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Straight plc

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Company Information

Address:

No 1 Whitehall Riverside
Leeds
West Yorkshire
LS1 4BN

Tel:

0113 245 2255

Fax:

0113 245 2255

E-Mail:

info@straight.co.uk

Secretary:

James D Mellor

Registrar:

Capita Registrars Beckenham Ltd

News from RSS Feed



Trading Update

Straight plc (AIM: STT), the Environmental Products and Services Group, is today providing an update on trading ahead of its 31 December year end.

Sales in the second half of 2011 have been lower than in the same period in 2010 with margins remaining under pressure. Full year sales are expected to be around 9% lower than 2010. As a consequence headline operating profits will not meet market expectations.

Whilst good progress has been made in integrating the factory acquired in 2010, there have been a number of issues that have impeded progress to date. However, these have now been overcome and the enlarged factory is expected to contribute to Group profitability and to better customer service in 2012 and beyond.

The Group enjoys support from its bankers, Lloyds TSB, and has recently renewed its credit facilities for another year.

The Board is also pleased to report that there has also been an upturn in order intake in the fourth quarter of 2011. With a fully functional and enlarged factory, firm foundations are in place for a good start to the coming year.



Company Overview

Straight plc was established in 1993 as a supplier of container solutions for source separated waste. Initially one man and a desk, the company grew to become the UK's leading supplier of kerbside recycling boxes as well as a key supplier of other types of waste and recycling container solutions.

In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home composters and water butts. Since integrating the two businesses, Straight now provides a wide range of waste and recycling solutions to local authorities, the waste industry and general businesses. Through the Blackwall brand Straight delivers environmental garden products directly to end users in partnership with local authorities and utilities.

Annual Reports

Description Report Date Published
Annual Report 2009 in PDF * 31/12/2009 23/03/2010
Annual Report 2008 in PDF 31/12/2008 26/03/2009
Annual Report 2007 in PDF 31/12/2007 9/04/2008
Annual Report 2006 in PDF 31/12/2006 27/03/2007
Annual Report 2005 in PDF 31/12/2005 28/03/2006
Annual Report 2004 in PDF (0.73Mb) 31/12/2004 18/04/2005

Interim Reports

Description Report Date Published
Interim Results 2009 in PDF * 30/06/2009 29/09/2009
Interim Results 2008 in PDF 30/06/2008 23/09/2008
Interim Results 2007 in PDF 30/06/2007 25/09/2007
Interim Results 2006 in PDF 30/06/2006 26/09/2006
Interim Results 2005 in PDF (0.23Mb) 30/06/2005 30/09/2005
 
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Dividend History

Type Payment Date Dividend
Final 4/06/2010 0.7 p
Interim 18/12/2009 1.3 p
Final 5/06/2009 2 p
Interim 12/12/2008 1 p
Final 30/05/2008 2 p
Final 25/05/2007 2.7 p
Interim 15/12/2006 1.2 p
Final 26/05/2006 2.5 p
Interim 16/12/2005 1 p
Final 27/05/2005 1.6 p
Interim 6/12/2004 0.8 p

News from RSS Feed



Trading Update

Straight plc (AIM: STT), the Environmental Products and Services Group, is today providing an update on trading ahead of its 31 December year end.

Sales in the second half of 2011 have been lower than in the same period in 2010 with margins remaining under pressure. Full year sales are expected to be around 9% lower than 2010. As a consequence headline operating profits will not meet market expectations.

Whilst good progress has been made in integrating the factory acquired in 2010, there have been a number of issues that have impeded progress to date. However, these have now been overcome and the enlarged factory is expected to contribute to Group profitability and to better customer service in 2012 and beyond.

The Group enjoys support from its bankers, Lloyds TSB, and has recently renewed its credit facilities for another year.

The Board is also pleased to report that there has also been an upturn in order intake in the fourth quarter of 2011. With a fully functional and enlarged factory, firm foundations are in place for a good start to the coming year.





Straight wheels out the Carbon Reduction Label

Straight plc is pleased to announce that it has gained the Carbon Reduction Label for its wheeled bin range.

