('
Half Year Results
Sustained strategic progress delivering revenue and margin growth, trading ahead of FY26 market expectations
|
£m |
H1 FY26 |
H1 FY25 |
% Change |
|
Revenue |
53.6 |
45.8 |
+17.0% |
|
|
30.5 |
26.4 |
+15.4% |
|
|
20.6 |
17.0 |
+21.2% |
|
Total |
51.1 |
43.5 |
+17.7% |
|
European sales |
2.5 |
2.4 |
+5.1% |
|
Gross profit |
20.4 |
16.8 |
+21.3% |
|
Gross margin % |
38.0% |
36.7% |
+130bps |
|
Adj. EBITDA1 |
3.9 |
2.8 |
+39.4% |
|
|
4.1 |
3.2 |
+27.4% |
|
European Adj. EBITDA |
(0.2) |
(0.5) |
+45.8% |
|
Adj. Profit before tax2 |
3.0 |
2.2 |
+34.7% |
|
Basic EPS |
2.91p |
2.24p |
+29.9% |
|
Net cash & cash equivalents at period end |
12.5 |
17.0 |
-26.5% |
Financial highlights:
|
· |
Group revenue increased by 17% to |
|
· |
Total |
|
· |
Total |
|
· |
|
|
· |
|
|
· |
In |
|
· |
Gross margin increased by +130 bps, driven in part by a higher mix in sales from own brand products alongside working more closely with key brands to drive volume and improved terms because of the Group's scale and presence in the |
|
· |
Adj. EBITDA grew by 39.4% to |
|
· |
|
|
· |
Operating cashflow of |
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· |
Strong balance sheet with Group net cash of |
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· |
At the period end and at the reporting date, |
Operational highlights:
|
· |
MyAD membership increased 21% in the period to over 496k subscribers ( |
|
· |
Contracted with a digital shelf edge labelling technology provider as an enabler to mitigate living wage and NI inflationary headwinds, alongside improving pricing flexibility. Roll out over the entire estate due to be completed by the end of FY26 |
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· |
Leveraging new customer insights platform to drive omni-channel customer participation |
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· |
Opened a new |
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· |
Higher margin own brand gross profits grew by c55%, leveraged through new ranges, everyday pricing, and improved sourcing, buying and |
Current trading and outlook
|
· |
Group revenues increased 10.8% over August and September, with a combination of softer consumer demand and the lack of summer rainfall impacting fisheries moderating revenue growth in the post reporting period |
|
· |
Post period end, the Group opened a further three new |
|
· |
Overall, a combination of continued |
|
· |
Management remains focused on delivering its medium-term financial objectives5 |
"We are pleased to report that the momentum generated in FY25 has continued into the first half, with strong in-store and online sales providing confidence that the Group will deliver a FY26 trading performance ahead of market expectations. During the period, we made continued progress against our strategic objectives, with Group revenue increasing 17% to
Despite the challenging consumer backdrop, our ongoing investment in technology and the leveraging of unique customer insights has allowed us to attract new customers, complementing our ongoing
Looking ahead, our performance to date has served to vindicate our strategy and we remain focused on executing against our strategic objectives. Our continued
|
1 |
Adjusted EBITDA figures are presented on a Pre IFRS 16 and Pre IFRS 2 basis unless otherwise stated |
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2 |
Adjusted EBITDA and Adjusted Profit before tax figures are presented on a pre IFRS 16 and pre IFRS 2 basis unless otherwise stated |
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3 |
The calculation of the like-for-like sales performance for the |
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4 |
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5 |
The Company's medium-term financial objectives were published in the Company's FY24 Preliminary Results announcement on |
Investors can sign up to
For further information please contact:
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+44 (0) 1603 258 658 |
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+44 (0) 20 7496 3000 |
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+44 (0) 20 3727 1000 |
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
About
Delivering against our strategy - Building Europe's largest fishing club
The MyAD proposition continues to bring together our complete offering under one banner, bridging the gap between our physical stores and our digital offering. This unified positioning continues to help us deepen our understanding of our customer while significantly enhancing our customer proposition and marketing efficiency.
