FISH Fishing Rep.

TIDMFISH

RNS Number : 5413B

Fishing Republic PLC

11 January 2018

11 January 2018

AIM: FISH

Fishing Republic plc

("Fishing Republic" or "the Company")

Update on Trading, Operational Review and Senior Management

Following its announcement issued on 13 November 2017, Fishing Republic provides the following update on trading, its operational review and senior management.

Trading in the final months of the financial year ended 31 December 2017 has been in line with management expectations after successful Black Friday and Christmas online sales campaigns. The Board therefore expects revenues for the year to be c. GBP9.0 million although, as previously stated, the Company will record an overall loss for the period.

Chris Griffin, who joined the Company as acting CEO (non-Board) to conduct a comprehensive appraisal of its operations, has completed his review and, as a result, a number of organisational and operational changes are already underway. This includes a significant strengthening of the senior management team, with new talent joining the business in some key roles. In particular, the review has focused on Fishing Republic's e-commerce operations and platform in order to accelerate the Company's development in this critical area.

Having completed this important project, Chris has now stepped down from his role as acting CEO and will be leaving the Company. The Board would like to thank Chris for the valuable work he has completed, especially in assembling an experienced new senior management team, and wishes him well in the future.

The Board has commenced a recruitment process for a permanent CEO and, in the interim period, Chairman, James Newman, will assume the role of Executive Chairman and will continue to oversee the operational changes.

The Company expects to publish full year results in mid-April when a further update on trading will also be provided.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

 
Fishing Republic plc              T: 020 3178 6378 
 James Newman, Chairman            (today) 
 
KTZ Communications Limited        T: 020 3178 6378 
Katie Tzouliadis, Irene 
 Bermont-Penn, Emma Pearson 
 
Northland Capital Partners        T: 020 3861 6625 
 Limited 
Nominated Adviser and Broker 
Matthew Johnson, David Hignell 
 (Corporate Finance) 
John Howes (Corporate Broking) 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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