Straight’s efficiency drive on target

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RECYCLING group Straight told shareholders at its AGM yesterday that trading is in line with expectations and sales levels are higher than at this time in 2011.

Chairman James Newman said the group is making good progress with its programme of efficiency improvements in manufacturing.

The Leeds-based group also said it has renewed its finance facilities with Lloyds for another year.

At the AGM yesterday all resolutions were passed with over 99 per cent of shareholders voting in favour of the remuneration report and the re-appointment of Colin Glass and Mark Halford as non-executive directors.

Straight is confident of a return to profit this year after what it described as a “tough” 2011.

The company faced a number of hurdles last year including rocketing plastics prices, integration costs and a lack of council spending.

These led to a pre-tax loss of £800,000 for the year to December 31, down from a £1.5m profit the year before. The group made a loss after tax of £243,000. Analysts have pencilled in a £900,000 after tax profit in 2012.