StockMarketWire.com - Fishing tackle and equipment retailer Angling Direct warned on profit in its new fiscal year amid coronavirus-led store closures. As a result of store closures mandated by the UK government, the company said it now expected a material reduction in fiscal 2021 revenue and profitability.

The downgraded outlook came as the company reported wider losses as adverse post-Christmas trading owing to exceptional flooding and wider margin pressure weighed on performance.

For the 12 months ended 31 January 2020, pre-tax losses widened to £1.48m from £392K on-year, while revenue was up 27% to £53.2m.

Online sales of £25.3m up by 14% with international sales up by 8%.

Store sales rose by 42% to £27.9m despite the impact of Covid-19 leading to the closure of 36 stores.

The company offered a semblance of hope that performance was steadying, with online sales were materially ahead - post onset of Covid-19 - up 24% in April versus the prior year. This trend had continued to strengthen through May 2020, it added.

At 8:07am: [LON:ANG] Angling Direct Plc share price was +2.5p at 64.5p



Story provided by StockMarketWire.com