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FISH Fishing Rep.

5.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Fishing Rep. Share Discussion Threads

Showing 126 to 146 of 450 messages
Chat Pages: Latest  6  5  4  3  2  1
DateSubjectAuthorDiscuss
29/9/2015
15:25
Interested to see the various comments - keep them coming.

Related industry news with Mayfair Equity Ptnrs paying GBP 50m for Fox (a well known tackle manufacturer). Sceptics take note that this is a considerable deal and the narrative in the article supports the known facts that fishing these days is not about having one rod / reel, a bag of tackle and a pint of maggots. Anglers today will typically have GBP 2-3k of equipment and spend considerable sums annually on gear and bait / groundbait (pellets, boilies etc)

norbert colon
14/9/2015
09:38
Where will any growth come from once thay have put the small back street suppliers out of Business?

Like Cricket, Golf, Tennis, Squash, all have falling participants due to youngsters preferring to sit on their backsides whilst playing the Sport in the warmth and comfort at home on an electronic gadget. Golf is sruggling due to the mortality rates of its stalwarts. No doubt the electronic fishing games guarantee you catch something other than a cold. We live by the river Witham in Lincs, since March when the season started I have seen x2 anglers in a rough 7 mile stretch (3.5 x2 i.e. both banks). This year even the match fishremen have disappeared, no doubt to fish ponds where you can catch the same fish 3 times in a day.

For me fishing is more about being in tune with yourself and nature rather than catching fish (perverse I know). To catch something was a bonus!

Plus, fishing tackle lasts for decades, so I struggle to see sadly where any future growth is going to come from. Maybe some clothing sales?

They will have to sell one hell of a lot of maggots to = overheads.

pj 1
13/9/2015
18:48
I totally agree. Not sure why this floated at all and as it is very small the cost of floating was very high compared to the market cap so makes very little sense.
davidosh
12/9/2015
12:48
don't think the shares mag is as clued up as this poster



Graham1TY 2 Sep'15 - 07:32 - 6 of 11 3 0

Pretty pedestrian results. Internet sales are meant to be booming, so retail sales must be falling ( top line effectively unchanged). Next year real rent to be paid ( Gross owns all the stores and has charged no rent to date.....adding £100,000 to costs as disclosed in IPO document). Next few years salaries to be paid to Board ( historically they used a complex way of taking money out, but took no salaries). The eps given is not fully diluted as the new shares existed only post IPO. The divisor is 25m now, not 15m. Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?

This looks like a private company that should never have floated

opodio
10/9/2015
19:40
This is from Shares Mag, via an Alliance Trust Savings e-mail. I suspect it's a summary of the broker note, and "talking their own book" was suggested here, of course.

(I don't hold, and most likely won't, but it might be interesting to see if the directors actually do anything!)

New store and online expansion, as well as a well-stocked pool of potential acquisitions, are among the reasons investors might reel in Fishing Republic (FISH:AIM). Post-IPO, the fishing tackle retailer is progressing numerous growth initiatives and trading trends are positive in the second half.

Catering for all types of anglers and selling everything from bait to line, hooks and floats, Fishing Republic trades a modest 6% above the 16.5p at which gave a positive view – see Shares, Small Caps, 11 Jun. Yet a number of incremental growth catalysts are lining up that should boost interest in the micro cap.

Maiden results (2 Sep) following a June IPO revealed a 38% pre-tax profit surge to £149,000 for the six months to June. Sales rose a modest 2% to £1.87 million, yet the business was in private hands for the bulk of the half and the IPO is already yielding buying power benefits. Gross margins expanded from 32.6% to 38.5%, reflecting better buying and more efficient use of working capital.

CEO Steve Gross, a former captain of England’s under-21 fly fishing team, seeks bolt-on acquisitions and insists Fishing Republic, with £684,000 cash at the end of June, has first-mover advantage as a consolidator. Despite angling’s status as the UK’s sixth biggest participation sport, the market is highly fragmented and small independent retailers cannot stock the broader ranges anglers desire. Fishing Republic’s AIM quote has raised its profile and will act as pull factor for the best targets, while its existing infrastructure would support up to 30 stores as well as multiple online platforms.

