- Fishing tackle retailer Angling Direct swung to a full-year loss after higher revenue was more than offset by higher sales, distribution and administrative costs.

Pre-tax losses for the year through January amounted to £266k, compared to a profit of £159k on-year.

Revenue rose 39% to £42.0m.

'As the UK market consolidates, we are seeing a corresponding increase on our margins as the level of discounting from competitors decreases,' executive chairman Martyn Page said.

'Coupled with this are encouraging customer habits with increasing numbers of returning customers both in-store and online as Angling Direct becomes the retailer of choice.'

'The company has made an excellent start to the fiscal year and, in the first two months like-for-like sales were up by 29% and overall sales were up by 51% compared to the previous year.'

'We will continue to build on this momentum in the year ahead, with exciting new store openings planned and continued targeted online growth.'

'Our plans for the summer season are progressing very well and the board is confident that the company is on track to meet its full year targets.'

At 2:03pm: [LON:ANG] Angling Direct Plc share price was -1p at 81.5p

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