Angling Direct : Annual Report 2022

Angling Direct Plc

Getting Everyone Fishing

2022 Annual Report and Financial Statements

1. Strategic report

Key highlights	2
Chairman's statement	4
At a glance	8
Chief Executive Officer's statement	10
What we do	20
Chief Financial Officer's statement	26
s172 statement	32
Principal risks and uncertainties	35
Sustainability, social and environmental responsibilities	41
Streamlined Energy and Carbon Reporting ('SECR')	44

2. Governance report

Corporate Governance report	48
Directors' report	58
Directors' responsibilities statement	62

3. Financial statements

Report of the independent auditors
to the members of Angling Direct PLC	66
Consolidated statement of profit or loss and other
comprehensive income	70
Consolidated statement of financial position	71
Consolidated statement of changes in equity	72
Consolidated statement of cash flows	73
Notes to the consolidated financial statements	74
Company statement of financial position	103
Company statement of changes in equity	104
Notes to the company financial statements	105
Company directory	113

View online at: www.anglingdirect.co.uk/corporate

Getting Everyone Fishing

Our purpose is to inspire everyone to get outdoors and enjoy an exceptional fishing experience. As the market leader in the UK, we are one of Europe's leading omni-channel retailers of fishing tackle and fishing equipment. Our success comes from delivering the very best customer experience, driven by the expertise and passion of our exceptional colleagues. The year to 31st January 2022 has been another year of profitable growth and significant strategic progress. I would like to thank everyone at Team AD

for their exceptional commitment, resilience and future looking enthusiasm

Andy Torrance

CEO

Angling Direct PLC | Annual Report and Financial Statements 2022

1

Strategic report - FY22 highlights

Key highlights

7.2%

Sales growth

250bps

improvement in gross margin

50.6%

Profit before income tax 50.6% growth

Our key objective in FY22 was to continue to build an agile platform to grow UK market share by improving customers experiences and optimising our core business return through improved product margins and increased efficiencies. Additionally, we executed the opening of our European distribution centre to provide greater access to European markets and negate post Brexit customer and cost headwinds.

Overall, our sales revenues grew by 7.2% to £72.5m, our gross margin improved by 250bps to 36.7% and profit before tax increased 50.6% to £4.0m as we continue to take market share within the UK. Despite the headwinds the Group faced as a result of COVID-19 we made significant strategic and operational progress by continually adapting our ways of working to enable the European distribution centre opening to be completed ahead of the spring 2022 fishing season.

Our focus has been on developing the very best omni- channel customer experience and delivering operational excellence within our markets. To create capacity for further growth we've continued to invest in our digital and physical infrastructure, colleagues and organisational capability.

2 Angling Direct PLC | Annual Report and Financial Statements 2022

Revenue (£m)

Pre IFRS 16 EBITDA (£m)

UK website visitors (m)

+7.2%

+30.6%

-10.2%

growth

growth

movement

FY22

72.5

FY22

5.2

FY22

6.6

FY21

67.6

FY21

4.0

FY21

7.4

FY20

53.2

FY20

-0.5

FY20

4.9

Average customer baskets (£)

Profit / (loss) before tax (£m)*

Native language website visitors (m)

-2.5%

+50.6%

-26.7%

movement

growth

movement

FY22

50.88

FY22

4.0

FY22

1.2

FY21

52.17

FY21

2.7

FY21

1.7

FY20

47.20

FY20

-1.5

FY20

1.0

Customer database

Operating cash flow (£m)*

UK Website customer conversion

+6.7%

-31.4%

rate (%)

+45bps

growth

movement

growth

FY22

259,636

FY22

4.8

FY22

6.4

FY21

FY21

6.9

FY21

243,306

5.9

FY20

FY20

-0.9

FY20

232,580

5.9

* restated see note 4 to the financial statements

Governancereport Strategic

statements Financial

Angling Direct PLC | Annual Report and Financial Statements 2022

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