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FISH - Fishing Republic News Story

5.25p 0.0  0.0%

Last Trade - 15/10/18

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £8.41m
Position in Universe th / 1840

Fishing Republic PLC - Trading Update

Mon 1st February, 2016 7:00am
RNS Number : 5216N
Fishing Republic PLC
01 February 2016

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 openand 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

KTZ Communications Limited

T: 020 3178 6378

Katie Tzouliadis / Viktoria Langley / Emma Pearson

Northland Capital Partners Limited

T: 020 7382 1100

Nominated Adviser and Broker

Matthew Johnson / David Hignell (Corporate Finance)

John Howes / Abigail Wayne (Corporate Broking)

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.


This information is provided by RNS
The company news service from the London Stock Exchange
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