Fishing Republic PLC Trading Update (2374X)
February 20 2017 - 1:00AM
UK Regulatory
TIDMFISH
RNS Number : 2374X
Fishing Republic PLC
20 February 2017
20 February 2017
AIM: FISH
Fishing Republic plc
("Fishing Republic" or "the Company")
Trading Update
Fishing Republic, one of the largest fishing tackle retailers in
the UK, is pleased to announce an update on trading for the
financial year to 31 December 2016.
The Company continues to make encouraging progress and results
for the year are expected to be in line with current market
expectations. Revenue is expected to show an increase of
approximately 40% year-on-year, driven by the addition of new
stores, organic growth across existing stores, and strong growth in
own website sales.
We are making good progress with our online sales strategy,
where we are transitioning away from third party platforms to own
website sales, where margins are higher and we own the customer. As
a result, our own website sales increased by 132% year-on-year and
accounted for c. 40% of total online sales for the year. As
expected, with lower third party sales, total online sales
decreased but, importantly, overall gross margins improved. We will
continue to expand our in-house capabilities in digital technology,
marketing and customer data in the year ahead to support this
transition strategy.
The three new stores opened in the first half of the financial
year, in South Birmingham, Crewe and Hull, are continuing to build
their sales in line with management forecasts. The Lincoln store,
acquired in September 2016, has now been fully integrated and its
sales since acquisition are ahead of the prior year. The Company
opened a new store in Mildenhall just before the year end and one
in Milton Keynes in January 2017. Two further stores, in Reading
and Ipswich, are expected to open before the end of Q1 and further
openings are planned later in the year.
Full year results will be announced towards the end of April,
when a further update on trading will also be provided.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Fishing Republic plc T: 01709 722590
Steve Gross, Chief Executive
Russell Holmes, Finance
Director
KTZ Communications Limited T: 020 3178 6378
Katie Tzouliadis / Emma
Pearson
Northland Capital Partners T: 020 3861 6625
Limited
Nominated Adviser and Broker
Matthew Johnson / David
Hignell (Corporate Finance)
John Howes (Corporate Broking)
About Fishing Republic plc
www.fishingrepublic.net
Fishing Republic is one of the largest fishing tackle retailers
in the UK. 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 and has an online presence both
through 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
END
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