ANGLING DIRECT PLC - Half year results for the six months ended 31 July 2026

Angling Direct PLC presented its half-year financial results for the six months ended 31 July 2026, highlighting resilient company performance, revenue growth and improved profitability despite challenging UK trading conditions. UK revenue increased 6.9% to £54.6 million, supported by 2.9% like-for-like sales growth and a 7.5% increase in online sales. UK adjusted EBITDA rose 10% to £4.5 million, with margins improving by 30 basis points to 8.3%, reflecting operational efficiencies, disciplined cost management and investments in digital shelf-edge labelling and automated fulfilment. The company's growth strategy continues to focus on expanding its UK store network, strengthening customer loyalty through its My AD programme, which has surpassed 700,000 members, and increasing own-brand profitability, with gross profit from own-brand products growing over 22%. European operations also demonstrated progress, with losses reducing by 20% as management prioritised capital efficiency and profitability. Angling Direct reported strong cash generation, including £5 million in adjusted free cash flow, while its share buyback programme continued to return capital to shareholders. Group adjusted return on capital improved by 130 basis points to 10.3%, supporting the company's medium-term target of over 15%. Management highlighted stronger trading in August and September, reaffirmed expectations for full-year performance in line with market forecasts and expressed confidence in achieving its upgraded medium-term objectives. The investor update reinforced Angling Direct's focus on sustainable revenue growth, EBITDA expansion, market share gains and long-term shareholder value creation.