Multichannel specialist retailer Fishing Republic this week reported fast growth in sales and profits as it expands both online and offline.
The fishing equipment business reported sales of £4.1m in the six months to June 30 – 64% up on the same time last year – and pre-tax losses of £0.12m, following capital investment of £0.88m. Sales via stores grew by 83% to £3.17m as it opened five new stores during the half year; on a like-for-like basis, which strips out the effect of store openings and closures, sales grew by 21%. So far it has opened two new stores in the current half-year, taking its total estate to 19.
Online sales grew by 140%. More than half (57%) of its online sales come via its own website, fishingrepublic.net, which was relaunched in March.
Chief executive Steve Gross said the retailer aimed to move away from third-party platforms to its own websites. It is investing in improving both functionality and services from its own websites and says that during the first half the average customer basket value on its own site was £70.59, compared to £14.54 via third-party marketplaces.
Its omnichannel services include click and collect.
Chairman James Newman said: "Fishing Republic continues to deliver on its ambitions to materially expand its presence, both physically and online, in the fishing tackle marketplace. This is evident in the strong revenue growth achieved in the first half of the year, as store sales rose by 83% and sales via the Company's own website grew by 140% in the period.
"The opportunity for Fishing Republic to establish a dominant position in its highly fragmented sector is exciting and the group remains very well-positioned for ongoing growth, both in store and online."
Fishing Republic was founded in 1985 and caters for anglers in the coarse, carp, game and sea fishing markets. It sells online through third-party retailers and its own sites, fishingrepublic.net
. Its own-brand ranges include Klobba and Theseus.