Strategy

Our Purpose

Inspiring everyone to get out and enjoy an exceptional fishing experience, regardless of background or ability, in the great outdoors.

"Getting Everyone Fishing"

Our Ambition

To become Europe’s largest fishing club, through which all anglers can shop with confidence, seek advice and be inspired.

Underpinned by 6 Medium-term Objectives

  1. UK business on a flightpath to revenue of £100m
  2. UK business on a flightpath to >£6m EBITDA* (pre-IFRS16)
  3. Creating Europe’s largest fishing club, MyAD, and leveraging its value
  4. Development of a sustainable European business
  5. Deployment of surplus liquidity to further grow the business beyond the medium-term objectives
  6. Angling retail’s largest responsible employer

Clear purpose, strategy and medium-term objectives

Medium Term Objectives and Capital Deployment

  • Targeting a core UK business of >£100m revenue and >£6m Adjusted EBITDA
  • Sales growth delivered through:
    • Stores: continuing the accelerated UK store roll out programme including small format
    • Online: continuing to invest in technology that drives customer engagement and sales
    • Both channels leveraging MyAD
  • EBITDA growth substantially over indexing sales growth, underpinned by continued gross margin progression and further leveraging the cost base through further deployment of technology
  • Delivering a UK double digit ROCE %
  • Delivering a break-even position for Europe and position the business for growth
  • Surplus cash above the minimum working capital requirement is intended to be deployed to exceed the UK >£100m target:
    • The material component of this deployment into the UK business via a scale brand supply chain partnership and retaining headroom for opportunistic acquisitions
    • Flexibility retained around European deployment

* Pre-IFRS2