Fishing tackle retailer Fishing Republic PLC (LON:FISH) reported a quiet start to the year but forecast a pick-up as the fishing season starts.

The group, which listed on AIM in June last year, said trading in the first few months of the new financial year - traditionally its quietest period - had met its expectations.

It described the year's results as encouraging and said it was well-placed for the new fishing season, which typically coincides with the onset of better spring weather.

Revenue increased by 22% to £4.12mln with second half sales up by 45% year-on-year, having benefited from £1.5mln of capital raised in a placing in June.

The group also raised £500,000 in a placing in the second half to fund expansion of its store network.

Gross profit rose 21% to £1.88mln, pre-tax profit before exceptional items lifted 3% to £305,000 but reported pre-tax profit was £5,700 against £295,000 last time.

In December, the primarily Northern England-based group bought Cotswold Angling near Swindon, which it said would give it a presence in the south.

It also signed leases on three shops, in Hull, Birmingham and Crewe, which opened in the first quarter of this year.

Chief executive Steve Gross said: "We remain very optimistic about prospects as we look to continue to develop the business."

Shares fell 2.5p, or 7.8%, to 29.5p in lunchtime London trading.