NEWS Fishing Republic records profit F 1
Fishing Republic plc - Steve Gross, CEO
ishing Republic posted a 41 per cent increase in revenue in its year
end reports. Revenue increased to £5.79m and pre-tax profits increased to £403,000.
Fishing Republic is one of the largest fishing tackle retailers in the UK by floor space. Established in 1985, the
company caters for all types of anglers: coarse, carp, game and sea fishing. Its comprehensive product offering includes own-brand ranges, such as Klobba and Theseus.
1
Wychwood’s new baby due
W
ychwood’s new magnesium- bodied ‘baby pit’ reel is due in
shops in June. The reel is believed to be the cheapest magnesium-bodied reel on the market, retailing at a penny under £80. It features a micro-pitch, multi disc drag that offers extensive clutch control and a versatile 4.8:1 gear ratio. The Extricator 5000FD is aimed at anglers who fish smaller waters or require a reel for floater fishing that’s light yet powerful.
Wychwood plans to expand the Extricator range in future, as brand manager Martin Tracey explains: “With the increase in ‘urban carping’, anglers these days aren’t afraid to fish with shorter rods and with the 5000FD and a host of additional products that will be available in 2018, we’re confident that we can offer an ‘on trend’ range that is affordable to the masses.”
The company is traded on the London Stock Exchange’s Alternative Investment Market, which allows smaller companies to float shares with a more flexible regulatory system than is applicable to the main market. New shareholders include big hitters Bill Currie, Iain McDonald and Sir Terry Leahy. Steve Gross, Chief Executive, 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.”
Fishing Republic added five new
stores during 2016: Hull, South Birmingham, Crewe, Lincoln and Mildenhall.
Company chairman, James Newman OBE, said: “Prospects for the Group are very positive. Since the start of the new financial year, we have opened three stores, in Milton Keynes, Ipswich, and Reading, and plan to open a further three stores. “Our model is to offer an unrivalled range of product, catering for all fishing disciplines, from typically out-of-town, easy to access, light- industrial locations. Customer service is important to us and we aim to employ staff who share our customers’ passion for angling and can offer expert advice on both products and fishing techniques.”
22 | Tackle & Guns | June 2017
www.tandgmagazine.com
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