FY22 Half Year Results

for the 6 months to 31 July 2021

October 2021

01

Agenda

HY22 Overview

HY22 Financial Overview

Business Review & Strategic Progress

Summary & Outlook

02

HY22 Overview

Financial highlights

  • Group revenue increased 19.5% to £38.4m (HY21: £32.1m)
  • Online sales up 3.2% to £18.5m (HY21: £17.9m)
  • Retail store sales up 40.1% to £19.9m (HY21: £14.2m)
  • Gross profit of £14.4m, up 33.7% (HY21: £10.8m) with a 390bps improvement in gross margin to 37.4%
    (HY20: 33.5%), underpinned by more disciplined approach to pricing and inventory management
  • Positive Operating cashflow of £5.8m
  • EBITDA (pre IFRS 16) of £4.4m (HY21: £2.1m)
  • Profit before tax of £3.7m, up 174% (HY21: £1.4m)
  • Basic earnings per share of 3.70p (HY21: 2.02p)
  • Strong balance sheet with Group net cash of £19.6m at HY22

Operational highlights

  • Further digital investment grew UK online conversion by 80 bps to 6.3%
  • Recent investment in UK distribution centre capacity utilised to protect supply position relative to wider market
  • 'AD+' priority delivery subscription service launched March 2021 driving customer loyalty and now accounts for 16% of all UK online orders
  • Established business case and detailed operating model for a European distribution centre, facilitating moving to execution phase - terms agreed on 3,900 square metre facility in the Netherlands
  • New category management model delivered agile stocking and pricing in short supply market supporting gross margin growth
  • Store transformation programme starting to deliver sustainable levels of EBITDA earnings from retail stores. Stores average transaction value up 3.8% and like for like sales up 32.2%
  • Healthy property pipeline for underserved catchments - two further store openings planned by year end

HY22

FINANCIAL OVERVIEW

04

HY22 Highlights

Sales

TOTAL REVENUE GROWTH

HY22

£38.4m

HY21£32.1m

HY20 £26.5m

£38.4m

+19.5%

NATIVE WEBSITE COUNTRY REVENUE GROWTH

HY22 £1.0m

HY21£1.6m

HY20 £1.0m

£1.0m

Profitability

GROSS MARGIN %

HY2237.4%

HY21 33.5%

HY20 32.1%

37.4%

+390 bps

EBITDA - PRE IFRS 16

HY22£4.4m

HY21 £2.1m

HY20 £0.8m

£4.4m

Websites

UK WEBSITE VISITORS

HY223.6m

HY213.7m

HY20 2.4m

3.6m

-2.7%

UK WEBSITE CONVERSION

HY22

6.3%

HY21 5.5%

HY205.7%

6.3%

-34.2%

+111.6%

+80bps

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Angling Direct plc published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2021 07:11:03 UTC.