As the
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.
The
Total store sales in the period increased 15.4% to
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 launched in
In line with our medium-term objectives of delivering a
We have agreed a contract with a digital shelf edge partner and commenced the roll out in the first cohort of three stores the final weeks of H1 FY26. The roll out for the entire store estate is planned to complete by
To support the drive to access a greater share of customer wallets and increase our penetration of the number of customers who shop with us both physically and digitally, we rolled out in-store technology across the entire estate to offer customers access to our full product range, delivered next day to home or the store of their choice ("shop the range").
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 an increase in customer numbers of 17.9% alongside improved conversion (+160 bps).
Utilising a data led approach to our digital marketing continues to prove a clear differentiator and a source of competitive advantage with a focus on driving incremental customers and bringing them into our MyAD wrapper. Our YouTube channel surpassed 3.9 million views in the period, 15% higher than HY25. Alongside this, our social media reach, in particular TikTok and Instagram, continues to scale, with our total social followers increasing 31% to c.546k since
We remain committed to utilising innovative digital technologies to provide our customers with market leading advice, engagement, service and inspiration. Our in-house web development team has continued to progressively deploy digital technologies through the interaction of our new customer insights platform which is embedded within our search and recommend functionality.
2.
The
A key component of delivering our
Higher margin own brand gross profit grew by c55% (third party brands c18%), playing an increasingly pivotal role in the overall
Alongside our growing scale, we have continued to deepen our relationships with key suppliers, increasingly allowing us to secure stock which balance terms and surety of supply. 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 c25% in the period.
Our technology deployment and AI adoption remains focused on operational efficiency improvements to reduce the exposure of the business to further cost pressures and in particular above inflationary living wage and employers NI increases in FY26 and beyond. Our
We continue to operate a lean Group central cost base and will leverage this further as we remain focused on
We have continued to deploy customer targeted colleague working rotas and store opening hours, which have gone some way towards mitigating significant inflationary pressures from the c.7% increase in the living wage alongside the increased employers NI in
We have continued to promote in-store services as a means of further differentiating ourselves from our competitors and providing customers with more valued offerings. This now includes the role out of reel servicing across the full estate to complement our existing offer of reel spooling and pole elastication.
Aligned with the wider retail sector during the period, the business continues to observe persistent levels of attempted theft from its stores and we continue to trial and adapt new protocols to tackle this wider retail challenge. These measures have abated some of the impact on earnings with the year-on-year
Investment in in-store space planning technology is delivering insight and recommendations as we look to optimise stock holding levels within the store portfolio with momentum gaining in H2.
The online business delivered strong revenue progression as we leveraged the "shop the range" technology alongside our capability to access our full store stock file for digital orders when basket dynamics make this attractive to do so. This, combined with our cash generative focus to digital marketing, drove increased customer numbers and absolute Adjusted EBITDA progress. A deeper understanding of our customer from the technology deployments in H1 is helping us grow the percentage of our customers who shop with us through both channels by +160 bps.
Operationally, separating own brand logistics from our customer fulfilment operation has allowed us to make improvements in processes to deliver future value from our semi-automated picking and automated packing capabilities.
3. Development of a sustainable European business
Given the continuing success of our
During the period, the European digital trading landscape remained challenging with significant pressure on both customer price and paid advertising costs. We continued to concentrate on optimising trading in our key target territories of
In the period, the Group made strong progress against the like-for-like loss reduction plan and associated KPIs:
|
· |
Gross margins +20 bps to 29.4%; |
|
· |
Digital channel margin improvement of +330 bps to -8.3%; |
|
· |
Adj. EBITDA losses reduced c40% to |
Our first European store in
During the period the European business switched from an owned logistics facility to a third-party logistics operator who began the servicing of our European customer fulfilment. This is enabling our European business to access labour and carriage rates which allow us to benefit from access to the new third party operator's greater economies of scale. This agreement has also enabled our European business to reduce property costs and provides greater flexibility on property space requirements in FY26 and beyond.
