TIDMANG
RNS Number : 8907N
Angling Direct PLC
14 May 2018
14 May 2018
Angling Direct plc
("Angling Direct" or "the Company" or "the Group")
Full year results for the 12 months ended 31 January 2018
Angling Direct plc (AIM: ANG.L), the largest specialist fishing
tackle and equipment retailer in the UK, is pleased to announce its
audited financial results for the twelve months ended 31 January
2018.
Financial Highlights:
-- Group revenue of GBP30.24m up by 44% (2017: GBP21.03m)
-- Gross profit of GBP9.8m up by 37% (2017: GBP7.1m)
-- EBITDA of GBP1.1m up by 24% (2017: GBP0.9m)
-- Operating profit of GBP0.9m up 27%(2017: GBP0.7m)
-- Net cash equivalents at 31 January 2017 of GBP0.7m (2017: GBP0.3m)
-- Successfully completed AIM admission and placing, raising gross proceeds of GBP7.5 million
Operational Highlights:
-- Online sales of GBP16.1m up by 54% (2017: GBP10.5m)
-- Store sales of GBP13.2 million up by 40% (2017: GBP9.3m),
included like-for-like store growth of 9%
-- GBP3.0 million acquisition of fishing tackle store, Fosters of Birmingham
-- Acquisition of North West Angling Centre and Tacklesaver for GBP450,000 total consideration
-- Store network increased to 21, with new stores opened:
o Swindon (4,000 sq ft)
o Slough (4,250 sq ft)
o Stoke (4,500 sq ft)
-- Continued investment in online marketing, logistics and distribution
Commenting on the results, Martyn Page, Executive Chairman,
said: "It has been a transformational year for Angling Direct, with
the Company's admission to AIM and the completion of a number of
acquisitions and new store openings, which has cemented Angling
Direct's position as the UK's number one fishing tackle retailer,
online and in-store.
"The business achieved record revenues and profits, following
strong sales growth across the store network and online as a result
of our ongoing investment in marketing campaigns and customer
experience in-store and online. The Company is executing its
strategy of consolidating a highly fragmented market and we will
continue to build on this in the year ahead, with exciting new
store openings planned, and continued targeted online growth.
"Despite the adverse weather conditions for fishing, the Company
has had a good start to the year with momentum building in recent
weeks, and our plans for the summer season are well set. The Board
is confident that the Company is on track to meet its full year
targets."
For further information:
Angling Direct PLC +44 (0) 1603 258658
Martyn Page, Executive Chairman
Darren Bailey, Chief Executive Officer
Cenkos Securities - NOMAD and Broker +44 (0) 20 7397 8900
Stephen Keys (Corporate Finance)
Russell Kerr (Sales)
Yellow Jersey PR - Financial PR
Charles Goodwin +44 (0) 7747 788 221
Harriet Jackson +44 (0) 7544 275 882
Notes for editors
About Angling Direct plc
Angling Direct is the largest specialist fishing tackle retailer
in the UK. The Company sells fishing tackle products and related
equipment through its network of 21 retail stores, located
throughout the UK, as well as through its own website
(www.anglingdirect.co.uk) and other third party websites.
The Company currently sells over 21,500 fishing tackle products,
including capital items, consumables, luggage and clothing. The
Company also owns and sells fishing tackle products under its own
brand 'Advanta', which was formally launched in March 2016.
From 1986 to 2003 the Company's Founders acquired interests in a
number of small independent fishing tackle shops in Norfolk and, in
2003, they acquired a significant site in Norwich, which was
branded Angling Direct. Since 2003, the Company has continued to
acquire or open new stores, taking the total number up to 21 retail
stores. In 2015 the Company opened a 30,000 sq ft central
distribution centre in Rackheath, Norfolk, where the Company's head
office is also located.
Angling Direct's shares are traded on the AIM market of the
London Stock Exchange under the ticker symbol ANG.L.
For further information, please visit
www.anglingdirect.co.uk
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report that the Group has made excellent
progress over the last year both pre and post admission to AIM, as
it continued with its growth plans to build a significant position
in the UK fishing tackle market. The results demonstrate strong
revenue growth, accompanied with a substantial increase in
operating profit before exceptional items, which was in line with
market expectations. The Group's encouraging results reflect the
success of its acquisitions, its well-executed store expansion
programme and organic growth across the existing store network and
e-commerce platforms.
