Fishing Republic's shares rise after underlying FY pre-tax profit surges

Shares in Fishing Republic are up almost 6% after its full-year pre-tax before exceptional items rose 32% to £403,000, from £305,000 previously.

"Fishing Republic has made strong progress over the year as we continued with expansion plans to build a significant position in the fishing tackle marketplace," said chairman James Newman.

"Results show very encouraging growth with revenues up by 41% to £5.8m and profit before tax and exceptional items up by 32% to £0.40m," he said.

Newman said the outlook for the group remained very positive.

The fishing tackle marketplace is large but highly fragmented, with over 2000 mainly owner-operated businesses and we continue to see a substantial growth opportunity for the Group and our multi-channel model."

At 10:37 BST, shares in AIM-quoted Fishing Republic were up 5.62% to 47p each.