An East Anglian fishing retailer has revealed that its revenue has risen to £38.9m in the first half of this year despite people reining back their spending due to the cost of living crisis.
Angling Direct reported that its retail stores saw a 9.8pc surge in sales during the first six months of 2022, compared to the same period the previous year - rising to £21.9m from £19.9m.
Online sales, however, fell by 7.9pc - down to £17m this year from £18.5m during the first half of 2021.
Despite the fall in spending through its websites, the Norfolk-based firm saw its overall revenue grow by 1.3pc between January and the end of July this year, compared to the first six months of 2021.
The company, which specialises in selling fishing products and accessories, has 43 stores across the country, including shops in Ipswich, Beccles, Norwich and Colchester.
Its strong retail sales saw it open a new store in Washington, County Durham last month and has plans to open two further stores in the near future.
Along with its UK website and stores, the company also has a presence in Europe with German, French and Dutch language websites.
In a statement about its outlook for the coming year, Angling Direct said: "The company’s focus remains on gaining market share both in the UK and Europe over the medium to long term.
"The Group will therefore continue to drive market share growth, leveraging its market leading position in the UK and strong balance sheet to ensure it is best placed competitively when consumer confidence returns."
The company also revealed that it is facing a number of challenges including ongoing cost of living pressures and adverse fishing conditions caused by the heatwave, it is expecting to see revenue "marginally below current market expectations" by the end of the year.
Now one of the largest fishing retailers in the UK, Angling Direct was established in 2002 when the company's founders took over a large premises in Norwich. Prior to this the owners had been acquiring a number of small independent fishing tackle shops across Norfolk.
Over the last 20 years the firm has continued to grow through its website and launching new stores. In 2015 it opened a 2,800sqm central distribution centre in Rackheath, where its head office is also located.
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