NEWS Finacial results - In brief


• Revenues up 57% to £9.153m • Gross profi t of 2.983m • Like-for-like sales up 12.4% • Operating LOSS of £2.235m


J


ames Newman, Executive Chairman of Fishing Republic, said: “We are taking fi rm action to address the Group’s disappointing performance and have made signifi cant changes to the Group’s management and organisational structure. “Our comprehensive


review, started at the end of 2017, has already resulted in positive steps forward, and we are working on further initiatives to improve


the Group’s position and create fi rmer foundations to take advantage of the market opportunity that exists. The fundraising of £1.3m in a share placing in January 2018 will support our actions.


“2018 is going to be a year of transition with competitive market conditions, changes to our business model and a new and strengthened management team.”


• Revenues up 44% to £30.24m • Gross profi t of 9.8m • Like-for-like sales up 9% • Operating PROFIT of £900,000


M


artyn Page, Executive Chairman of Angling


Direct, said: “It has been a transformational year for Angling Direct, with the Company’s admission to AIM and the completion of a number of acquisitions and new store openings, which has cemented Angling Direct’s position as the UK’s number one fi shing tackle retailer, online and in-store.The business achieved record revenues and profi ts,


following strong sales growth across the store network and online as a result of our ongoing investment in marketing campaigns and customer experience in-store and online. The Company is executing its strategy of consolidating a highly fragmented market and we will continue to build on this in the year ahead, with exciting new store openings planned, and continued targeted online.”


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