The UK’s leading fishing tackle retailer.
16-Feb-2018 – 98.92p – £42.5m – PER 31.9
Trading Update For The 12 Months To End January 2018 – Revenue ahead of expectations, up 44% to £30.2m (£21.0m last year). Expecting to continue to increase share of the UK angling retail market through both organic and acquired growth. Also intends to introduce country specific websites to drive growth. No mention of Profit but there’s “a very positive outlook despite higher labour costs and increased margin pressure”, so my read is that Profit has been affected – Why not just tell us!
The spidey senses are tingling here. Not even considering paying up here until I see those actuals – 14th May.
14-May-2018 – 104p – £44.7m – PER 33.5
Results For The 12 Months To End January 2018 – Revenue of £30.24m up by 44% (2017: £21.03m) with Operating profit of £0.9m up 27% (2017: £0.7m). A good start to the year, confident of meeting FY targets.
Was hoping for a more bullish set of results than this, will remain Neutral for now.
21-Aug-2018 – 83.5p – £35.9m – PER 34.3
Trading Update For The 6 Months To End July 2018 – Revenue ahead of management’s expectations (up by 56%) at £21.94m in the 6 months to end July. German website launched in June and encouraged by initial results, other European websites to later this year.
Quite a lot to like here but it’s fishing equipment! Just feel Amazon could gobble the on-line side up quite easily if it wanted to and that the retail side is probably running at a tiny profit/loss. I remain Neutral.
8-Oct-2018 – 108p – £46.4m – PER 43.1
Interim Results For The 6 Months To End July 2018 – Revenue up 55.8% to £21.94m, PBT up over 50% to £0.57m, EPS positive 1.11p versus -0.33p last time.
I remain Neutral here although I have to say, I have probably got this one wrong – Last time I said “Quite a lot to like here but it’s fishing equipment! Just feel Amazon could gobble the on-line side up quite easily if it wanted to and that the retail side is probably running at a tiny profit/loss”.
18-Dec-2018 – 82p – £53m – PER n/a
Trading Update For The 4 Months To End November 2018 – Revenue up 31.5% (in-store 7.2%, online 24.3%), confident of meeting FY expectations.
Seems encouraging but I remain unsure whether they can really create a profitable growth story here – In such a small niche. I will remain humble and perhaps humbled on the side-lines.