Fishing Republic warns of 'significant doubt' over future trading
Fishing Republic
5.25p
15:59 18/01/19
Fishing Republic has been working with its advisers to asses a number of options for the group's future after sales dried up and losses widened in the first six months of its trading year.
FTSE AIM All-Share
771.53
17:14 03/05/24
Despite its best efforts, the AIM-listed outfit told investors that a "material uncertainty" remained regarding the group's financial position and that it was only able to continue trading with the short-term support of key creditors.
Fishing Republic said it was currently seeking to raise equity finance to fund its immediate and future working capital requirements.
If it was unable to raise "sufficient equity finance" and no other funding became available, there would be "significant doubt" as to the group's ability to continue trading.
Last month, shares in Fishing Republic were suspended and a new CEO's appointment cancelled as the Rotherham-based firm sought clarification on its financial position after being informed that certain major shareholders had chosen to walk away.
Half-year results in September showed revenues down 16% to £3.4m in part due to store closures, as the outfit swung from its breakeven performance a year ago to an adjusted operating loss of £1.4m.
As of 1125 GMT, Fishing Republic shares were still suspended.