Angling Direct – next week’s Interims will show this under-appreciated cash-rich group has strength in its sales and profits, look for a 20% plus uplift

Mark Watson-Mitchell - 08.10.2026

Look out next Tuesday morning, 13th October, for the Interim Results statement from the £36.5m-capitalised leading omni-channel specialist fishing tackle and equipment retailer Angling Direct (LON:ANG).

For the first half year, it should be reporting continued sales growth while delivering operational efficiencies from prior-year investments.

It is expected to comment upon the Group’s sustained progress against its updated medium-term objectives, while for the full year it will declare that it is trading in line with consensus market expectations.

For some while the group’s shares have been trading within the tight 46p to 50p price range, however over the last few weeks it has kicked up a bit to the current 53.50p – pricing them on a current year 13.5 times price-to-earnings ratio, with a prospective 11.8 times 2028 rating.

Analysts are looking at Target Prices up to 85p.

The Business

Angling Direct's purpose is to inspire everyone to get out and enjoy an exceptional fishing experience, regardless of background or ability, in the great outdoors.

The Norfolk-based group is the leading omni-channel specialist fishing tackle retailer in the UK, with an established and growing presence in Europe.

It sells fishing tackle products and related equipment through its network of in excess of 50 UK retail stores, as well as through its leading digital platform and the MyAD Fishing Club app.

The company has three further native language websites in its key European territories (www.anglingdirect.de, .fr, .nl), with orders fulfilled by its international distribution centre in The Netherlands.

Angling Direct currently sells over 25,000 fishing tackle products from industry leading brands alongside its own brands 'Advanta', and entry level offering 'Discover'.

The Company’s product categories include bait and additives; bait accessories; bait boats; bait boxes; bait making equipment; barrows and trolleys; bedchairs; bite alarms; bivvies and shelters; bivvy accessories; buckets and riddles; catapults; chairs; clothing; cooking equipment; fish care; files, fly fishing accessories; fly storage, gift cards; indicators; lighting; luggage; nets; tools; umbrellas, and others.

Trading Update

On Wednesday, 19th August, the Group announced its half-year Trading Update to end-July.

It reported a resilient first half, with total revenue increasing by 5.1% to £56.4m, driven by a 6.9% rise in UK sales to £54.6m, despite challenging consumer conditions and drought impacting its footfall figures.

UK retail store sales grew 6.4% to £32.4m and UK online sales increased by 7.5% to £22.1m, contributing to a 2.9% like-for-like sales growth in the UK.

The company expanded its store network to 60 locations and maintained a strong balance sheet with net cash of £14.5m, while European sales declined 30.4% to £1.8m.

The Group stated that it remained confident in achieving full year consensus market expectations.

Management Comment

CEO Steve Crowe stated that:

"Despite the well-documented challenges to the UK consumer environment, alongside a UK-wide drought impacting fish and fisheries, I am pleased to report that we have delivered a resilient start to the year, making further progress against our recently upgraded medium-term objectives and gaining further share of the UK angling market.

UK like-for-like sales grew 2.9%, with our higher ticket categories proving robust - even as fuel prices and a lack of rainfall impact footfall and seasonal demand.

While mindful of the ongoing headwinds in the consumer sector, we remain focused on gross margin discipline and cost efficiencies, leveraging our previous investments to deliver consistent earnings growth.

We remain confident in achieving our full-year consensus market expectations and are well positioned to capitalise on the attractive long-term growth opportunities across our markets as we deliver our medium-term objectives."

The Equity

There are 72.47m shares in issue.

The larger holders include Gresham House (25.92%), BGF Investments (16.07%), Dowgate Capital (12.39%), Martyn Page, Founder (11.01%), Canaccord Genuity Wealth Management (6.92%), Hargreaves Lansdown Asset Management (5.70%), Interactive Investor (4.54%), William Hill (3.91%), Ascot Lloyd Investment Management (3.49%), and Kelso Group Holdings Plc (3.38%).

Broker’s View

In the Interim Trading Update, the Company noted that current consensus market expectations for the year to end-January 2027 are for revenues of £109m and adjusted EBITDA of £5.7m.

Analyst Matthew McEachran, at Singer Capital Markets, rates the shares as a Buy, with a Target Price of 85p.

His estimates for the current year to end-January 2027 are for revenues of £109.3m (£103.9m) with adjusted pre-tax profits of £3.9m (£3.2m), lifting earnings up to 3.9p (3.1p) per share.

For 2028 he looks for £115.3m sales, £4.2m profits and 4.5p per share in earnings.

After next week’s results announcement, I would hope for an updating of this analyst’s estimates for 2027 and then also 2028.

Analysts at Canaccord Genuity Capital Markets have a Buy note out on the Group, with a 78p Target Price.

My View

This group, which had some £14.5m cash in the bank by the end of the first half year, is certainly not expensively rated – I see them rising from the current 53p, with an easy 65p in view.

(Profile 08.10.26 @ 53p set a Target Price of 65p)