Fishing Republic Regulatory News (FISH)

11 July 2018

AIM: FISH

FISHING REPUBLIC PLC

("Fishing Republic" or the "Company")

AGM Statement

Fishing Republic, the fishing tackle retailer, is holding its Annual General Meeting today and will provide the following update on trading in the first six months of its financial year to 31 December 2018.

The Company is in a year of transition as it implements turnaround plans to stabilise the business and improve its performance. As previously announced, significant changes have been made during the first half, including the closure of five underperforming stores and overhead cost reductions, as well as organisational and systems improvements, and the launch of an enhanced website in the middle of May.

Reflecting these changes, as well as the continuing difficult trading environment, revenues in the first half are expected to be approximately £3.4m (2017: £4.1m). Overall store sales were approximately £2.7m (2017: £3.2m), and whilst like-for-like store sales were 22% down (2017: up 21%), the second quarter did show an improving trend. Online sales decreased in the period to approximately £0.7m (2017: £0.9m).

Margins in the first quarter were below the Company's expectations mainly as a result of clearing old product lines. However, despite continuing competitive pressures, the second quarter margins have improved and were close to those achieved in the same period last year. Inventories at the half year end stood at approximately £3.2m compared to £3.3m in December 2017 and £5.3m in June 2017.

The Board has made good progress in recruiting a new CEO and a further announcement will be made in due course. The Company expects to provide a further update on trading with the publication of its interim results.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

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