UK retailer sees 38% rise in profits
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UK-based tackle retailer Fishing Republic has seen its pre-tax profits for the first six months of 2105 rise by 38% compared to the same period last year.
The Yorkshire-based company, which joined the London Stock Exchange (LSE) earlier this year, also posted an increase in operating profit of 34%.
Chairman James Newman said that its recent AIM float on the LSE offers the opportunity to build a ‘significant’ presence in the marketplace. “Trading since the end of June has been good and we continue to progress potential acquisitions opportunities. Overall, the board expects further progress in the second half of the financial year.”
Chief Executive Steve Gross added: “Trading results are in line with our expectations and we are pleased to see material improvement in gross margins, helped by better procurement and working capital ultilisation.
“We intend to add further large format ‘destination’ stores and are also focused on growing online sales. We have added additional resources to this area since our admission to AIM.”
Established in 1985, Fishing Republic has seven stores in the north of England. It raised £1.5m in June through a placing of new shares which it intends to use to open an eighth outlet.