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Straight optimistic after strong six months
RECYCLING products group Straight said its prospects for the year look strong after completing six months of "solid" trading.
The Leeds-based group, whose services include supplying local authorities with wheelie bins and plastic recycling boxes, said underlying group profits for the six months to the end of June are expected to be similar to a year earlier, when Straight made operating profits of 900,000.
Straight said its order book remains at the same high levels it saw at the start of the year, and its prospects for the second half look better than the second half of 2009.
"Looking forward, the outlook for the remainder of the year is positive and the board is confident that it will meet market expectations for the full year," said the company.
The group, founded in 1993 by chief executive Jonathan Straight as one man and a desk, said its trade business has continued to perform well.
However, the division's profits and turnover were affected by reduced sales of low-margin plastic wheelie bins before the group's 1.65m acquisition of Helesi's UK's branded wheelie bin business at the end of March.
It bought the majority of Helesi's UK business after the Greek company decided to stop manufacturing in the UK and move to Northern Greece and Italy. It acquired the firm's order book and certain assets, but not Helesi's warehouse in Bradford.
Straight said since then, based on orders so far, it expects a recovery of sales and expects higher margins in future.
Retail business "has continued to improve" and it has returned to profit.
Sales are significantly higher than a year ago and have been buoyed by "greatly increased" local council sales. The group said 82 per cent of English districts have now signed up to the group's home composting schemes.
Straight said it continues to be cash generative, with cash of 1.8m at the end of June and with borrowings and deferred payments totalling 1.9m.
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Saturday 11 February 2012
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