Gross plans to add further large format ‘destination’ stores, stocked with a wide range of products and staffed by knowledgeable fishing enthusiasts able to proffer advice on products and angling alike. An eighth store opens in the Birmingham area in the first quarter of 2016, a development with potential to boost profits materially, since the city has one of the UK’s largest angling clubs.

Web-based sales help to drive footfall to physical stores and the proportion of sales generated from own sites fishingrepublic.net and yorkshiregameangling.co.uk, as opposed to via third party online retailers, is rising. Higher margin own-brand products, manufactured cheaply in the Far East and sold under brand names such as Klobba and Theseus, are also increasing as a proportion of the revenue mix.

jonwig
08/9/2015
07:16
No Norbert, just noticed it while flicking through yesterdays forecasts.
battlebus2
08/9/2015
07:09
Hi BB. Yes I noticed that. Of course there is an element of them talking their own book as they are Nomad/Broker - have you got the detailed note?
norbert colon
07/9/2015
21:16
I see Northland have announced a 28p!! Target today.
battlebus2
05/9/2015
06:24
Graham1TY 2 Sep'15 - 07:32 - 6 of 7 2 0
....Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?


Have to say sounds like hmrc and their nomad Northland Capital Partners Limited need to have a review of all this. The last one with a ticker called FISH was a restaurant which went bust.

opodio
02/9/2015
06:32
Pretty pedestrian results. Internet sales are meant to be booming, so retail sales must be falling ( top line effectively unchanged). Next year real rent to be paid ( Gross owns all the stores and has charged no rent to date.....adding £100,000 to costs as disclosed in IPO document). Next few years salaries to be paid to Board ( historically they used a complex way of taking money out, but took no salaries). The eps given is not fully diluted as the new shares existed only post IPO. The divisor is 25m now, not 15m. Lastly, what is that line on the cash flow " funds withdrawn by Directors" ?? It is not repayment of debt, or dividends it just looks like "money taken out". How ? why ? Under what authority ?

This looks like a private company that should never have floated
T

graham1ty
26/8/2015
08:28
Maiden results due to be released on 2nd September.
norbert colon
08/8/2015
14:56
Richard Gill tips Fishing Republic in the Small Cap Corner - Spread Betting Mag August Edition page 74 – FISH check it out at
dren353
26/7/2015
18:28
as angler I'm very sceptical about this stock my local area has 3 small tackle shops which are struggling and 3 big one's which aren't and 2 small one's have closed within the past 12 months.

one of the bigger one's is fish which I rarely use, but a mate of mine did own one of the smaller one's which he closed down due to not being able to compete with "the big boys" due to the pricing policy of the tackle manufactures.

I do think the future for the small independent fishing tackle shop is bleak but as most of these shops are small in size ie floor space I can't see many of the 2500 retailers suitable for taking over so most of the new stores will be new openings.

the best fishing tackle shop in my area is twice the size of fish's local store it has car parking which fish does not u park on the road side In a busy commercial district.

so would I invest in fish erm no is the answer just my opinion you may do well out of it just my gut feeling is no.

jon123
25/7/2015
21:17
Some media stuff of interest
norbert colon
25/7/2015
21:14
Whilst setting up this thread I received some initial comments from other investors on some of the other BB's on this site and have posted them here for completeness and to get the ball rolling....

Question 1.

"Is fishing really a serious growth investment that wants to be listed on the stockmarket Norbert Cohen?

Sounds more like someone trying to flog their business of to punters on AIM at first glance.

All imo.

CR"

Question 2.

"In regard fishing I suppose it is how you look at it. It is big in this country, however quite a few areas have already got their own niche fishing shop, that are independent and fully focussed on delivery great customer service. A completely different sector but when we had Jessops camera shops they were ok but not a patch on the small established independent shop that gives brilliant service and for which is still trading and for which does not have any shareholders to please. They will probably do very well online. I don't like the name or the branding, not very thought out in my opinion. I actually put it on my curiosity watchlist when it floated last month"

-------
Response:

Thanks CR and MRX9000 for your comments (posts 208393 and 397).