The European consumer landscape is currently more uncertain than the
4. Creating Europe's largest fishing club, MyAD and leveraging its value
MyAD has attracted over 496k members as of
In May the team launched AD Win, our own competition website to take a share of this expanding market and at the same time give MyAD another avenue to offer value to its members through free entry tickets to some of the competitions.
We are increasingly confident that our deepening and unique data-driven 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. To underpin this, we started the journey of personalised offers to customers based on data and behaviours and are now fully engaged with our established customer data and experience platform provider to leverage this opportunity. This provides clear data points around the value of our omni-channel customers and is increasing our understanding of how a store or digital only customer transitioning into an omnichannel customer enables us to capture a greater share of their angling wallet.
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
There is a distinct opportunity for the Group to further scale investment in owned brands and we continue to actively develop this pipeline both organically and inorganically.
In
6. Angling retail's largest responsible employer
We remain fully committed to acting responsibly and sustainably within the environment and communities in which we operate. We continue to be the employer of choice for an increasing number of anglers with our colleague count remaining over 500 as we balance increasing our operational footprint against automation in key areas of the business.
We continue to support the Anglers National Line recycling scheme through our recycling bins for fisheries from suppliers alongside our recycling points in our new retail stores. We have set ourselves the ambitious target of increasing our line recycling by over 33% in FY26 and we are on target to deliver this.
Protecting the environment is core to everything we do and we remain focused on leveraging our size and scale to reduce our environmental impact. We are proud to support and sponsor the
During the period we have established the
Coarse fishing licence sales remain broadly flat against those of the pre COVID landscape, but with over 20% increases in young people and disabled licence sales, it is pleasing to see growing engagement from people new to the pastime.
We take our ESG responsibilities seriously and that extends to ensuring
Current trading and Outlook
We have a clear ambition to scale the
In
Against these ambitions, in the two months to
We continue to focus on gross margin development, and at the same time, our tight operational control and focus on efficiency means that we are continuing to mitigate ongoing inflationary cost headwinds.
With a significant level of cash on the balance sheet, the Group will continue to strategically invest in
As a result of the strong trading over the first half and now that we have traded the final two months of the key trading season, the Board believes the Company will exceed current market expectations with upgraded forecast Group revenues of not less than
The Board would like to acknowledge and thank all members of the
Condensed consolidated statements of profit or loss and other comprehensive income
For the period ended
|
|
|
|
|
Unaudited six months ended 31 July |
|
Audited |
||
|
|
|
Note |
|
2025 |
|
2024 |
|
2025 |
|
|
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
Revenue from contracts with customers |
|
|
53,628 |
|
45,838 |
|
91,339 |
|
|
Cost of sales of goods |
|
|
|
(33,243) |
|
(29,031) |
|
(58,287) |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
20,385 |
|
16,807 |
|
33,052 |
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
|
62 |
|
17 |
|
45 |
|
Interest revenue calculated using the effective interest method |
|
|
|
177 |
|
309 |
|
575 |
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(15,240) |
|
(12,764) |
|
(27,301) |
|
Distribution expenses |
|
|
|
