We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fishing Rep. | LSE:FISH | London | Ordinary Share | GB00BY7RY763 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFISH
RNS Number : 5043K
Fishing Republic PLC
22 September 2016
22 September 2016
AIM: FISH
Fishing Republic plc
("Fishing Republic" or "the Company" or "the Group")
Half year results
for the six months ended 30 June 2016
KEY POINTS
-- Group continues to make encouraging progress
-- Revenue increased by 34% to GBP2,500,000 (2015: GBP1,870,000)
-- Profit before tax of GBP157,000 (2015: loss of GBP150,000 after exceptional costs GBP299,000)
-- Earnings per share of 0.47p (2015: loss per share of 1.17p)
-- Store network expanded - increasing geographic footprint:
- two stores opened, in South Birmingham and Crewe, and Hull store relocated - like-for-like store sales up 16%
-- Online sales - transitioning to focus on own websites sales
- further investment planned to accelerate the move to own website sales away from third party retailers
-- Share placing in June raised GBP3.75m (before expenses) - to support continuing expansion
- new shareholders include Bill Currie, Iain McDonald and Sir Terry Leahy
-- Post period, acquisition of fishing tackle store in Lincoln
- provides first presence in the East Midlands
-- Two additional stores expected to be opened before the year end
-- Sales in H2 to date have been broadly satisfactory with a quieter July and August followed by an encouraging beginning to September
-- Decision taken to accelerate the deployment of placing proceeds; accordingly profit forecast for 2016 rebased. Benefits of the investment programme will flow through in 2017 and beyond
James Newman, Chairman, said:
"Since joining AIM in June 2015, we have made significant progress in working towards our ambition of becoming a dominant player in the highly fragmented fishing tackle market. These results show the Group's continuing encouraging progress. The additional funds raised in June support ongoing growth and we are pleased to welcome new shareholders including Bill Currie, Iain McDonald and Sir Terry Leahy.
"With the planned opening of two further stores before the year end, additional investment in our recent acquisition and the increase in resource across key areas, including multi-channel, the Group's cost base will rise significantly in the current financial year. This, coupled with lower than expected sales during the latter part of the summer season, means our results for this financial year are now anticipated to be below current market expectations. However, we believe that the benefits of our accelerated investment in both online and across the store network will begin to flow through in 2017 and continue to view the Group's growth prospects very positively."
Steve Gross, Chief Executive, said:
"During the period, we expanded our store network, opening two new stores, in South Birmingham and Crewe, and relocated our Hull store to new larger premises. We also completed the integration of our first acquisition, Cotswold Angling in Swindon, which has given us a presence in the South of England. The acquisition of Fantackletastic, in Lincoln, in September continues our geographical expansion, taking the Group into the East Midlands.
"Following the successful placing in June, we are now accelerating investment across the business, including multi-channel. We expect the benefits of this investment programme to come through in 2017. The Group has a strong balance sheet and we are confident about growth prospects and will continue to consider further acquisitions and selective store openings.
"We look forward with confidence to reporting on the Group's ongoing growth."
Enquiries:
Fishing Republic plc T: 01709 722590 Steve Gross, Chief Executive KTZ Communications Limited T: 020 3178 6378 Katie Tzouliadis / Viktoria Langley / Emma Pearson Northland Capital Partners T: 0203 861 6625 Limited Nominated Adviser and Broker Matthew Johnson / David Hignell (Corporate Finance) John Howes / Abigail Wayne (Corporate Broking)
About Fishing Republic plc
www.fishingrepublic.net
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. It operates a chain of 'destination' retail outlets and has an online presence both through third party online retailers and its own websites (www.fishingrepublic.net and www.yorkshiregameangling.co.uk). Its comprehensive product offering includes own-brand ranges, such as Klobba and Theseus.
JOINT REPORT OF THE CHAIRMAN AND CHIEF EXECUTIVE
Introduction
We are pleased to present Fishing Republic's results for the six months to 30 June 2016, which show the Company's continuing progress.
