FISHING Republic, the South Yorkshire retailer which is casting its net wider after listing on the Alternative Investment Market in June, has restated its desire to be the biggest fish in the pond.
It has reported a 38% increase in pre-tax profits to £149,000 as sales edged up 2% to £1.87m in its maiden half-year results, for the six months to June 30.
The fishing tackle retailer has seven stores and two online stores, with each contributing half of the company’s sales.
Chief executive Steve Gross said he was pleased by the “material improvement” in gross margins, which was attributed to better procurement and how the company used its working capital.
He added: “We intend to add further large format ‘destination’ stores and are also focused on growing our online sales and have added additional resources in this area since our admission to AIM. In addition, we see an opportunity to increase sales of ‘own brand’ products over the next few years.”
The market has responded positively to the company, which has seen its share price rise 25% to last night’s close of 18.7p in the three months since Fishing Republic floated.
Fishing Republic says it continues “to progress potential acquisition opportunities” as it look to lead consolidation in the market, which is made up of small independent retailers and lacks a dominant player.
It is moving its Hull store to a larger shop and continues to look for a site in Birmingham.
The specialist retailer dates back to Mr Gross’s enterprising schooldays 30 years ago when he started Stephen Gross Flies as a 13 year-old.
Three years later it moved into its first premises in Mexborough, Rotherham, and in 1991 he incorporated the business. It opened its first retail outlet in 1999 and in 2005 launched its first store branded as Fishing Republic in Barnsley, followed a year later by Manchester and Hull.
