The AIM-listed group said today in a trading update for the year to 31 December 2016 that the jump in revenue was driven by the addition of new stores, organic growth across existing stores and a sharp rise in own website sales.
The group reported own website sales in 2016 surged 132% and accounted for 40% of total online sales. However, total online sales fell due to lower third party sales, albeit an improvement in overall gross margins.
The company is currently transitioning away from third party platforms to its own website sales, where margins are higher. Fishing Republic said it is “making good progress” with the online sales strategy.
During the year, the company opened three new stores in the first half in South Birmingham, Crewe and Hull. The stores are continuing to build sales in line with management’s expectations, the business said.
Fishing Republic also opened a store in Lincoln in September, another in Mildenhall just before the year-end and one in Milton Keynes last month.
Two more stores in Reading and Ipswich are expected to open before the end of the first quarter with further openings planned later in the year.
The full year results are due to be released at the end of April.
Shares rose 2.56% to 40.0p in early trading.