Since joining AIM in June 2015, we have made significant progress in working towards our ambition of building a substantial market presence in the highly fragmented fishing tackle market. During the period, we expanded our store network, opening two new stores, in South Birmingham and Crewe, and relocated our existing Hull store to a significantly larger site. We also completed the integration of our first acquisition, Cotswold Angling in Swindon, which has given us our first presence in the South of England.
After the period end, in early September, we acquired 'Fantackletastic', a fishing tackle store in Lincoln, taking our total number of outlets to 11. The store also marks our first presence in the East Midlands and continues the expansion of the Group's footprint across the country. Like the other stores in our network, it fits our 'destination' store model, catering for all types of fishing disciplines and offering a comprehensive range of products. We have now identified suitable sites for two new stores, in Cambridgeshire and Reading, and expect to open both stores before the end of the year.
In addition to increasing our store network, we have previously stated that our ambition was to grow our online sales and, in particular, to increase sales derived from our own websites, as opposed to via third party online retailers. We are now accelerating our efforts to increase our own website sales and, in the period, concentrated our resource into this area. It is our intention to continue the transition, to gain the benefits of building direct, long-term relationships with our customers, although third party channels will remain important.
At the end of the first half of the year, we completed a share placing, which was oversubscribed, to raise GBP3.75m (gross). These proceeds will support our continuing expansion, including the development of our online platform and digital strategy. We welcome all new shareholders including Bill Currie, Iain McDonald and Sir Terry Leahy.
Financial Results
It should be noted that in the comparative period in 2015, the business was in private ownership until the Company joined AIM on 4 June 2015.
Results for the first six months of the financial year reflect the benefits of capital raised as well as the increased costs associated with being a publicly quoted company. Sales rose by 34% to GBP2,503,175 (2015: GBP1,870,213), reflecting both the contribution from new stores and investment in existing stores. The Company generated a gross profit of GBP1,254,730 (2015: GBP814,867), an increase of 54%, year-on-year. This increase benefited from an uplift in gross margin to 50% from 44% in the comparative period last year.
Operating profit before exceptional costs grew by 6% to GBP165,731 (2015: GBP156,008) and the Company generated a profit before tax of GBP157,348 (2015: loss of GBP150,143 after exceptional costs of GBP299,000). Basic earnings per share was 0.47 pence (2015: loss of 1.17 pence).
Capital expenditure in the period amounted to GBP280,000, with investment being mainly allocated to software development to improve operational efficiency and to store fittings.
There was a cash inflow of GBP3.6m, net of expenses, following the share placing in June 2016, and at 30 June 2016, the Company held cash balances of GBP3,907,419 (30 June 2015: GBP683,732). In August 2016, the Company repaid its only bank loan, amounting to GBP255,000, leaving the Group debt free.
Review of Operations
Fishing Republic stores follow a large 'destination' store format, with a wide range of products and staffed by people with a passion for fishing and able to provide customers with advice on our product range and on local angling.
Our stores performed well during the period, with like-for-like sales increasing by 16% (excluding sales from our Hull outlet which was relocated to a larger retail unit at the end of January). Including Hull, like-for-like sales rose by 23%. With the addition of our four new stores, in Birmingham, Crewe, Hull and Swindon, overall store sales rose by 70% over the comparative period last year and generated approximately 70% of the Group's revenues (2015: 50%). The newly opened stores are continuing to establish themselves and we expect to see their sales build over future fishing seasons.
The Group's online sales to date have predominately been generated via third party online retailers. A key focus for us now is to increase sales generated by the Group's own websites, which include www.fishingrepublic.net and www.yorkshiregameangling.co.uk. This will provide for full customer ownership and enhanced online gross margins. Our focus as we acquire customers via our own sites will be to drive recency, frequency and lifetime value. During the period, we moved resource into this area and will be recruiting additional development and digital marketing capacity.
