FSH FishWorks

RNS Number:0443Q
FishWorks plc
24 January 2007

Date:                    24th January 2007

On behalf of:            FishWorks plc ("FishWorks" or "the Company")

Embargoed until:         0700hrs


FishWorks plc
Business Update

The Board of FishWorks plc, the local fishmongers and restaurant group listed on
AIM (Symbol: FSH.L), is today providing an update on progress made following its
trading statement announcement of 22nd November 2006, and its further
announcement of 1st December 2006.

The Group's head office operations in the West End of London have been closed
and the administration function moved to the Company's leased offices above its
Islington restaurant.  This has delivered cost savings, including staff
redundancies, and is expected to add significantly to performance and sales by
handing back more control and accountability to the individual site management.
In all, these initiatives are expected to save running costs (before one off
reorganisation expenses) for the Group in the region of #225,000 this year and
on an ongoing basis each year of #650,000.

As a result of the acquisition of Channel Fisheries, the Group is now able to
rely on the successful delivery of fresh seafood, seven days a week.
Consequently, we are also pleased to announce that FishWorks' restaurants are
now open on Mondays, giving FishWorks a seven days a week operation across the
Group.  This has been achieved without any significant increase in costs or
overheads.  This more efficient use of our resources should, we believe, benefit
our top line sales and also our margins. We have seen week-on-week sales
increase by 8 per cent. in the first week of this being in operation.

The Board also confirms, in accordance with its announcement of 1st December
2006, that it is continuing with its search to recruit a Chairman with suitable
industry experience. We have been in communication with a number of potential
appointees. The Board is seeking to appoint someone with a proven track record
and relevant experience. We are also seeking to appoint an experienced
operations manager to join the Group and to oversee restaurant performance.

To complement the restructuring of the Group's cost base, FishWorks will be
implementing a marketing strategy to drive top line sales. Mitch Tonks is busy
focusing efforts in this area, supported by the two non-executive directors who
are monitoring this initiative.

Commenting on the progress the Group is making, Mitch Tonks, Chief Executive
Officer, said:

"The review and changes we have made over recent weeks should be very beneficial
to our business. In this transitional period, I have been well supported and
advised by the Group's highly experienced non executive directors, Nick Stanley
and Tony Fisher, who have assumed the interim roles of Joint Non-executive
Chairman.

"I believe that the discipline, culture change and wider experience of the Board
and management team will significantly benefit the Group and shareholders going
forward. The new team is focussed on driving business hard and managed well in
order to increase shareholder value."

Tony Fisher and Nicholas Stanley, Joint Non-executive Chairmen, added:

"These important improvements are designed to consolidate our position and
strengthen the business going forward. Our short term focus is on growing sales
through marketing and additional restaurant utilisation, accompanied by
stringent cost savings.  FishWorks has an excellent brand and a committed team
and we are confident about the future potential of the business."

It is anticipated that the annual report and accounts will be sent out shortly
and that the Annual General Meeting will be held on 28th February 2007 at Narrow
Quay House in Bristol.

Enquiries to:


Mitch Tonks                        Tel:  via Redleaf on 24/01/07
Chief Executive Officer
FishWorks plc

Richard Day
Arden Partners plc                 Tel: 020 7398 1632

Emma Kane/
Sanna Lehtinen                     Tel: 020 7822 0200
Redleaf Communications


*  Further information on FishWorks is available at the Company's website:

   www.fishworks.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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