H1 2026 trading: strong revenue growth and store expansion
Angling Direct has reeled in a lively first half. For the six months to 31 July 2025, revenue rose 17.0% to £53.6 million, with both stores and online pulling their weight in the UK. Momentum improved through the period too – UK revenue growth was 17.4% in Q1 and 17.8% in Q2, heading into the crucial summer season.
The Group says it is comfortably trading in line with full year consensus market expectations. That matters because it anchors valuation sentiment – and tells us the strategy is delivering, not just narrating.
Key numbers you should know
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | £53.6m | £45.8m | +17.0% |
| UK retail store sales | £30.5m | £26.4m | +15.4% |
| UK online sales | £20.6m | £17.0m | +21.2% |
| Total UK sales | £51.1m | £43.5m | +17.7% |
| Total European sales | £2.5m | £2.4m | +5.1% |
| Net cash at period end | £12.5m | £17.0m | -26.5% |
Total UK like-for-like sales grew 14.2%. The MyAD loyalty club topped 496,000 subscribers at 31 July 2025, up from 409,000 in January 2025, and reached 500,000 in August 2025.
What’s driving the growth: MyAD, stores and an omni-channel flywheel
Angling Direct’s omni-channel model – stores, website and the MyAD app working together – is doing the heavy lifting. Like-for-like growth of 14.2% in the UK signals genuine customer demand rather than just new-store contribution. Management also notes “pleasing progress” on gross margin despite an inflationary cost base. No gross margin number is disclosed, but the direction is positive.
- Store momentum: UK retail sales were up 15.4% to £30.5 million, supported by higher footfall.
- Online scale: UK online sales jumped 21.2% to £20.6 million, primarily through higher transaction volumes from more customers.
- Loyalty engine: MyAD expanded to over 496k members by July, then 500k in August – a material audience that lowers acquisition costs and boosts repeat spend.
The UK revenue mix remains heavily domestic – £51.1 million of £53.6 million – with online now a substantial portion of the UK business. The broad takeaway: stores attract and retain anglers, while digital captures convenience and frequency. Together, they compound.
Store roll-out: new locations and a growing pipeline
Angling Direct opened Chester in May and, after the period end, Bradford. The Group now runs 55 stores across England and Wales and is building a “strong pipeline” for H2 26. This is precisely how specialist retailers extend reach and defend share – by placing the brand within a short drive for more anglers and tying those visits back into the loyalty ecosystem.
Europe: Utrecht gains traction while digital remains selective
The first European store in Utrecht celebrated its first anniversary in May. Customer store visits in June and July nearly trebled year on year, as the store heads through its first full summer season. That is encouraging, but the digital European market remains challenging.
Management is concentrating online efforts on Germany and the Netherlands, where sales increased. The message is discipline – build a sustainable, efficient European business rather than chase unprofitable scale. European revenue in H1 was £2.5 million, up 5.1% year on year.
Cash, buyback and balance sheet
Net cash stood at £12.5 million at 31 July 2025, slightly higher than 31 January 2025 (£12.1 million) but down year on year from £17.0 million as the Group invested in FY 25 initiatives, continued UK store roll-out in H1 26 and deployed new digital shelf edge technology.
The share buyback is meaningful for a company of this size. Key points:
- £1.1 million returned during the period as part of a £4 million programme initiated in December 2024.
- £1.7 million has been returned to date, reducing shares in issue by approximately 6%.
In simple terms, fewer shares can lift earnings per share over time, all else equal. The company still retains a clean, cash-positive balance sheet to fund its store pipeline.
Guidance check: in line with consensus and what H2 needs to deliver
The Board says trading is comfortably in line with consensus for FY 26 – revenue of £97.7 million and adjusted EBITDA of £3.75 million. With £53.6 million delivered in H1, the implied H2 revenue requirement is about £44.1 million. Given seasonality and the stronger summer months, that looks achievable if current momentum holds.
Adjusted EBITDA is not broken out for H1, and no margin percentages are disclosed. We will need to wait for October’s half-year results for profitability detail.
My take: why this update matters
- Positive – double-digit like-for-like: 14.2% LFL in the UK is strong, especially alongside 21.2% online growth. It implies healthy demand rather than just footprint expansion.
- Positive – loyalty scale: MyAD hitting 500k in August shows real traction in customer engagement, which can reduce marketing spend per order and support margin.
- Mixed – cash lower year on year: net cash dipped to £12.5 million due to investment and buybacks. It is still a solid position, but cash trends deserve monitoring as the roll-out continues.
- Mixed – Europe early days: Utrecht’s traffic surge is promising, but the digital market remains tough. Focus on Germany and the Netherlands is sensible, if slower.
- Supportive – in line with consensus: the comfort language reduces forecast risk. If gross margin is indeed improving, there may be scope for upside when the detail lands.
What to watch on 7 October
- Gross margin detail and drivers – mix, supplier terms, own-brand contribution. The RNS flags improvement but numbers are not disclosed.
- Adjusted EBITDA and cash conversion – particularly inventory levels into the peak season and the pace of buyback deployment.
- Store economics – updates on new-store performance and the H2 26 opening pipeline.
- MyAD cohort behaviour – frequency, basket size and cross-channel usage to evidence loyalty ROI.
- Europe – Utrecht sales cadence through summer and progress in Germany and the Netherlands digital operations.
Bottom line
Angling Direct is executing well: double-digit growth in both stores and online, a bigger and more active loyalty base, and a disciplined approach to Europe. Cash remains healthy after investment and buybacks, and guidance is intact.
If the October results confirm margin progress and a tight handle on costs, the H2 task looks manageable. For investors, this reads as steady, strategically aligned growth with optionality from new stores and MyAD – and that is a decent place to be.
