**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
| Metric | FY 2026 (£m) | FY 2025 (£m) | Change |
|---|---|---|---|
| Revenue | 103.9 | 91.3 | 13.8% |
| UK Retail store sales | 56.4 | 50.7 | 11.1% |
| UK Online sales | 42.8 | 35.7 | 20.0% |
| Total UK sales | 99.2 | 86.4 | 14.8% |
| Total European sales | 4.7 | 4.9 | -4.7% |
| Net cash & cash equivalents at period end | 10.9 | 12.1 | -9.5% |