The year has been a major milestone in the history of the
business after completing Angling Direct's successful admission to
the AIM Market on the 13th July 2017, raising gross proceeds of
GBP7.5 million. These funds were used to redeem GBP1.4 million of
preference shares and to invest in the expansion of our business
through:
-- The acquisitions of Fosters Fishing Ltd, North West Angling Centre and Tacklesaver;
-- Continued store expansion programme with the opening of 3 new
stores in Swindon, Slough and Stoke; and,
-- Ongoing e-commerce investment which is seen as an important
area for growth in both the UK and internationally.
The fishing tackle marketplace is large and very fragmented,
with over 2,000 operators across the UK, which are mainly
owner-managed. Given Angling Direct's financial strength and
marketing capabilities, we see continued growth opportunities for
the Group across our store network and online. Beyond the UK, the
Group is also looking to grow the brand online in Germany, France
and the Benelux, all of which have large angling markets. Last
year, the Group also saw encouraging online sales growth from these
territories despite not having websites specific to the country's
language. The Company has recently launched a German website, with
other European websites to follow this year.
Financial results
The business achieved excellent growth for the year to 31st
January 2018, with revenue increasing by 44% to GBP30.240 million
(2017: GBP21.032m). Revenue generated from stores increased by 40%,
which reflected new acquisitions, new store openings, as well as
organic growth from existing stores. The organic growth on a
like-for-like basis increased by 9%, which the Board considers to
be an encouraging performance, given the headwinds that the UK high
street faced in recent months, and clearly underlines the success
of Angling Direct's in-store strategy. The e-commerce business
continues to go from strength-to-strength, with revenue up 54% to
GBP16.1 million for the year. Angling Direct continues to make
considerable investment in this area, both in online marketing and
logistical capabilities, which is driving this growth.
The Company recorded gross profits of GBP9.85m, up 37% on the
previous year. Profit before exceptional costs rose by 27%
(GBP0.202m) to GBP0.94m. The Company's admission to AIM in July
2017 meant that it booked exceptional costs of GBP0.730m. Profit
before tax in the year was GBP0.159m (2017: GBP0.662m), with the
decrease due to the exceptional costs as outlined above. On a
like-for-like basis, this would be GBP0.89m, an increase of
34%.
Share Placing
On the 13th July 2017, Angling Direct completed its admission to
the AIM Market and raised GBP7.5m (gross) through a placing of new
ordinary shares. The net proceeds from this were used to purchase
the Company's preference shares of GBP1.4m, and to support the
continued expansion of the business.
Dividend
The Company declared a dividend on the preference shares of
GBP4,143 on the 8th June 2017 and GBP3,145 on 14th July 2017.
The Board is focused on increasing the scale of the Group and it
is re-investing all its surplus cash resources back into the
business. As a result of this, in the short term, the Directors do
not recommend any further dividend payments. However, the dividend
policy will be kept under regular review.
The Board
As the Company prepared for its AIM admission the Board was
re-structured. To this end, J Higdon resigned on 6th April 2017 and
William Hill resigned on the 7th April 2017. We would like to take
this opportunity to thank both of them for their exceptional
contribution to the business. In June 2017, three new directors
were appointed to the Board in June , with John (Ian) Hunter, the
Company's Finance Director becoming an Executive Director, whilst
Paul Davies and Stephen Moon joined as Non-Executive Directors.
Outlook
The Board continues to believe that the prospects for the Group
are very positive, and we have plans to open two further stores, in
Peterborough and Guildford, over the next few months. These two new
stores will result in the Company's total being 23 stores.
We are also looking to develop the market by encouraging more
people to take up fishing by supporting more grass root
initiatives. These include Fishing for Schools, National Fishing
Month, Angling Trust and various other angling projects around the
country, which will allow people to try fishing free of charge,
with many of these events being supported by our store network.
We have been pleased to deliver like-for-like turnover growth
through our store network and a strong online performance versus
the same period last year, despite the year having started slower
than anticipated due to the extreme cold winter weather conditions.