We are pleased to report that sales from our own websites increased 153% year-on-year (from a low base) although, reflecting the shift of our focus to own website sales, total online sales decreased by 9% year-on-year. The overall gross margin rose to 50% from 44% last year, largely reflecting the change in sales mix referred to above.
Online sales accounted for approximately 30% of Group sales and we would expect this to increase as we deploy the proceeds from our recent share placing, which will help to accelerate the development of our online channel and digital marketing initiatives. Looking forward we will also focus more on content-based and social media marketing.
Own brand sales were largely maintained year-on-year and accounted for 13% of our total sales (2015: 14%). As we have highlighted previously, we believe that own brand sales represent a growth opportunity for us. We intend to expand our own brand range in addition to continuing to widen the range of popular fishing tackle brands we offer online and in store.
Staff
Fishing Republic relies on dedicated staff with a passion for fishing and I would like to take this opportunity to thank everyone for their hard work over the first half of the year.
Outlook
Fishing Republic has made good progress since joining AIM in June last year and the business continues to benefit from the higher profile it has gained in the fishing tackle marketplace.
The recent placing will now help to accelerate the Board's plans to develop the Group's online capability as well as support the continuing expansion of our geographic footprint into selected catchment areas. It also places us in a good position to pursue further complementary acquisitions.
Sales in the second half to date have been broadly satisfactory with a quieter July and August followed by an encouraging beginning to September.
Given our strong balance sheet position and the significant opportunity which exists in the fishing tackle market to become a dominant player, we have rebased our profit forecasts for the current financial year to allow us to invest for growth in both our store network and online. We fully expect the benefits of this investment programme to begin to flow through in 2017 and beyond.
We look forward with confidence to reporting on the Group's ongoing growth.
James H Newman Steve Gross Chairman Chief Executive
Income Statement
for the six months ended 30 June 2016
Hot Features
Premium
Six months Six months Twelve
to 30 to 30 months
June June 2015 to 31
2016 Unaudited December
Unaudited 2015
Audited
GBP GBP GBP
------------------------------- ------------ --- ------------ --- ---------------
Revenue 2,503,175 1,870,213 4,124,257
Cost of sales (1,248,445) (1,055,346) (2,243,036)
------------------------------- ------------ --- ------------ --- ---------------
1,254,730 814,867 1,881,221
Gross profit 3,013
(604,714) 2,000 2,057
Other income (495,277)
(1,050,066)
Selling and distribution
costs
Administrative expenses (487,298) (165,582) (512,415)
------------------------------- ------------ --- ------------ --- ---------------
Operating profit before
exceptional costs of
IPO 165,731 156,008 320,797
Exceptional costs of
IPO treated as an expense - (299,040) (299,040)
------------------------------- ------------ --- ------------ --- ---------------
Operating profit after
exceptional costs of
IPO 165,731 (143,032) 21,757
Finance costs (8,383) (7,111) (16,039)
Profit on ordinary activities
before taxation 157,348 (150,143) 5,718
Income tax expense (31,470) (28,521) (37,176)
------------------------------- ------------ --- ------------ --- ---------------
Profit after taxation 125,878 (178,664) (31,458)
------------------------------- ------------ --- ------------ --- ---------------
Basic earnings per share 0.47 (1.17) (0.16)
(pence)
Diluted earnings per 0.46 (1.17) (0.16)
share (pence)
------------------------------- ------------ --- ------------ --- ---------------
Statement of Comprehensive Income
for the six months ended 30 June 2016
Six months Six months Twelve
to to months
30 June 30 June to
2016 2015 31 December
Unaudited Unaudited 2015
Audited
GBP GBP GBP
------------------------- ----------- ----------- -------------
Profit for the period 125,878 (178,664) (31,458)
------------------------- ----------- ----------- -------------
