Angling Direct PLC (LSE: ANG) is an LSE listed AIM All- share index, UK-based omni-channel retailer of fishing tackle and equipment. Its core activity is selling gear through its websites and physical stores, with an emphasis on customer service, expert advice, and maintaining comprehensive product lines covering a full range of angling equipment.

Key Investment Rationale – Speculative Buy at GBX 49.00

• Revenue Momentum- Revenue increased by 17% YoY to GBP 53.6 million in H1 FY26, compared with GBP 45.8 million in H1 FY25. The growth was primarily driven by a strong UK omni-channel performance, with UK sales rising 17.7%, supported by 14.2% like-for-like growth. Improved customer footfall, higher online conversion rates, and the continued expansion of the MyAD loyalty platform further contributed to the robust performance.
• Margin Expansion- Gross margin expanded by 130 bps YoY to 38.0% in H1 FY26 (versus 36.7% in H1 FY25). The margin improvement was driven by a favourable product mix, with a higher contribution from own-brand offerings (own-brand gross profit up approximately 55%), along with improved commercial terms secured from key suppliers as the Group continues to scale across the UK and Europe.
• Robust Profitability and Operating Leverage- Adjusted EBITDA increased by 39.4% YoY to GBP 3.9 million in H1 FY26 (versus GBP 2.8 million in H1 FY25). The strong earnings momentum was supported by operating leverage from higher sales, disciplined cost management, and initial benefits from technology investments, including digital shelf-edge labelling and enhanced digital marketing efficiency.
• Growth Visibility- MyAD membership increased by 21% to over 496k subscribers in H1 FY26 (versus 409k in January 2025). This expansion strengthened repeat purchase behaviour and customer engagement across both in-store and online channels, reinforcing Angling Direct’s competitive moat and supporting greater long-term revenue visibility.

ANG Daily Chart & Valuation

 One Year Technical Price Chart (as of December 02, 2025). Source: REFINITIV, Analysis: Kalkine Group

For conducting the valuation, the following peers have been considered: Procook Group PLC (LSE: PROC), WH Smith PLC (LSE: SMWH), etc.

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given on Angling Direct PLC (LSE: ANG) at the Closing Market Price of GBX 49.00, as of December 02, 2025.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 02 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.