The Board is confident that the Company will meet its full year
growth target this year, and that our product offering,
professional staff and continued improvement in our online
platform, both in the UK and Internationally, will help deliver
another excellent performance.
Martyn Page CTA, TEP
Executive Chairman
CHIEF EXECUTIVE'S REPORT
Introduction
I am very pleased to report on a significant year of growth and
progress. The new funds raised through the Company's IPO and
admission to AIM, in July 2017, have helped to support this
continuing development through two acquisitions and the expansion
of our store network. We have also developed our e-commerce and
digital marketing infrastructure to give our customers an enhanced
experience.
Review of Operations:
Stores
During the year, Angling Direct's store network grew to 21,
following a series of acquisitions and new openings. Three new
stores were opened in Swindon, Slough, and in Stoke, all of which
are situated in geographical areas that are known to have high
numbers of anglers, and they are each surrounded by number of
quality fisheries. While the new stores have only been trading for
a short period, the management team is pleased with the early
performance and we look forward to the contribution they will make
for a full year.
In addition to these three new stores, we acquired one of the
UK's largest fishing stores, Fosters Fishing Ltd based in
Birmingham, on the 2nd October 2017. We also completed two further
acquisitions on 16th November, North West Angling Centre, based in
Wigan, and Tacklesaver, based in Wilmslow near Manchester.
We have a pipeline of further new stores to add to the Company's
portfolio, with Guildford, and Peterborough due to open in the
coming months. Additionally, we are in negotiations to open another
store shortly.
The new store openings and acquisitions throughout the year have
helped to drive the significant growth in retail store sales by 40%
to GBP13.2m (2017: GBP9.3m). Like-for-like sales with the same
stores increased by 9%.
E-Commerce
We have developed and will continue to develop this very
important sales channel both in the UK and internationally. This
development has been a key driver for the increase of sales by
circa 54% to GBP16.1m (2017: GBP10.5m).
The focus will be to deliver an outstanding technical
experience, increased investment in optimisation, with personalised
marketing to support.
Angling Direct has already built up an international customer
base through its UK focused website. To support international sales
growth, we will be enhancing the brand with strategic marketing in
each target country. The majority of the target markets are aligned
to the UK, but some will need to have a specific focus, especially
around dedicated fishing styles.
Having investigated the opportunities of growing the
international footprint, the Board is now considering bringing the
strategic plan forwards into these countries to deliver quicker
growth. The first move has been the launch of our German website in
May 2018 and this will be followed by additional sites this year.
Each country will have dedicated customer support and we are adding
more telesales staff to help with live chat and social media
interaction. Continued focus around customer acquisition will be
applied throughout the international expansion and, notwithstanding
this, we believe our acquisition costs will remain favourable,
despite the need to increase non-organic marketing to strengthen
the brand in various countries.
In March 2018 we launched a new Foster's e-commerce website to
ensure that across both brands we are delivering the enhanced
experience that customers have come to expect; fast, mobile
friendly and functional.
During 2018 we will be investing in Kardex, a vertical storage
solution, in order to futureproof our current warehousing space and
accommodate the planned expansion, which will ensure we continue to
deliver to the very high standards we have set ourselves in respect
to stock availability.
Staff
I would like to take this opportunity to welcome new staff to
our Angling Direct team, and to thank our existing staff for all
their hard work, passion and dedication during a year of
exceptional change and growth. Our fabulous staff are essential to
our future success and to support this we continue to help train
and develop their skills. This in turn helps to ensure that our
customers have an unmatched fishing retail experience, both online
and in-store, and build long term brand loyalty.
Outlook
We are very positive about the outlook and the management's
ability to strengthen Angling Direct's position as the market's
leading retail brand. Our Strategy will see us continue to open new
destination stores in popular angling areas and to develop our
e-commerce platform for our UK and international customers.
Darren Bailey
Chief Executive Officer
FINANCIAL REVIEW
Income statement
In the year to 31st January 2018, Sales increased by 44% to
GBP30.2m (2017 GBP21.0m) as the Group continued with its growth.
Gross Profit also increased 37% to GBP9.8m (2017 GBP7.1m).
E-commerce grew strongly, with sales up 54% and margins
maintained at expected levels, reflecting market dynamics.
