Full extent of listed fishing retailer’s ‘disappointing’ year published

Listed retailer Fishing Republic has this morning reported pre-tax losses of £2.2m during 2017, when the Rotherham-based firm dropped into the red despite growing revenues 57%.

Reporting on the full year to December 31 2017, the firm reported pre-tax losses of £2.2m, a drop from pre-tax profits of £320,771 in 2016. The firm’s revenues grew 57% from £5.7m in 2016 to of £9.1m in 2017. This morning, the firm said that like-for-like store sales during 2017 were up 12.4% year-on-year.

In November, the business confirmed that it had suffered a significant deterioration in trading, which led to its CEO Steve Gross stepping down and replaced by Chris Griffin as acting chief executive. Griffin has since left the business and a new COO – Stephen Kyriacou  – appointed.

A turnaround plan is now being implemented and a £1.3m share placing was completed in January 2018 as part of this.

James Newman, executive chairman of Fishing Republic, said: “We are taking firm action to address the Group’s disappointing performance and have made significant 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 firmer 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.”