Angling Direct reels in 44pc sales surge in first year on Aim

Britain’s biggest seller of fishing equipment posted a strong set of maiden results after using the proceeds of its initial public offering to fund a takeover spree and open new shops.

Revenues at Angling Direct, which began life as a single tackle shop on the Norfolk Broads, soared 44pc to £30m in the year to January, thanks to soaring sales both online and in its shops.

The firm went public on London’s junior Aim market in July at a valuation of £27.4m, raising £9m which it used to fund takeovers of three rivals, including Fosters of Birmingham, Britain’s largest fishing shop.

It also opened three new shops in Swindon, Slough and Stoke-on-Trent, taking the total to 21 and helping boost overall…