Operating profit before exceptional costs have increased by 27%
(GBP0.202m) to GBP0.940m (2017 GBP0.738m).
Exceptional costs of GBP0.730m, are one off costs incurred in
the floatation of the business in July 2017.
Finance costs for the year were 31% lower, GBP0.024m than prior
year (2017 GBP0.075m).
Income tax for the year is GBP0.131m, an increase of 29% on
prior year (2017 GBP0.102m)
Profit before tax in the year was GBP0.159m (2017 GBP0.662m),
this decrease is as a result of the GBP0.730m exceptional costs as
outlined above, on a like for like basis this would be GBP0.889m an
increase of 34%.
The basic earnings per share in the year equates to a profit of
GBP0.10 (2017 GBP54.72) this has been driven by the floatation
costs as mentioned above, if these were added back the like for
like basic earnings per share in this year would be GBP2.89.
Statement of financial position
Total equity at 31st January 2018 increased by GBP5.855m to
GBP8.255m (2017 GBP2.400m) mainly due to the additional Ordinary
Shares issued at the company's AIM floatation in July 2017.
Investment in goodwill has increased by GBP2.748m to GBP4.564m
(2017 GBP1.816m) due to the Fosters Fishing Ltd, North West Angling
Centre and Tacklesaver acquisitions.
Investment in stock has increased by 56%, GBP2.437m to GBP6.815m
(2017 GBP4.378m) due to 3 additional new stores and the
acquisitions as outlined above.
Current liabilities - trade and other creditors have increased
by 64%, GBP2.155m to GBP5.518m (2017 GBP3.362m) some of which is
due to the deferred consideration regarding the acquisitions that
we have made, and also due to the additional new stores and the
acquisitions outlined above.
The Group repaid its bank loans and entered into a revolving
credit facility with its bank and it had current liabilities -
financial borrowings of GBP0.888m an increase of 29% (2017
GBP0.688m).
The Group also had cash and cash equivalents of GBP0.749m in
funds an increase of GBP0.653m (2017 GBP0.096m)
Cashflow
At the year end the Group's net cash position (representing cash
and bank balances less loans and borrowings) was a net borrowing of
GBP0.193m, a decrease of GBP1.332m on prior year (2017
GBP1.525m).
Proceeds from the ordinary share issue was GBP7.5m gross, and
there was a repayment of GBP1.400m of preference shares.
The Group invested in working capital in the year of GBP0.719m
to GBP1.662m an increase of c76% on prior year (2017 GBP0.943m) and
a further investment in fixed assets of GBP1.234m to support the
continued growth of the business.
John Hunter FCMA, GCMA
Finance Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEARED 31 JANUARY 2018
2018 2017
Notes GBP 000's GBP 000's
CONTINUING OPERATIONS
Revenue 30,241 21,032
Cost of sales (20,387) (13,859)
GROSS PROFIT 9,854 7,173
Distribution costs (1,794) (1,206)
Administrative expenses (7,119) (5,229)
OPERATING PROFIT BEFORE EXCEPTIONAL
COSTS OF IPO 941 738
Exceptional costs of IPO treated
as an expense 2 (730) -
OPERATING PROFIT AFTER EXCEPTIONAL
COST OF IPO 211 738
Finance costs (52) (75)
PROFIT BEFORE INCOME TAX 159 663
---------------------------------------- ------ ----------- -----------
Income tax (132) (103)
PROFIT FOR THE PERIOD 27 560
---------------------------------------- ------ ----------- -----------
Profit attributable to:
Owners of the parent 27 560
(Loss)/Earnings per share attributable
to the ordinary equity holders
of the parent:
Basic and diluted (pence) 3 0.10 54,721.78
----------- -----------
0.10 54,721.78
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEARED 31 JANUARY 2018
2018 2017
Notes GBP 000's GBP 000's
PROFIT FOR THE YEAR 27 560
OTHER COMPREHENSIVE INCOME
Item that will not be reclassified
to profit or loss:
Revaluation of property to fair
value 5 86 -
Income tax relating to item
of other comprehensive income - -
Item that may be reclassified
subsequently to profit or loss:
Bonus share issue (303) (9)
Income tax relating to item
of other comprehensive income -
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX (217) (9)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR (190) 551
Total comprehensive income attributable
to:
Owners of the parent (190) 551