(2,131) |
|
(1,719) |
|
(3,754) |
|
Finance costs |
|
|
|
(366) |
|
(315) |
|
(659) |
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax expense |
|
|
|
2,887 |
|
2,335 |
|
1,958 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(735) |
|
(601) |
|
(530) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit after income tax expense for the period attributable to the owners of |
|
|
|
2,152 |
|
1,734 |
|
1,428 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
|
|
77 |
|
(68) |
|
(74) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period, net of tax |
|
|
|
77 |
|
(68) |
|
(74) |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period attributable to the owners of |
|
|
|
2,229 |
|
1,666 |
|
1,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pence |
|
Pence |
|
Pence |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
14 |
|
2.91 |
|
2.24 |
|
1.85 |
|
Diluted earnings |
|
14 |
|
2.88 |
|
2.22 |
|
1.84 |
Condensed consolidated statements of financial position
As at
|
|
|
|
|
Unaudited six months ended 31 July |
|
Audited |
||
|
|
|
Note |
|
2025 |
|
2024 |
|
2025 |
|
|
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Intangibles |
|
|
6,353 |
|
6,315 |
|
6,355 |
|
|
Property, plant and equipment |
|
|
12,082 |
|
9,674 |
|
10,950 |
|
|
Right-of-use assets |
|
|
12,011 |
|
12,822 |
|
12,352 |
|
|
Total non-current assets |
|
|
|
30,446 |
|
28,811 |
|
29,657 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
|
26,188 |
|
21,899 |
|
21,279 |
|
Trade and other receivables |
|
|
|
1,109 |
|
770 |
|
598 |
|
Derivative financial instruments |
|
|
|
14 |
|
- |
|
15 |
|
Income tax refund due |
|
|
|
- |
|
- |
|
37 |
|
Prepayments |
|
|
|
549 |
|
875 |
|
698 |
|
Cash and cash equivalents |
|
|
|
12,456 |
|
16,955 |
|
12,060 |
|
Total current assets |
|
|
|
40,316 |
|
40,499 |
|
34,687 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
13,517 |
|
12,697 |
|
8,522 |
|
|
Contract liabilities |
|
|
|
649 |
|
518 |
|
946 |
|
Lease liabilities |
|
|
|
2,287 |
|
2,059 |
|
2,211 |
|
Derivative financial instruments |
|
|
|
- |
|
14 |
|
- |
|
Income tax |
|
|
|
153 |
|
235 |
|
- |
|
Total current liabilities |
|
|
|
16,606 |
|
15,523 |
|
11,679 |
|
|
|
|
|
|
|
|
|
|
|
Net current assets |
|
|
|
23,710 |
|
24,976 |
|
23,008 |
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities |
|
|
|
54,156 |
|
53,787 |
|
52,665 |
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
|
10,246 |
|
11,071 |
|
10,649 |
|
Restoration provision |
|
|
|
954 |
|
914 |
|
922 |
|
Deferred tax |
|
|
|
2,185 |
|
1,569 |
|
1,673 |
|
Total non-current liabilities |
|
|
|
13,385 |
|
13,554 |
|
13,244 |
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
40,771 |
|
40,233 |
|
39,421 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
773 |
|
773 |
|
773 |
|
|
|
|
|
(1,634) |
|
- |
|
(605) |
|
|
Share premium |
|
|
|
31,037 |
|
31,037 |
|
31,037 |
|
Reserves |
|
|
|
919 |
|
593 |
|
692 |
|
Retained profits |
|
|
|
9,676 |
|
7,830 |
|
7,524 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
|
40,771 |
|
40,233 |
|
39,421 |
|
Condensed consolidated statements of changes in equity |
||||||||||||
|
For the period ended |
||||||||||||
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share |
|
|
|
Share |
|
|
|
Retained |
|
Total equity |
|
|
|
capital |
|
shares |
|
account |
|
Reserves |
|
profits |
|
|
|
Unaudited six months ended |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
773 |
|
(605) |
|
31,037 |
|
692 |
|
7,524 |
|
39,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after income tax expense for the period |
|
- |
|
- |
|
- |
|
- |
|
2,152 |
|
2,152 |
|
Other comprehensive income for the period, net of tax |
|
- |
|
- |
|
- |
|
77 |
|
- |
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
- |
|
- |
|
- |
|
77 |
|
2,152 |
|
2,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners in their capacity as owners: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
- |
|
- |
|
- |
|
150 |
|
- |
|
150 |
|
Own shares acquired in the period |
|
- |
|
(1,029) |
|
- |
