Straight plc (AIM:STT.L), the Environmental Products and Services Group and the UK's leading supplier of recycling containers, announces its interim results for the six months ended 30 June 2012.

Financial highlights:

  • • Group sales increased by 11.4% to £16.70m (H1 2011: £14.99m)
  • • Group underlying profit* increased to £0.28m (H1 2011: £0.19m)
  • • Loss before tax £0.24m (H1 2011: loss of £0.11m)
  • • Basic loss per share of 2.1p (H1 2011: loss of 0.9p)
  • • Underlying earnings per share 1.8p (H1 2011: 1.1p)
  • • Net debt reduced from £4.1m (December 2011) to £3.2m (June 2012)



Operational Highlights:

  • • Market leading position maintained
  • • Expansion of manufacturing site completed
  • • 33% reduction in factory labour costs to impact second half
  • • Positions on three framework agreements with YPO
  • • Contacts with Severn Trent Water, May Gurney and Dorset Waste Partnership



Commenting on the results, James Newman, Chairman of Straight said:
"With significant operating costs removed from the manufacturing operation, the Group is now in an excellent position to drive improved profitability and generate cash."

Chief Executive, Jonathan Straight added:
"We have once again maintained our position as market leader, having successfully grown our sales both in the UK and overseas."

"With the market for waste and recycling containers remaining buoyant we are well placed to continue to capitalise on growth both in the UK and overseas. We are confident about the future potential of the business."

*Underlying operating profit excluding share option costs and goodwill amortisation

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