Angling Direct the fishing retailer has revealed record sales after a “transformational” year, despite annual losses after investing into online and new stores.
The angling company posted pre-tax losses of £266m to 31 January compared to profits of £159m the previous year after administrative expenses of £11.2m.
Online sales soared by 30% to £22.3m due to the company upgrading their websites across the UK and Europe.
Record overall sales of £42m up by 39% year-on-year and like-for-like sales were up by 6.2%.
Sales growth climbed by 28.5% since the year end on a like-for-like basis during the first two months and the company are ahead 50.7% overall.
Martyn Page, executive chairman of Angling Direct said, “It has been a transformational year for Angling Direct, achieving record sales across the store network and online.”
He added: “As the UK market consolidates, we are seeing a corresponding increase on our margins as the level of discounting from competitors decreases.
“Coupled with this are encouraging customer habits with increasing numbers of returning customers both in-store and online.”
The company has opened three new stores taking the total to 27 and is planning to open an additional 10 over the new financial year.
The European market is a valuable area for the company as international sales rocketed 112% and exports to more than 48 countries.
Page added, “The European market is highly fragmented with limited competition online.
“We expect to increase our market share through targeted marketing campaigns, unrivalled customer experience and carefully considered M&A opportunities.”