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2018
2018 2017
Notes GBP 000's GBP 000's
ASSETS
NON-CURRENT ASSETS
Goodwill 4,564 1,816
Property, plant and equipment 2,294 1,121
--------------------------------------- ------ ----------- -----------
6,858 2,937
CURRENT ASSETS
Inventories 6,815 4,378
Trade and other receivables 617 496
Cash and cash equivalents 749 283
--------------------------------------- ------ ----------- -----------
8,181 5,157
TOTAL ASSETS 15,039 8,094
--------------------------------------- ------ ----------- -----------
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 4 430 1,410
Share premium 4 7,032 -
Revaluation reserve 86
Retained earnings 707 990
--------------------------------------- ------ ----------- -----------
TOTAL EQUITY 8,255 2,400
--------------------------------------- ------ ----------- -----------
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 7 200
Financial liabilities - borrowings
Interest bearing loans and borrowings 54 1,120
Deferred tax 203 160
--------------------------------------- ------ ----------- -----------
264 1,480
CURRENT LIABILITIES
Trade and other payables 5,518 3,362
Financial liabilities - borrowings
Bank overdrafts 187
Interest bearing loans and borrowings 888 501
Tax payable 114 164
--------------------------------------- ------ ----------- -----------
6,520 4,214
TOTAL LIABILITIES 6,784 5,694
--------------------------------------- ------ ----------- -----------
TOTAL EQUITY AND LIABILITIES 15,039 8,094
--------------------------------------- ------ ----------- -----------
The financial statements were approved and authorised for issue
by the Board of Directors on
...................................................... and were
signed on its behalf by:
.................................................................
Mr D I Bailey - Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 JANUARY 2018
Called Retained Share Revaluation Total
up share earnings premium reserve equity
capital
GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1 February
2016 1 464 465
Changes in equity
Profit for the year 560 560
Other comprehensive
income (9) (9)
Total comprehensive
income 551 551
Dividends (25) (25)
Issue of share capital 1,409 1,409
Total transactions
with owners
recognised directly
in equity 1,409 (25) 1,384
Balance at 31 January
2017 1,410 990 2,400
Changes in equity
Profit for the year 27 27
Other comprehensive
income (303) 86 (217)
Total comprehensive
income (276) 86 (190)
Dividends (7) (7)
Issue of share capital 420 7,032 7,452
Reduction in share
capital (1,400) (1,400)
Total transactions
with owners
recognised directly
in equity (980) (7) 7,032 6,045
Balance at 31 January
2018 430 707 7,032 86 8,255
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 JANUARY 2018
2018 2017
GBP 000's GBP 000's
Cash flows from operating activities
Cash generated from operations (223) 1,301
Interest paid (45) (69)
Interest element of finance lease
payments paid (6) (6)
Tax paid (138)
Taxation refund - 13
Net cash from operating activities (412) 1,239
Cash flows from investing activities
Purchase of goodwill (2,748) (1,524)
Purchase of tangible fixed assets (1,234) (216)
Sale of tangible fixed assets - 18
Net cash from investing activities (3,982) (1.722)
Cash flows from financing activities
New loans in year 850 1,250
Loan repayments in year (1,516) (267)
Capital repayments in year (30) (22)
Share issue 7,520 -
Cost of issue (370) -
Redemption of preference shares (1,400) -
Equity dividends paid (7) (25)
Net cash from financing activities 5,047 936
Increase in cash and cash equivalents 653 453
Cash and cash equivalents at
beginning of year 96 (357)
Cash and cash equivalents at
end of year 749 96
---------------------------------------- ----------- -----------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARED 31 JANUARY 2018
1. Basis of preparation
The Group's consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards
("IFRS") and IFRC Interpretations issued by the International
Accounting Standards Board as adopted by the European Union and
with those parts of the Companies Act 2006 applicable to companies
preparing their financial statements under IFRS.