Other comprehensive - -
income -
Total comprehensive
profit for the period
attributable to the
equity shareholders 125,878 (178,664) (31,458)
========================= =========== =========== =============
Company Registration Number 09196822
Statement of Financial Position
at 30 June 2016
As at As at As at
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------- ----------- --- ----------- --- -------------
Non-current assets
Intangible assets 154,092 12,812 84,987
Property, plant & equipment 365,762 138,907 181,291
Deferred tax asset - - -
------------------------------- ----------- --- ----------- --- -------------
519,854 151,719 266,278
Current assets
Inventories 3,293,632 2,130,688 2,446,905
Trade and other receivables 183,536 312,311 277,066
Cash and cash equivalents 3,907,419 683,732 646,303
------------------------------- ----------- --- ----------- --- -------------
7,384,587 3,126,731 3,370,274
------------------------------- ----------- --- ----------- --- -------------
Total assets 7,904,441 3,278,450 3,636,552
------------------------------- ----------- --- ----------- --- -------------
Non-current liabilities
Interest bearing loans
and borrowings
Current liabilities 231,977 248,000 243,677
Trade payables 722,633 434,050 244,274
Other payables and accruals 206,959 231,663 118,196
Non-interest bearing
loans from directors 76,425 4,781 77,638
Interest bearing loans
and borrowings 24,000 32,000 24,000
------------------------------- ----------- --- ----------- --- -------------
1,030,017 702,494 464,108
------------------------------- ----------- --- ----------- --- -------------
Total liabilities 1,261,994 950,494 707,785
------------------------------- ----------- --- ----------- --- -------------
Equity
Called up share capital 378,268 237,500 268,750
Share premium 5,052,933 1,152,294 1,574,649
Reserves 1,211,246 938,162 1,085,368
------------------------------- ----------- --- ----------- --- -------------
6,642,447 2,327,956 2,928,767
------------------------------- ----------- --- ----------- --- -------------
Total equity and liabilities 7,904,441 3,278,450 3,636,552
============================== ========== ============ ============
Statement of Changes in Equity
For the six months ended 30 June 2016
Share Share Retained Total
Capital Premium Profit
account
GBP GBP GBP GBP
------------------- ------------ ---------------- ----------- -----------
At 1 January
2015 1,375,000 - (120,674) 1,254,326
Profit for the
period - - (178,664) (178,664)
Capital reduction (1,237,500) - 1,237,500 -
Share issue
on IPO 100,000 1,400,000 - 1,500,000
Share issue
costs - (247,706) - (247,706)
At 30 June 2015 237,500 1,152,294 938,162 2,327,956
Profit for the
period - - 147,206 147,206
Share issue 31,250 468,750 - 500,000
Share issue
costs - (46,395) - (46,395)
At 31 December
2015 268,750 1,574,649 1,085,368 2,928,767
Profit for the
period - - 125,878 125,878
Share issue 109,518 3,676,108 - 3,785,626
Share issue
costs - (197,824) - (197,824)
------------------- ------------ ---------------- ----------- -----------
At 30 June 2016 378,268 5,052,933 1,211,246 6,642,447
------------------- ------------ ---------------- ----------- -----------
Statement of Cash Flows
for the six months ended 30 June 2016
Six months Six months Twelve
to 30 to 30 months
June June to 31
2016 2015 December
Unaudited Unaudited 2015
Audited
GBP GBP GBP
-------------------------------- ----------- --- ----------- --- -----------
Operating activity
Operating profit 157,348 (150,143) 5,718
Depreciation charge 27,153 5,260 15,078
Interest expense 8,383 7,111 16,039
Profit on disposal of
PPE
(Increase)/decrease - - -
in inventories (846,727) (222,022) (538,239)
(Increase)/decrease in
receivables 62,060 (49,400) (23,850)
Increase/(decrease) in
payables 567,122 (91,405) (393,607)
Net cash generated from
operations (24,661) (500,599) (918,861)
-------------------------------- ----------- --- ----------- --- -----------
Investing activity
Purchase of property,
plant and equipment (203,924) (10,900) (58,872)
Acquisition of intangible
assets (76,805) - (76,406)
Net cash used in investing
activities (280,729) (10,900) (135,278)
-------------------------------- ----------- --- ----------- --- -----------
Financing activity
Issue of share capital
(net of expenses) 3,587,802 1,252,294 1,705,899
