Angling Direct PLC on Tuesday reported a record year as it continues working towards its stated goal of becoming Europe’s largest fishing club.

The Norwich, England-based fishing tackle and equipment retailer said in year ended January 31, pretax profit more than doubled to £1.5 million from £700,000 the year prior.

The company said this was underpinned by overall earnings before interest, tax, depreciation and amortisation growth, as well as higher interest income from cash balances optimised for the higher interest rate environment.

Revenue increased by 10% to £81.7 million from £74.1 million.

No dividend was declared, with the company opting to reinvest all surplus cash resources and focus on evaluating growth opportunities by way of possible mergers and acquisitions.

Chief Executive Officer Steve Crowe said: ‘The last twelve months have seen Angling Direct further expand its market share and grow sales, despite the continued industry headwinds. Supported by our omni-channel business model, we are pleased to have achieved record UK revenues of £77.4m and delivered growth across our markets.’

Angling Direct has set itself a medium-term target of growing revenue to £100 million and earnings in excess of £6 million. Despite ongoing macroeconomic challenges, the company believes the UK and European markets offer growth opportunities.

‘Overall, the European market, due to its significant size and fragmented nature, remains very attractive to Angling Direct in order to significantly expand its addressable market and develop a significantly larger business over the long term,’ said Crowe.

Meanwhile, increased retail closures in the UK presents the company with an opportunity to address the growing gap in the market.

Angling Direct shares were up 8.7% to 37.70 pence each in London on Tuesday afternoon.

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