The financial information set out above does not constitute the
company's statutory accounts for 2018 or 2017. Statutory accounts
for the years ended 31 January 2018 and 31 January 2017 have been
reported on by the Independent Auditors. The Independent Auditors'
Report on the Annual Report and Financial Statements for 2018 and
31 January 2017 was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement
under
498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 January 2017 have been
filed with the Registrar of Companies. The statutory accounts for
the year ended 31 January 2018 will be delivered to the Registrar
in due course.
2. Exceptional Costs of IPO
On 13 July 2017 Angling Direct plc successfully floated on the
Alternative Investment Market ("AIM"), issuing 11,562,500 ordinary
1p shares for consideration of GBP7,400,000.
In relation to the IPO, costs of GBP730,113 were incurred and
were expensed and charged to the Income Statement for the year as
an exceptional item.
3. Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
Diluted earnings per share take into account share options in
issue as disclosed in note 27.
Reconciliations are set out below.
Earnings 2018 Weighted Per share
GBP Average amount pence
number of
shares
Basic EPS
Earnings attributable to ordinary
shareholders 26,869 26,225,168 0.10
Effect of dilutive securities
Options 1,410,911
Diluted EPS
----------------------------------- --------- -------------- --------------
Adjusted earnings 26,869 27,636,079 0.10
----------------------------------- --------- -------------- --------------
Earnings 2017 Weighted Per share
GBP Average amount pence
number of
shares
Basic EPS
Earnings attributable to ordinary
shareholders 560,351 1,024 54,721.78
Effect of dilutive securities
Diluted EPS
----------------------------------- --------- -------------- --------------
Adjusted earnings 560,351 1,024 54,721.78
----------------------------------- --------- -------------- --------------
4. Called up share capital
Allotted, issued and fully paid: 2018 2017
GBP GBP
10,000 Ordinary shares of GBP1
each - 10,000
42,999,993 Ordinary shares of
1p each 430,000 -
Nil (2017: 1,400,000) GBP1 Preference
shares - 1,400,000
430,000 1,410,000
------------- -------------
The GBP1 Ordinary shares are sub-divided into four classes
as follows:
2017
Number
Ordinary 'A' 3,960
Ordinary 'B' 3,960
Ordinary 'C' 880
Ordinary 'D' 1,200
On 22 March 2017 these four classes of GBP1 Ordinary shares
were all converted into a single class of GBP1 Ordinary shares.
On 19 June 2017 the GBP1 Ordinary shares were subdivided with
each share being split into 100 new Ordinary shares of 1p
each.
A bonus issue of 30,250,000 1p Ordinary shares took place
on 19 June 2017 on a pro rata basis to the existing Ordinary
share holders.
On 13 July 2017 11,562,500 Ordinary shares of 1p each were
allotted as fully paid for cash at a premium of 63p per share.
On 28 July 2017 187,493 Ordinary shares of 1p each were allotted
as fully paid for cash at a premium of 63p per share.
The numbers of Ordinary shares in issue
are as follows:
2018 2018 2017
1p shares GBP1 shares GBP1 shares
number number number
At 1 February 2017 - 10,000 1,000
Sub-divide shares 1,000,000 (10,000) -
Bonus issue 30,250,000 - 9,000
Issued during the year 11,749,993 - -
At 31 January 2018 42,999,993 - 10,000
--------------------------------------- ----------- ------------- -------------
The 1,400,000 Preference GBP1 shares were fully redeemed during
the year
The numbers of Preference shares in issue
are as follows:
2018 2017
number Number
At 1 February 2017 1,400,000 -
Issued during the year 1,400,000
Redeemed during the year (1,400,000)
At 31 January 2018 - 1,400,000
--------------------------------------- ----------- ------------- -------------
5. Business Combinations
On 2 October 2017 the Company acquired the entire share capital
of Fosters Fishing Ltd, a company incorporated in England and
Wales, for consideration payable in cash.
The directors consider that other than land and buildings, the
book value of the assets acquired do not differ significantly from
the fair value and no adjustment is required. Land and buildings
had a book value of GBP414,268 at the date of acquisition and were
subsequently revalued to fair value of GBP500,000 creating a
revaluation reserve of GBP85,732.
Foster Fishing Limited contributed GBP1,621,272 revenue and
GBP135,547 to the group's profit for the period between the date of
acquisition and the balance sheet date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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