Angling Direct – resilient first-half, cash-rich group’s shares now 56p, SQC Research TP 65p plus

Mark Watson-Mitchell – 13.10.2026

This morning fishing tackle and equipment retail group Angling Direct (LON:ANG) reported a resilient first half performance for the six months to end-July, with revenue increasing by 5.1% to £56.4m, driven by a 6.9% rise in total UK sales to £54.6m, while European sales declined by 30.4% to £1.8m.

Adjusted EBITDA grew by 11.9% to £4.3m, and adjusted profit before tax increased by 11.2% to £3.3m.

Earnings were up 10% to 3.20p (2.91p) per share.

The company maintained a strong balance sheet with net cash of £14.5m and is trading in line with full-year market expectations, supported by a 16% increase in MyAD loyalty program members to over 696,000.

Management Comment

CEO Steve Crowe stated that:

“I am pleased to report a resilient first half performance despite the well-documented challenges facing the UK retail sector.

During the period, we made continued progress against our updated strategic objectives, with Group revenue growing 5.1% to £56.4m and Adjusted EBITDA increasing 11.9% to £4.3m.

This performance is testament to the hard work of everyone at Team AD and on behalf of the Board, I would like to thank them for their continued dedication.

Our higher-ticket categories proved robust, even as reduced rainfall impacted footfall and seasonal demand patterns.

Further to this, our MyAD Fishing Club continues to be a powerful differentiator, growing 16% to c.696k members since January 2026, driving deeper engagement across our stores and digital platforms while enabling us to attract and retain more customers in a competitive environment.

We have continued to make progress against our UK store rollout strategy, opening three new sites during the period in Crawley, Kettering and Gloucester, bringing our UK estate to 60 stores.

We delivered a resilient performance during the period and saw positive momentum in the final two months of the key trading season, with the Group trading in line with full year market expectations.

The Board remains vigilant to the external headwinds facing the sector, however, the Board has continued confidence in the outlook for the Group.

This is underpinned by our market leading position, strategy and resilient business model, all of which position us well for medium-term profitable growth.”

The Business

Angling Direct is the leading omni-channel specialist fishing tackle retailer in the UK, with an established and growing presence in Europe.

Headquartered in Norfolk UK, the Company 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 (www.anglingdirect.co.uk) 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’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 Group’s active digital channels and over 500 colleagues contribute to the Company’s ethos of care for the wider community and the environment (www.anglingdirect.co.uk/sustainability).

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

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

The Company has 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.

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

My View

With some £14.5m cash in the bank by the end of the first half year, the Group’s shares are not expensively rated – I see them rising from the current 56p, with an easy 65p in view.

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