Loan repayments (11,700) - (8,077)
Loan advance - 4,246 -
Interest paid (8,383) (7,111) (16,039)
Funds introduced by
directors - - -
Funds withdrawn by directors (1,213) (105,914) (33,057)
Net cash inflow from
financing activities 3,566,506 1,143,515 1,648,726
-------------------------------- ----------- --- ----------- --- -----------
Net increase in cash
and cash
equivalents 3,261,116 632,016 594,587
Cash and cash equivalents
at start of period 646,303 51,716 51,716
-------------------------------- ----------- --- ----------- --- -----------
Cash and cash equivalents
at end of period 3,907,419 683,732 646,303
-------------------------------- ----------- --- ----------- --- -----------
Notes to the Interim Statement
1. Basis of preparation
The interim financial information has been prepared in accordance with the accounting policies that are expected to be adopted in the Company's full financial statements for the year ending 31 December 2016. These policies are not expected to be significantly different to those set out in Note 1 of the Group's audited financial statements for the year ended 31 December 2015. They are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 30 June 2016. The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34.
The financial information in this statement relating to the six months ended 30 June 2016 and the six months ended 30 June 2015 has neither been audited nor reviewed by the Auditors, pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 31 December 2015 does not constitute the full statutory accounts for that period. Full audited financial statements for the year ended 31 December 2015 are available on the company's website.
The Directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of this report. These projections take account of the timing of expected cash inflows and financial commitments over that period. Based upon these projections and the availability of financial resources as required over this period, the Directors have a reasonable expectation that the company will meet its future obligations as they fall due and therefore believe that the going concern basis is appropriate for the preparation of the financial statements.
2. Earnings per share
Earnings per share has been calculated on the attributable profit for the period and the weighted average number of shares in issue during the period.
Six months Six months Twelve
to 30 to 30 months
June June to 31 December
2016 2015 2015
Unaudited Unaudited Audited
Profit for the period GBP125,878 (GBP178,664) (GBP31,458)
(GBP)
Profit before IPO costs
charged to income statement
(GBP) GBP125,878 GBP120,376 267,582
Weighted average shares
in issue (no.) 27,060,597 15,241,713 19,623,288
Basic earnings per
share (pence) 0.47 (1.17) (0.16)
Earnings per share
before exceptional
IPO costs
Basic earnings per 0.47 0.79 1.36
share (pence)
Diluted earnings per 0.46 0.79 1.36
share (pence)
------------------------------ ----------- ------------- ----------------
The earnings attributable to ordinary shareholders is profit after tax. The weighted average number of ordinary shares in issue during each reporting period is used for the purpose of calculating basic earnings per share. Fully diluted earnings per share takes into account share options in issue throughout the period as follows;
Unapproved share options for 581,407 shares
EMI share options total 1,099,975 shares
Diluted earnings per share has been calculated using the Treasury Method.
3. Share capital
During the six months to 30 June 2016 the following share issue took place:
An issue of 237,500 ordinary shares at 15 pence per share upon the exercise of options held in the company (10 May 2016).
An issue of 10,714,288 ordinary shares at 35 pence per share, by way of placing, for a total consideration of GBP3,750,000 (gross) (29 June 2016).
4. Interim report
Copies of this interim report are available from Fishing Republic plc, Vulcan Works, Chesterton Road, Eastwood Trading Estate, Rotherham, South Yorkshire S65 1SU and on the Company's website at www.fishingrepublic.net.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGZLGMNGVZZ
(END) Dow Jones Newswires
September 22, 2016 02:01 ET (06:01 GMT)
1 Year Fishing Rep. Chart |
1 Month Fishing Rep. Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
