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Rather 20p but it's not bad either considering how the business develops.
16 Million in cash??? The cash is worth 30p on its own
No it's not a buy, the margins are very low, and very dependent on the weather.
Can't belive it's 40p to be fair...
Looking at the results if one considers like for like sales and strips out inflation which is not inconsiderable in the industry at the moment it appears they are going backward.
When acquisitions dry up there will be very little growth in my opinion.
Growth in Europe is big in percentage but in reality is peanuts.
Sorry to say I don’t see this as a buy in the medium or long term.
Probably end up as a management buy out and some retrenchment.
Found by evoque92 on advfn:
https://angling-international.com/2024/02/10/angling-direct-announces-acquisition-and-opens-49th-store/
Well, well , well.....it was only a matter of time before the management team came under sustained pressure to pull their fingers out and do something more productive with £17m sitting there in the bank account. The Board had been warned but chose plod along instead, using the excuse of the markets....
I see a RNS this morning Kelso Group
New investment in Angling Direct Plc ("Angling")
Kelso is pleased to announce that it purchased 2.32 million ordinary shares in Angling, at an average price of 35.1p, representing 3.0% of the total issued share capital in the company.
https://www.investegate.co.uk/announcement/rns/kelso-group-holdings--klso/angling-direct-plc-new-investment/7908857
More big trades
Current significant list, let's see what changes
Shareholder Shares %OS
Gresham House 20,114,204 26.03%
Business Growth Fund 11,325,000 14.66%
Mr M Page 11,010,000 14.25%
Mr W Hill 8,447,595 10.93%
Canaccord Genuity Wealth Management 7,170,390 9.28%
Dowgate Capital 4,380,650 5.67%
Hargreaves Lansdown 3,762,989 4.87%
Interactive Investor 2,651,515 3.43%
Some (very) large sells late on today. Two trades at or around the close amounting to c3.2% of the issued share capital. Not clear whether they were the same seller but we might see an RNS (or two) in the next few working days, if not tomorrow.
Has now been explained by the RNS. But who was selling? and is there any more to churn?
Found by darrin1471 on advfn:
September update from Onward Opportunities who hold 4% in ANG says:
"PE interest in fishing tackle retailers in the US & Nordics"
https://onwardopportunities.co.uk/wp-content/uploads/2023/09/Onward-Opportunities-Half-Year-Update-September-2023.pdf
"Overall the Board is confident that a combination of continuing UK sales momentum with balancing European growth and profitability means that the Group is well placed to deliver revenue and Pre IFRS 16 EBITDA in line with full year market expectations"
With a required 39.7m to achieve this in H2, they must have a good momentum leaving H1 and into August as they'll need an increase of turnover in H2 of around 12% (2023 35.2m)
Here we go again- the AIM gravy train. RNS on exec share options. Both CEO & CFO granted oodles of in the money options ( ok with 2/3 3 year vesting& 1/3 4 Yr) but absolutely no detail about hurdles!! Dreadful
Gresham House are really going for it here. Now up to 26% (they first bought in 2019 when the SP was 60+ p)
I know from an interview last September Ken Wotton sees similarities with Games Workshop albeit in a different category i.e. hobbyist element, large potential market of fishermen and women, repeat customers with the lifetime value of a customer being really attractive, consumables element such as the tackle and the bait , online and in-store engagement, leader in the UK, expansion into Europe, a lot of growth opportunities and self-help opportunity to improve margins.
He really believes in the potential here and is proving it with Gresham's increasing investment. Good man.
Cleared?
Finally I sense with Copeman's appt that we have a top team capable of radically accelerating the pace of development. The valuation is woeful for a business supposedly consolidating a fragmented sector OK they've been hit by Covid and last year's drought, but the impression I've had for a while is of a deeply conservative risk-averse board lacking dynamism & just content to plod along. Even the FY results outlook hardly crackles with excitement or inspires confidence. This is about to change, and I think the new team will make a big difference. Copeman is a turnaround specialist - build & sell - and I think his appointment is a recognithas been brought in imo to ultimately sell the business .
It will be interesting to see where their thoughts are regarding the mooted small (single digit £m) European acquisition at the presentation next week.
Nice little niche player gearing up to be THE pan European supplier and last year's CAPEX used to give prime mover advantage. Dedicated online to support shop network and new supply hub in Netherlands. Sam Copeman obviously sees the route to rapid consolidation and growth here and ANG has the £14m war chest to make things happen. Solid.
Board certainty saying the right things, will be interesting to see where this is in the next 3 years.
Yes I have hence my decision to invest alongside those snippets listed below. I am very keen to listen to the one scheduled for 22nd May as I suspect this will coalesce all the previous moves in online exposure and pan European supply. I see the company having a really good future given its niche and financial strength. Be nice to see how plan's are going as the 11% Q1 growth looks excellent progress to me.
Sisyphus, have you watched back the last couple of investor presentations? There's some interesting snippets about their thoughts on future European expansion routes in them.
Looking at the evolution of ANG it's playing all the right cards. Europe is ripe for expansion for this niche supplier and capital last year was allocated to enhancing online and providing a pan European supply hub in the Netherlands with adequate stock for the start of the season. The cash buffer of £14m is extremely significant for a company of this size and gives it the instant ability to purchase good value acquisitions. The management is both seasoned and prudent and Sam Copeman can obviously see the exponential growth possibilities of a successful rollout. A lot is being documented about the mental health benefits of aligning with nature and fishing has been repeatedly peer reviewed as beneficial. The resurgence of angling post pandemic should not be underestimated and for a cash and asset rich pure play this is a little, soon to be much bigger, gem. Solid.
Interesting appointment.
Doesn't look like a sleepy accountant just there to mark time. What did they talk about at interview to bring him in?
Results look completely sound in the current macro.
An expanding business delivering a small trading profit and maintaining a solid cash balance.
Very well positioned company.