|
- |
|
- |
|
(1,029) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
773 |
|
(1,634) |
|
31,037 |
|
919 |
|
9,676 |
|
40,771 |
|
|
|
Share |
|
|
|
Share premium |
|
|
|
Retained |
|
Total equity |
|
|
|
capital |
|
shares |
|
account |
|
Reserves |
|
profits |
|
|
|
Unaudited six months ended |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
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 |
|
773 |
|
- |
|
31,037 |
|
593 |
|
7,830 |
|
40,233 |
|
Condensed consolidated statements of cash flows |
|
|
|
|
|
|
||
|
For the period ended 31 July 2025 |
|
|
|
|
|
|
||
|
|
|
|
|
Unaudited six months ended 31 July |
|
Audited |
||
|
|
|
Note |
|
2025 |
|
2024 |
|
2025 |
|
|
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Profit before income tax expense for the period |
|
|
|
2,887 |
|
2,335 |
|
1,958 |
|
|
|
|
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
Depreciation and amortisation |
|
|
|
2,310 |
|
1,973 |
|
4,236 |
|
Share-based payments |
|
|
|
150 |
|
42 |
|
147 |
|
Net movement in provisions |
|
|
|
22 |
|
17 |
|
40 |
|
Net variance in derivative liabilities |
|
|
|
1 |
|
5 |
|
(24) |
|
Interest received |
|
|
|
(177) |
|
(309) |
|
(575) |
|
Interest and other finance costs |
|
|
|
344 |
|
298 |
|
643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,537 |
|
4,361 |
|
6,425 |
|
|
|
|
|
|
|
|
|
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
(Increase)/decrease in trade and other receivables |
|
|
|
(508) |
|
(364) |
|
(195) |
|
(Increase)/decrease in inventories |
|
|
|
(4,924) |
|
(4,431) |
|
(3,837) |
|
Decrease/(increase) in prepayments |
|
|
|
152 |
|
(63) |
|
113 |
|
Increase in trade and other payables |
|
|
|
5,182 |
|
5,621 |
|
1,384 |
|
(Decrease)/increase in contract liabilities |
|
|
|
(297) |
|
(272) |
|
156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,142 |
|
4,852 |
|
4,046 |
|
Interest received |
|
|
|
177 |
|
309 |
|
575 |
|
Interest and other finance costs |
|
|
|
(344) |
|
(298) |
|
(643) |
|
Income taxes (paid)/refunded |
|
|
|
(34) |
|
- |
|
(97) |
|
|
|
|
|
|
|
|
|
|
|
Net cash from operating activities |
|
|
|
4,941 |
|
4,863 |
|
3,881 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Payment for purchase of business, net of cash acquired |
|
|
|
- |
|
(740) |
|
(740) |
|
Payments for property, plant and equipment |
|
|
|
(1,878) |
|
(1,535) |
|
(3,674) |
|
Payments for intangibles |
|
|
|
(178) |
|
(232) |
|
(482) |
|
Proceeds from disposal of property, plant and equipment |
|
|
|
4 |
|
- |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
|
(2,052) |
|
(2,507) |
|
(4,879) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Proceeds from sale of treasury shares |
|
|
|
57 |
|
- |
|
- |
|
Payments for shares buy-back (treasury shares) |
|
|
|
(1,086) |
|
- |
|
(605) |
|
Repayment of lease liabilities |
|
|
|
(1,439) |
|
(1,086) |
|
(2,007) |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
|
(2,468) |
|
(1,086) |
|
(2,612) |
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
|
421 |
|
1,270 |
|
(3,610) |
|
Cash and cash equivalents at the beginning of the financial period |
|
|
|
12,060 |
|
15,765 |
|
15,765 |
|
Effects of exchange rate changes on cash and cash equivalents |
|
|
|
(25) |
|
(80) |
|
(95) |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the financial period |
|
|
|
12,456 |
|
16,955 |
|
12,060 |
|
Notes to the consolidated financial statements |
||||||||
|
31 July 2025 |
||||||||
Note 1. General information
The financial statements cover
|
2d Wendover Road, |
|
|
|
Rackheath Industrial Estate |
|
|
|
Rackheath |
|
|
|
|
|
|
|
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 6 October 2025. 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 2025 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 2025 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 70 to 96 of the consolidated financial statements of
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
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,
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.
