UK retailer ‘optimistic’ for new season
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Fishing Republic is optimistic about prospects for the new fishing season, despite reporting a 12% drop in annual profit for 2015.
The UK business posted its first results this month since floating on the London Stock Exchange, with figures reflecting the absorption of the costs of becoming a quoted company, plus increased marketing expenditure.
Profit before tax, excluding exceptional IPO costs, increased by 3% to £305,000. Sales for the year ending December 31st totaled £4.12 million, up from £3.4 million the previous year. Online sales were up 30% year-on-year.
Fishing Republic floated on AIM, formerly the Alternative Investment Market and a sub market of the stock exchange, in June last year.
“Funds raised at admission helped support a 45% year-on-year increase in sales in the second half,” said Steven Gross, Chief Executive.
“With additional new funds raised in December we have been able to expand our store network, improve stock availability and grow online sales. We are well placed for the new season and will look to continue developing the business.”
Chairman, James Newman said trading in the first quarter had been quiet as expected, but the board had strong opportunities to further develop its store network this financial year.