Fishing Republic revenue up 41% amid store expansion

Rotherham-based fishing tackle retailer Fishing Republic, which had an IPO in 2015, said its revenue rose 41% to £5.8 million and profit before tax and exceptional items climbed 32% to £403,000 in the year to December 31.

Fishing Republic said the rise in revenue reflected its store expansion programme and organic growth.

Five new stores were added in Hull, South Birmingham, Crewe, Lincoln and Mildenhall in Cambridgeshire, taking the store network to 12 at December 31 — and three further stores opened in the first quarter of 2017 in Milton Keynes, Ipswich and Reading.

Three more stores are set to open in the coming months.

Fishing Republic’s own website sales rose 132% to £662,000 and accounted for 40% of total online sales.

Fishing Republic CEO Steve Gross said: “It has been another encouraging year of progress.

“The new funds we raised in late June 2016 helped to support the continuing development and expansion of our store network and have also enabled us to accelerate our plans to develop the group’s online platform and digital strategy, and transition online sales to our own websites, away from our historical model of third party platforms.  

“Our store expansion is progressing very well and we have a further three stores earmarked for opening over the coming months which will take the total number of our outlets to 18. 

“The main fishing season, which typically starts in the second quarter of the year, has begun well and we view prospects for ongoing growth very positively as we capitalise on our ‘first mover’ advantage.”