Where the customer contract is fulfilled by an operating segment other than the segment to which the customer order was placed, the revenue is recognised in the operating segment to which the order originates, and the profit attributable to that transaction is recognised in the operating segment fulfilling the order. In HY26, revenue of £2,063,000 (HY25: £757,000) was recognised in the
The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation) pre IFRS 16 and IFRS 2. 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 2025, £29,614,000 of non-current assets are located in the
Operating segment information
|
|
|
|
|
|
|
|
|
Head Office |
|
Total |
|
31 July 2025 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
30,489 |
|
20,600 |
|
2,539 |
|
- |
|
53,628 |
|
Profit/(loss) before income tax |
|
4,190 |
|
2,103 |
|
(273) |
|
(3,133) |
|
2,887 |
|
EBITDA post IFRS 16 and IFRS 2 |
|
6,209 |
|
2,409 |
|
(107) |
|
(3,125) |
|
5,386 |
|
Total assets |
|
38,695 |
|
9,266 |
|
1,452 |
|
21,349 |
|
70,762 |
|
Total liabilities |
|
(12,659) |
|
(10,736) |
|
(1,135) |
|
(5,461) |
|
(29,991) |
|
EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before income tax |
|
4,190 |
|
2,103 |
|
(273) |
|
(3,133) |
|
2,887 |
|
Less: Interest income |
|
- |
|
- |
|
- |
|
(177) |
|
(177) |
|
Add: Interest expense |
|
332 |
|
16 |
|
13 |
|
5 |
|
366 |
|
Add: Depreciation and amortisation |
|
1,687 |
|
290 |
|
153 |
|
180 |
|
2,310 |
|
EBITDA post IFRS 16 and IFRS 2 |
|
6,209 |
|
2,409 |
|
(107) |
|
(3,125) |
|
5,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Costs relating to IFRS 16 lease liabilities |
|
(1,345) |
|
(85) |
|
(139) |
|
(109) |
|
(1,678) |
|
Add: Costs relating to IFRS 2 share-based payments |
|
- |
|
- |
|
- |
|
150 |
|
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
4,864 |
|
2,324 |
|
(246) |
|
(3,084) |
|
3,858 |
|
|
|
|
|
|
|
|
|
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) |
|
(133) |
|
(134) |
|
(1,588) |
|
Add: Costs relating to IFRS 2 share-based payments |
|
- |
|
- |
|
- |
|
42 |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
3,809 |
|
2,080 |
|
(454) |
|
(2,667) |
|
2,768 |
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 |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Route to market |
|
|
|
|
|
|
|
Retail store sales |
|
30,774 |
|
26,499 |
|
51,040 |
|
E-commerce |
|
22,854 |
|
19,339 |
|
40,299 |
|
|
|
|
|
|
|
|
|
|
|
53,628 |
|
45,838 |
|
91,339 |
|
|
|
|
|
|
|
|
|
Geographical regions |
|
|
|
|
|
|
|
|
|
51,089 |
|
43,423 |
|
86,449 |
|
|
|
2,539 |
|
2,415 |
|
4,890 |
|
|
|
|
|
|
|
|
|
|
|
53,628 |
|
45,838 |
|
91,339 |
|
|
|
|
|
|
|
|
|
Timing of revenue recognition |
|
|
|
|
|
|
|
Goods transferred at a point in time |
|
53,628 |
|
45,838 |
|
91,339 |
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 |
Audited year ended |
|||
|
|
|
2025 |
|
2024 |
|
31 January 2025 |
|
EBITDA reconciliation |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Profit before income tax expense |
|
2,887 |
|
2,335 |
|
1,958 |
|
Less: Interest income |
|
(177) |
|
(309) |
|
(575) |
|
Add: Interest expense |
|
366 |
|
315 |
|
659 |
|
Add: Depreciation and amortisation |
|
2,310 |
|
1,973 |
|
4,236 |
|
EBITDA post IFRS 16 and IFRS 2 |
|
5,386 |
|
4,314 |
|
6,278 |
|
|
|
|
|
|
|
|
|
Less: Costs relating to IFRS 16 lease liabilities |
|
(1,678) |
|
(1,588) |
|
(3,061) |
|
Add: Costs relating to IFRS 2 share-based payments |
