1 Feb 2016 07:00
AIM: FISH
Fishing Republic plc
("Fishing Republic" or "the Company")
Trading update
Fishing Republic, the fishing tackle retailer, is pleased to provide an update on trading for its financial year ended 31 December 2015 ahead of its maiden preliminary results which are expected to be announced in mid-April.
Turnover for the year ended 31 December 2015 is approximately 21% ahead of the same period last year at c. £4.1m (2014: £3.4m), in line with market expectations. The increase reflects the benefit of the deployment of IPO funds raised in June, which were used to improve stock levels and enhance the Company's marketing activities, especially though its own websites.
Fishing Republic is also pleased to report that its larger new store in Hull is now open and that its new stores in South Birmingham and Crewe remain on schedule for opening in March 2016. All three stores conform to the Company's 'destination store' model and offer an extensive range of products for all types of anglers. The integration of Cotswold Angling, near Swindon, the Company's first store in the South of England, which was acquired in December 2015, is proceeding well.
The Board remains confident about prospects for the new financial year as it pursues its strategy to grow both organically and via acquisition.
Steve Gross, Chief Executive of Fishing Republic, commented:
"We are very pleased with the Company's performance since joining AIM in June. The material uplift in sales directly reflects the benefit of deploying IPO funds in the second half of the year and we are now progressing our store expansion plans.
"Our new larger site at Hull is now open and the new stores in Birmingham and Crewe are also on track to open in time for the start of the fishing season.
"The acquisition of Cotswold Angling, completed in December, provides us with a presence in the South of England and its integration is progressing well.
"We remain confident about prospects for the business in 2016 as we continue our expansion plans."
Enquiries:
Fishing Republic plc Steve Gross, Chief Executive |
| T: 01709 722590
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KTZ Communications Limited |
| T: 020 3178 6378 |
Katie Tzouliadis / Viktoria Langley / Emma Pearson |
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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.