American Golf maintains UK market share as Oddy-inspired results improve

A strategic business “reset” has helped UK-based American Golf improve its fiscal scorecard.

In a fiscal year that first saw Nigel Oddy appointed to head the business last April, the chief executive has overseen a shift in the golf clothing and equipment retailer’s ambitions, resulting in gains across its unaudited results for the 2023/24 financial year.

The former New Look and Matalan chief exec has steered the company to a slight increase in turnover, a reduction in pre-tax losses, and a return to an EBITDA surplus, with promises of further improvements to come.

Ahead of its September final results report, it said revenues have risen a modest £0.3 million to £135.8 million; it’s seen a cut in pre-tax losses to £5.2 million, compared with a pre-tax loss of £10.5 million the previous year; and pre-exceptional EBITDA was £4.3 million, representing a £5.7 million turnaround.

The implementation of those new strategies saw sales increase 7% in the final quarter of 2023 versus 2022. Online sales also grew by 4% for the full year. This performance is in line with American Golf’s growth target of £8m+ EBITDA over the next three years, it noted.

The business said it has also maintained its one-third share of the golf retail market.

Oddy said: “There is no doubt that 2023 was challenging for all retailers, including golf retail, as global and national factors impacted consumer spend and confidence.

“Due to the continued cost of living pressures, customers told us they were reducing their non-essential golf spend last year, but we were able to take action to leverage our core strengths – focusing on data, our own brand products, our omni-channel offering, and our relationship with third parties.

“American Golf has refocused on core retail, including our 88 nationwide stores, to put us in a strong position for FY 2024/25, with exciting plans for this year and onwards. We have a vision to become the ultimate one-stop destination for everything a golfer requires.”