FY23 Half Year Results
for the 6 months to 31 July 2022
October 2022
01
Agenda
HY23 Overview
HY23 Financial Overview
Business Review & Strategic Progress
Summary & Outlook
02
HY23 Overview
Financial highlights
- Group revenue increased by 1.3% to £38.9m
- Retail store estate experienced another strong period of growth with total store sales increasing by 9.8% against H1 FY22, aided by a period free from Covid-19 restrictions
- Like-for-likestore sales increased by 4.6%
- Online sales decreased by 7.9% to £17.0m against a strong H1 FY22 comparative, however UK online sales of £15.3m remained 61% above pre-Covid levels (H1 FY20: £9.5m)
- In Europe, online sales grew by 36.9% with online sales to our key European territories, via our German, French and Dutch websites, growing by 55.0%
- Gross margin decreased by 280 bps as a result of considered competitive trading both in the UK and Europe combined with inevitable cost price inflation, albeit remains comfortably above historical levels
- Pre IFRS 16 EBITDA of £1.9m reflects lack of prior year £0.9m Government COVID-19 support and £0.5m increased European start up losses
- Positive operating cashflow of £2.4m (H1 FY22: £5.8m)
- Strong balance sheet with Group net cash of £17.1m at 31 July 2022 (31 July 2021: £19.6m)
- The Group remains well capitalised and securely positioned to meet short-term challenges
03
HY23 Overview continued
Operational highlights
- From 1 March 2022 all EU online sales transacted through our subsidiary, ADNL B.V., and were fulfilled by our new fully operational Dutch distribution centre
- Higher margin own brand sales in the period grew by 34.6%, as a result of increased promotional activity
- Leveraging our deepening supplier relationships, we expanded our exclusive branded product ranges to customers
- Significant progress made to refresh and contemporise our store shopping environment
- Improved our in-store service proposition through the use of our new BAITS assisted selling programme, footfall counting technology, and customer focused colleague deployment
- The Company's digital customer reach continued to extend, particularly in the EU, where our social media following and email database grew by 32% and 172% respectively
- Continued our new store rollout in Washington, Tyne and Wear, establishing the Company's first store in northeast England
- Strong new store pipeline with two further stores opened in early H2 FY23, in Coventry (August 2022) and Stockton-on-Tees (September 2022)
- In late FY22 we launched our industry first trading web app. In H1 FY23 we deployed our second phase app development with improved search speed and relevance, and plan to actively market and incentivise downloads and usage in H2 FY23
HY23
FINANCIAL OVERVIEW
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Angling Direct plc published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2022 05:19:02 UTC.