Fishing Republic PLC (LON:FISH) saw its shares plunge in early morning trading Wednesday as the group announced the coming year would be “a period of transition” following a disappointing set of full-year results.
The AIM-listed fishing equipment supplier reported a pre-tax loss on ordinary activities of £2.23mln for the year, down from a £420,000 profit the year before despite a 57.8% growth in revenue to £9.15mln which the group said was below management targets.
Like-for-like store sales for the company also grew by 12.4% year-on-year.
In its outlook, Fishing Republic executive chairman James H Newman said the company expected the coming year to be “a period of transition” as it continued its turnaround plan that was implemented at the end of 2017.
He added: “While the current financial year has continued to feel the impact of very competitive market conditions, our focus remains on improving working capital efficiency and developing our online platform in terms of technology and service levels, with the benefits to come through in 2019 and beyond.”
The company launched a strategic review in November last year, along with a wholesale board shake-up after a sharp downturn in its trading from October sparked a shock profit warning.
In January, the firm managed to raise £1.3mln through a share placing in order to fund its turnaround plans.
Fishing Republic shares were down 12.2% at 10.7p.