|
150 |
|
42 |
|
147 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
3,858 |
|
2,768 |
|
3,364 |
Note 6. Income tax expense
The tax charge for the six months ended 31 July 2025 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 |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
6,015 |
|
6,015 |
|
6,015 |
|
Less: Impairment |
|
(182) |
|
(182) |
|
(182) |
|
|
|
5,833 |
|
5,833 |
|
5,833 |
|
|
|
|
|
|
|
|
|
Software - at cost |
|
2,711 |
|
2,283 |
|
2,534 |
|
Less: Accumulated amortisation |
|
(2,191) |
|
(1,801) |
|
(2,012) |
|
|
|
520 |
|
482 |
|
522 |
|
|
|
|
|
|
|
|
|
|
|
6,353 |
|
6,315 |
|
6,355 |
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial period are set out below:
|
|
|
|
|
Software |
|
Total |
|
Unaudited six months ended 31 July |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Balance at 1 February 2025 |
|
5,833 |
|
522 |
|
6,355 |
|
Additions |
|
- |
|
178 |
|
178 |
|
Amortisation expense |
|
- |
|
(180) |
|
(180) |
|
|
|
|
|
|
|
|
|
Balance at 31 July 2025 |
|
5,833 |
|
520 |
|
6,353 |
Reconciliations for the prior year can be found in note 11 of the consolidated financial statements of
Note 8. Property, plant and equipment
|
|
|
Unaudited six months ended 31 July |
Audited |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Land and buildings improvements - at cost |
|
1,002 |
|
1,002 |
|
1,002 |
|
Less: Accumulated depreciation |
|
(365) |
|
(357) |
|
(361) |
|
|
|
637 |
|
645 |
|
641 |
|
|
|
|
|
|
|
|
|
Plant and equipment - at cost |
|
16,682 |
|
12,754 |
|
14,759 |
|
Less: Accumulated depreciation |
|
(5,701) |
|
(4,186) |
|
(4,910) |
|
|
|
10,981 |
|
8,568 |
|
9,849 |
|
|
|
|
|
|
|
|
|
Motor vehicles - at cost |
|
61 |
|
44 |
|
59 |
|
Less: Accumulated depreciation |
|
(6) |
|
(10) |
|
(12) |
|
|
|
55 |
|
34 |
|
47 |
|
|
|
|
|
|
|
|
|
Computer equipment - at cost |
|
1,620 |
|
1,444 |
|
1,526 |
|
Less: Accumulated depreciation |
|
(1,211) |
|
(1,017) |
|
(1,113) |
|
|
|
409 |
|
427 |
|
413 |
|
|
|
|
|
|
|
|
|
|
|
12,082 |
|
9,674 |
|
10,950 |
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 |
|
|
|
|
|
improvements |
|
equipment |
|
vehicles |
|
equipment |
|
Total |
|
Unaudited six months ended 31 July |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 February 2025 |
|
641 |
|
9,849 |
|
47 |
|
413 |
|
10,950 |
|
Additions |
|
- |
|
1,908 |
|
15 |
|
92 |
|
2,015 |
|
Disposals |
|
- |
|
- |
|
(4) |
|
- |
|
(4) |
|
Exchange differences |
|
- |
|
13 |
|
- |
|
1 |
|
14 |
|
Depreciation expense |
|
(4) |
|
(789) |
|
(3) |
|
(97) |
|
(893) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 July 2025 |
|
637 |
|
10,981 |
|
55 |
|
409 |
|
12,082 |
Reconciliations for the prior year can be found in note 12 of the consolidated financial statements of
Note 9. Right-of-use assets
|
|
|
Unaudited six months ended 31 July |
Audited |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Land and buildings - long leasehold - right-of-use |
|
22,734 |
|
21,292 |
|
22,033 |
|
Less: Accumulated depreciation |
|
(10,772) |
|
(8,594) |
|
(9,765) |
|
|
|
11,962 |
|
12,698 |
|
12,268 |
|
|
|
|
|
|
|
|
|
Plant and equipment - right-of-use |
|
80 |
|
80 |
|
80 |
|
Less: Accumulated depreciation |
|
(72) |
|
(66) |
|
(69) |
|
|
|
8 |
|
14 |
|
11 |
|
|
|
|
|
|
|
|
|
Motor vehicles - right-of-use |
|
248 |
|
269 |
|
248 |
|
Less: Accumulated depreciation |
|
(207) |
|
(164) |
|
(177) |
|
|
|
41 |
|
105 |
