improvements - at
cost
|
|
1,002
|
|
1,002
|
|
1,002
|
Less: Accumulated
depreciation
|
|
(357)
|
|
(347)
|
|
(352)
|
|
|
645
|
|
655
|
|
650
|
|
|
|
|
|
|
|
Plant and equipment - at
cost
|
|
12,754
|
|
10,096
|
|
11,116
|
Less: Accumulated
depreciation
|
|
(4,186)
|
|
(3,325)
|
|
(3,607)
|
|
|
8,568
|
|
6,771
|
|
7,509
|
|
|
|
|
|
|
|
Motor vehicles - at cost
|
|
44
|
|
15
|
|
9
|
Less: Accumulated
depreciation
|
|
(10)
|
|
(13)
|
|
(8)
|
|
|
34
|
|
2
|
|
1
|
|
|
|
|
|
|
|
Computer equipment - at
cost
|
|
1,444
|
|
1,363
|
|
1,432
|
Less: Accumulated
depreciation
|
|
(1,017)
|
|
(875)
|
|
(917)
|
|
|
427
|
|
488
|
|
515
|
|
|
|
|
|
|
|
|
|
9,674
|
|
7,916
|
|
8,675
|
Reconciliations
Reconciliations of the written down
values at the beginning and end of the current financial period are
set out below:
|
|
Land
and
buildings
|
|
Plant
and
|
|
Motor
|
|
Computer
|
|
|
|
|
improvements
|
|
equipment
|
|
vehicles
|
|
equipment
|
|
Total
|
Unaudited six months ended 31 July
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 February
2024
|
|
650
|
|
7,509
|
|
1
|
|
515
|
|
8,675
|
Additions
|
|
-
|
|
1,643
|
|
35
|
|
12
|
|
1,690
|
Exchange differences
|
|
-
|
|
(4)
|
|
-
|
|
-
|
|
(4)
|
Depreciation expense
|
|
(5)
|
|
(580)
|
|
(2)
|
|
(100)
|
|
(687)
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 July 2024
|
|
645
|
|
8,568
|
|
34
|
|
427
|
|
9,674
|
Note 9. Right-of-use assets
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Land and buildings -
right-of-use
|
|
21,292
|
|
19,964
|
|
21,089
|
Less: Accumulated
depreciation
|
|
(8,594)
|
|
(8,984)
|
|
(10,017)
|
|
|
12,698
|
|
10,980
|
|
11,072
|
|
|
|
|
|
|
|
Plant and equipment -
right-of-use
|
|
80
|
|
80
|
|
80
|
Less: Accumulated
depreciation
|
|
(66)
|
|
(59)
|
|
(63)
|
|
|
14
|
|
21
|
|
17
|
|
|
|
|
|
|
|
Motor vehicles -
right-of-use
|
|
269
|
|
467
|
|
510
|
Less: Accumulated
depreciation
|
|
(164)
|
|
(329)
|
|
(370)
|
|
|
105
|
|
138
|
|
140
|
|
|
|
|
|
|
|
Computer equipment -
right-of-use
|
|
59
|
|
59
|
|
59
|
Less: Accumulated
depreciation
|
|
(54)
|
|
(48)
|
|
(51)
|
|
|
5
|
|
11
|
|
8
|
|
|
|
|
|
|
|
|
|
12,822
|
|
11,150
|
|
11,237
|
Reconciliations
Reconciliations of the written down
values at the beginning and end of the current financial period are
set out below:
|
|
Land
and
|
|
Plant
and
|
|
Motor
|
|
Computer
|
|
|
|
|
buildings
|
|
equipment
|
|
vehicles
|
|
equipment
|
|
Total
|
Unaudited six months ended 31 July
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 February
2024
|
|
11,072
|
|
17
|
|
140
|
|
8
|
|
11,237
|
Additions
|
|
2,701
|
|
-
|
|
-
|
|
-
|
|
2,701
|
Exchange differences
|
|
(12)
|
|
-
|
|
-
|
|
-
|
|
(12)
|
Depreciation expense
|
|
(1,063)
|
|
(3)
|
|
(35)
|
|
(3)
|
|
(1,104)
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 July 2024
|
|
12,698
|
|
14
|
|
105
|
|
5
|
|
12,822
|
Note 10. Trade and other payables
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade payables
|
|
8,729
|
|
8,023
|
|
4,503
|
Accrued expenses
|
|
1,499
|
|
1,287
|
|
1,107
|
Refund liabilities
|
|
49
|
|
56
|
|
32
|
Social security and other
taxes
|
|
1,458
|
|
1,141
|
|
367
|
Other payables
|
|
962
|
|
1,195
|
|
967
|
|
|
|
|
|
|
|
|
|
12,697
|
|
11,702
|
|
6,976
|
Contract liabilities has been
reported separately on the Statement of financial position. This
was previously reported in other payables.
Note 11. Share capital
|
|
Unaudited six months ended 31
July
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
Shares
|
|
Shares
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
Ordinary shares of £0.01 each -
fully paid
|
|
77,267,304
|
|
77,267,304
|
|
773
|
|
773
|
Note 12. Dividends
There were no dividends paid,
recommended or declared during the current or previous financial
period.
Note 13. Contingent liabilities
The Group had no material contingent
liabilities as at 31 July 2024, 31 January 2024 and 31 July
2023.
Note 14. Earnings per share
|
|
Unaudited
six months ended 31
July
|
Audited
year ended
31 January
|
|
|
2024
|
|
2023
|
|
2024
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
Profit after income tax attributable
to the owners of Angling Direct PLC
|
|
1,732
|
|
1,321
|
|
1,218
|
|
|
Number of
shares
|
|
Number of
shares
|
|
Number of
shares
|
|
|
|
|
|
|
|
Weighted average number of ordinary
shares used in calculating basic earnings per share
|
|
77,267,304
|
|
77,267,304
|
|
77,267,304
|
Adjustments for calculation of
diluted earnings per share:
Options over ordinary shares
|
|
612,946
|
|
851,266
|
|
515,516
|
Weighted average number of ordinary
shares used in calculating diluted earnings per share
|
|
77,880,250
|
|
78,118,570
|
|
77,782,820
|
|
|
Pence
|
|
Pence
|
|
Pence
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
2.24
|
|
1.71
|
|
1.58
|
Diluted earnings per
share
|
|
2.22
|
|
1.69
|
|
1.57
|