23 Nov 2015 07:00
23 November 2015
AIM: FISH
Fishing Republic plc
("Fishing Republic" or "the Company" or "the Group")
Trading Update
and
Expansion into Birmingham
Fishing Republic plc, the fishing tackle retailer, is pleased to announce an update on trading during the second half of its financial year, at the close of the main fishing season, and its expansion into Birmingham.
Trading has continued to be encouraging with sales, for the four months ending 31 October 2015, 43 per cent. ahead of the same period last year. This largely reflects the benefit of the additional resources being spent on sales and marketing activity. In addition, the company is extending its trading area into the West Midlands, having signed a lease on a retail unit in South Birmingham. It has also signed a lease for a new larger store in Hull, which will replace its existing outlet in the city.
The Company's move into South Birmingham is in line with the Group's stated strategy to broaden its geographic reach and increase its store network alongside its online sales.
The Birmingham site comprises approximately 5,300 sq. ft. in total and the store is scheduled to open in March 2016, when the fishing season resumes. The new site in Hull comprises approximately 9,000 sq. ft. in total, with the store scheduled for opening in January 2016. Both stores will conform to Fishing Republic's existing "destination store" format, capable of attracting customers from a wide area with an extensive product range, catering for all fishing disciplines, and providing car parking facilities.
Steve Gross, CEO of Fishing Republic, commented:
"We are very pleased to see that sales in the four months to the end of October, the close of the main fishing season, show a significant uplift on same period last year. It reflects the benefit of additional sales and marketing expenditure following our IPO.
"We are also delighted to be establishing Fishing Republic's presence in Birmingham. The city has one of the largest angling clubs in the UK and has traditionally been served predominately by smaller fishing tackle retailers. We are confident that our large store format, carrying a wide range of product for all fishing disciplines, will attract anglers from a wide area across the Midlands. We are also pleased to be upgrading our store in Hull to larger premises in line with our other stores.
"The Board continues to look at potential acquisitions as well as other new store locations whilst at the same time improving our online offer to a growing customer base."
Enquiries:
Fishing Republic plc Steve Gross, Chief Executive |
| T: 01709 722590
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KTZ Communications Limited |
| T: 020 3178 6378 |
Katie Tzouliadis |
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Northland Capital Partners Limited |
| T: 020 7382 1100 |
Nominated Adviser and Broker |
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Matthew Johnson / David Hignell (Corporate Finance) |
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John Howes / Abigail Wayne (Corporate Broking) |
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About Fishing Republic plc
www.fishingrepublic.net
Fishing Republic is one of the largest fishing tackle retailers in the UK by floor space in one of the UK's largest participation sports. Established in 1985, the Company caters for all types of anglers: coarse, carp, game and sea fishing. It operates a chain of 'destination' retail outlets in the North of England and has an online presence through both third party online retailers and its own websites (www.fishingrepublic.net and www.yorkshiregameangling.co.uk). Its comprehensive product offering includes own-brand ranges, such as Klobba and Theseus.