|
71 |
|
|
|
|
|
|
|
|
|
Computer equipment - right-of-use |
|
59 |
|
59 |
|
59 |
|
Less: Accumulated depreciation |
|
(59) |
|
(54) |
|
(57) |
|
|
|
- |
|
5 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
12,011 |
|
12,822 |
|
12,352 |
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 2025 |
|
12,268 |
|
11 |
|
71 |
|
2 |
|
12,352 |
|
Additions |
|
1,028 |
|
- |
|
- |
|
- |
|
1,028 |
|
Disposals |
|
(194) |
|
- |
|
- |
|
- |
|
(194) |
|
Remeasurement |
|
45 |
|
- |
|
- |
|
- |
|
45 |
|
Exchange differences |
|
17 |
|
- |
|
- |
|
- |
|
17 |
|
Depreciation expense |
|
(1,202) |
|
(3) |
|
(30) |
|
(2) |
|
(1,237) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 July 2025 |
|
11,962 |
|
8 |
|
41 |
|
- |
|
12,011 |
Reconciliations for the prior year can be found in note 13 of the consolidated financial statements of
Note 10. Trade and other payables
|
|
|
Unaudited six months ended 31 July |
Audited |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade payables |
|
9,077 |
|
8,729 |
|
5,028 |
|
Accrued expenses |
|
1,915 |
|
1,499 |
|
1,970 |
|
Refund liabilities |
|
63 |
|
49 |
|
36 |
|
Social security and other taxes |
|
1,415 |
|
1,458 |
|
687 |
|
Other payables |
|
1,047 |
|
962 |
|
801 |
|
|
|
|
|
|
|
|
|
|
|
13,517 |
|
12,697 |
|
8,522 |
Note 11. Share capital
|
|
|
Unaudited six months ended 31 July |
||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
Shares |
|
Shares |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of £0.01 each - fully paid |
|
77,267,304 |
|
77,267,304 |
|
773 |
|
773 |
|
Share buy-back (treasury shares) |
|
- |
|
- |
|
(1,634) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
77,267,304 |
|
77,267,304 |
|
(861) |
|
773 |
Comparatives for the prior year can be found in note 21 of the consolidated financial statements of
On 9 December 2024, the Company announced the commencement of a share buyback of up to £4m of ordinary shares. The shareholders approved a buyback provision in the June 2024 annual general meeting resolutions. The total number of ordinary shares purchased and held in treasury at 31 July 2025 was 4,398,000, representing 5.7% of the Company's ordinary shares. These shares were purchased through Singer Capital Markets Securities Limited at an average price of 38.2p per share, with prices ranging from 34.0p to 44.0p per share. The total cost of £1,634k included £10k of transaction costs.
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 2025, 31 January 2025 and 31 July 2024.
Note 14. Earnings per share
|
|
|
Unaudited six months ended 31 July |
Audited |
|||
|
|
|
2025 |
|
2024 |
|
2025 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
|
Profit after income tax attributable to the owners of |
|
2,152 |
|
1,734 |
|
1,428 |
|
|
|
Number of shares |
|
Number of shares |
|
Number of shares |
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in calculating basic earnings per share |
|
73,980,492 |
|
77,267,304 |
|
77,139,433 |
|
Adjustments for calculation of diluted earnings per share: |
|
711,615 |
|
612,946 |
|
618,263 |
|
Weighted average number of ordinary shares used in calculating diluted earnings per share |
|
74,692,107 |
|
77,880,250 |
|
77,757,696 |
|
|
|
Pence |
|
Pence |
|
Pence |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
2.91 |
|
2.24 |
|
1.85 |
|
Diluted earnings per share |
|
2.88 |
|
2.22 |
|
1.84 |
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