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Angling Direct - interim results highlight the profitability conundrum
Freshwater anglers contribute an estimated £1.4 billion annually to the English economy and Angling Direct is the only listed company dedicated to this large market, but does it represent a good investment opportunity.There are suggestions it might prove challenging to ever generate significant profits from this well-developed sector.
Angling Direct (LON:ANG) arrived on AIM in July 2017 raising a total of £7.4m of new money at 64p with selling shareholders pocketing £1.6m at the same price. The market capitalisation on AIM admission was £27.4m. The shares initially performed strongly, hitting a high of 109p in August 2018, but subsequently fell back, no doubt partially due to the failure of quoted rival Fishing Republic, whose brief but tortuous stay on the stock market lasted…
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