FY21 Half Year Results
October 2020
02
HY21 Overview
Financial highlights
- Revenue of £32.1m (HY 20: £26.5m) - up 21%
- Sales across all channels from 15 June 2020 (date stores re-opened) to 31 July 2020 - up 95%
- Gross profit of £10.8m (HY 20: £8.5m) - up 27%. Gross margin improved by 140 bps to 33.5%
- EBITDA of £2.9m (HY 20: £1.2m) - up 142%. Pre-IFRS 16 EBITDA of £2.1m (HY 20: £0.8m) - up 163%
- Net cash and cash equivalents at 31 July 2020 of £21.0m (31 July 2019: £13.3m)
- Operating cash generation of £11.3m (HY 20: £1.8m) - up 528%
- Successful placing in June 2020 raising £5.5m (gross) strengthens the balance sheet and provides funds to invest in growth
Operational highlights
- Online - Material growth in revenue and customer numbers:
- UK revenues up 62% to £14.8m (HY 20: £9.2m)
- Native language international country revenues up 51% to £1.6m (HY 20: £1.0m)
- UK website visitors up 54% to 3.7m (HY 20: 2.4m). Native language website visitors up 150% to 1.0m (HY 20: 0.4m)
- Stores - Resilient sales despite enforced government 12-week closure
- Revenue up 2% to £14.2m (HY 20: £14.0m)
- 23% reduction in like-for-like store sales including the impact of closure during lockdown
- All stores safely and successfully re-opened, 75% like-for-like sales growth between 15 June 2020 to 31 July 2020
- New stores opened in Warrington (February 20), Bristol (June) and Northampton (July)
Current trading and outlook:
- Current trading both online and in-stores proving resilient
- Closely monitoring government guidance, will review government restrictions and financial support as circumstances change
- Leicester store opened in September 2020, with total count of 38 stores anticipated at the year end
- Guidance reinstated for FY 21 and on track to meet current year market expectations
03
HY21 Highlights
Websites
UK WEBSITE VISITORS
HY21 | 3.7m |
HY202.4m
HY192.1m
3.7m
+54%
UK WEBSITE CONVERSION
HY215.5%
HY205.7%
HY19 5.2%
5.5%
Sales
TOTAL REVENUE GROWTH
HY21 | £32.1m |
HY20£26.5m
HY19£21.9m
£32.1m
+21%
INTERNATIONAL NATIVE WEBSITE COUNTRY REVENUE GROWTH
HY21£1.6m
HY20£1.0m
HY19 £0.7m
£1.6m
Profitability
GROSS MARGIN %
HY2133.5%
HY20 32.1%
HY1932.9%
33.5%
+140 bps
EBITDA - PRE IFRS 16
HY21 | £2.1m |
HY20£0.8m
HY19£0.7m
£2.1m
-20bps | +51% | +163% |
SECTION 2
FINANCIAL OVERVIEW
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Angling Direct plc published this content on 21 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2020 08:34:01 UTC