I am still researching and looking for further data on the UK fishing retail market and I think I would be hard pushed to call it a growth industry based on what I have seen to-date but its a very diverse market, both regionally, with a much bigger presence in the Midlands and up North than down where I am in the South East, and depending on the type of fishing i.e. Carp / Sea / Game etc. Carp fishing and Bass fishing have huge following and anglers spend a lot of money on equipment and accessories / bait.

I would respond by asking whether you can really call funerals (Dignity - DTY) and veterinary practices (CVS Group - CVSG) 'growth' markets? For the answer, take a look at the charts of both of these companies for examples of successful buy and build strategies that have multi bagged for investors.

I am not going to go all-out and buy a notifiable stake in FISH but I think there is a lot of potential here. Yes, the Fishing Republic website is pretty poor compared to a lot of their competitors and this needs sorting out. Currently most of their online sales (49% of Group revenue) are via Amazon and Ebay which is interesting in itself and leaves a lot of room for their own website to significantly contribute.

Its early days and they have a lot to do so I wont be counting my chickens yet.... Maiden results are due out in September so lets see what they bring.

I will also add that 'large format' stores don't necessarily mean a loss of local knowledge or expertise etc for customers as staff will typically be local anglers themselves compared to someone who works in Jessops who is just a 'sales' person. I don't really want to see my local fishing shop be compromised by consolidation but with the growth in online fishing tackle stores, these shops are already under pressure and certainly in my local town I think a larger format store with much more equipment on display (similar to some of the cycle shops that have recently spring up since the cycling boom) would do very well.

norbert colon
24/7/2015
21:45
I have set up this thread as an investor in Fishing Republic (post IPO).

www.fishingrepublic.net
www.yorkshiregameangling.co.uk

IPO Document - www.fishingrepublic.net/plc/aim.pdf

Bull Case:
- Plan to consolidate a fragmented market (circa 2500 independent UK retailers)
- Experienced NED / Non-exec chairman (ex. Dignity) brings experience of 'Buy & Build' strategy
- CEO has large stake in the company and has built it up from a young age / hardworking family firm.
- Ambitions to grow the valuation of the company 10 fold
- Profitable and cash generative
- New Birmingham store should add 15% to forward revenues
- Very few 'large format' stores in the South
- Online sales growing at +30% / yr and account for 50% of turnover
- Enhanced websites coming on-line
- Modest boardroom pay / low head office head count
- Miton Group are a major shareholder (14%)
- Fishing tackle retail market worth GBP 600m / annum and resilient during the last recession
- Government are promoting fishing re: social and heath benefits + new upcoming BBC (and other TV) coverage is growing.
- Good ROCE / ROE

Bear Case
- Micro cap with inherent liquidity risks
- Execution risk
- May need to come back to the market for more cash to fund a large acquisition
- Lots of concert parties i.e. CEO's wife is on the board (owns 8.8%) and brother-in-law owns 5.5%. CEO privately owns the freehold properties and plans to charge increasing rent to FISH going forward to 2017 (albeit from a very low - zero - base)
- Lease risks

With the growth in on-line sales, enhanced websites, new store opening plus acquisitions going forward the top line growth should be robust and this is a market that's ripe for consolidation. Just 5% of UK marketshare would be worth GBP 30m in turnover. An interesting proposition.

norbert colon
17/2/2011
07:33
Does one need a licence to fish in a canal or the canal owners permission? A freshwater river does need a licence + permission.
notanewmember2
23/1/2011
17:00
Carp fishing Leeds Liverpool Canal at Arley Near Wigan

Note the rod reflections !

pillion
17/1/2011
07:21
Half of all fish caught in the north sea are thrown back overboard
DEAD!



By supporting this campaign, your name will be added to a letter to be sent to Commissioner Maria Damanaki, members of the Common Fisheries Policy Reform Group, and all MEPs.

guy_fawkes
06/5/2009
10:18
http://www.gmodules.com/ig/ifr?url='>
longj0hn
28/10/2008
13:44
"USA STICK" short whan closed, and long when extended. large casting weight.
mine has lost the tip, and collapsed on one section. have ignored the tip, and glued two sections to get strength back. postage from states too high, but look out for a UK second hand one.

valter
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