The environmental products and services group has extended the scope of its products bearing the Carbon Reduction Label and for the first time, a wheeled refuse container has been tested and accredited. The Carbon Reduction Label is awarded to companies who have measured the carbon footprint of their products and made a commitment to the long-term reduction in emissions.

Jonathan Straight, CEO of Straight plc said, "The Label shows that we are committed to reducing our carbon footprint and that of our products. The new certification further demonstrates our environmental credentials since taking over our manufacturing supply just over twelve months ago."

The footprints were measured in accordance with the BSI PAS 2050:2008 standard which was developed by BSI in partnership with the Carbon Trust and Defra. Measurement to PAS 2050:2008 involves a comprehensive assessment of the greenhouse gas emissions emitted at every stage of the product lifecycle.

The calculations for a wheeled container were based on production at Straight's UK plant. Now that the footprint has been calculated, it will be the subject of a targeted reduction over the next two years at which point the process is renewed.

A range of Straight home compost bins, water butts, watering cans and dustbins have also been certified. They join a range of food waste caddies, kerbside boxes, wheeled bin inner caddies and office recycling containers already certified by the Carbon Trust and carrying the Carbon Reduction Label.

Harry Morrison, Director of Certification, Carbon Trust, said; "We congratulate Straight on the certification of these products. By measuring the lifecycle emissions of more of its products, Straight is providing its customers with the important information they need to make informed lower carbon choices. Use of the label further demonstrates Straight's commitment to reduce the carbon impact of these products over the next two years."





Interim Results for the six months ended 30 June 2011

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 2011.

Highlights:

Trade Business:

Retail Business:

Manufacturing:

Commenting on the results, James Newman, Chairman of Straight said:

"With the Group transformed into a vertically integrated operation it is now well placed to make further progress in its key markets and also to exploit the demand for its products and services in other sectors".

Chief Executive, Jonathan Straight added:

"The Group now has a substantial asset base to serve its medium term needs and a strong and revitalised brand to capitalise on all available opportunities. We anticipate a much improved performance with the associated generation of cash during the second half of the year".





Trading Update

Straight plc (AIM: STT), the Environmental Products and Services Group, is today providing an update on trading for the six months ended 30 June 2011 ahead of its interim results announcement on 27 September 2011.

Group sales increased in the first half of 2011 by 14% to approximately £15.0m (2010 H1: £13.2m). These have been assisted by contributions from the acquisitions made in 2010 and also by a significant increase in sales in the Retail Business. Despite this increase, overall sales have fallen short of management expectations.

As noted in the AGM statement of 27 May, polymer prices rose rapidly to unprecedented levels during the first part of 2011, peaking in May. These rises have impacted the profitability of certain contracts accepted prior to the rise in costs. This has also affected the performance of the recently acquired Powell Plastics operation.

Consequently, as advised in the AGM Statement, profitability for the first half of 2011 will be below management expectations. The Group expects to report a small headline operating profit for the first half, which after reorganisation costs and interest, will result in a loss before tax of approximately £0.1m.

Following a programme of remedial actions that is already substantially under way, the Group expects to return to profitability during the second half of the year.





Posting of annual report

The Company announces that it has sent to shareholders its report and accounts for the year ended 31 December 2010. The report and accounts are also available to be downloaded from the Company's website.





Straight Products Awarded Carbon Reduction Label

Straight plc, the environmental products and services group, has earned the right to display the Carbon Trust's Carbon Reduction Label on all of its polypropylene recycling containers. The Straight Kitchen Caddy range, Kerbside Caddy, Kerbside Box ranges, Wheeled Bin Inner Caddy range and Ecosort office recycling container range have all had their carbon footprints assessed by the Carbon Trust Footprinting Certification Company and they all now carry the Carbon Reduction Label.

The Carbon Reduction Label is displayed by products that have undergone an assessment of their total greenhouse gas emissions at every stage of the product's lifecycle, including production, transportation, preparation, use and disposal. Furthermore, those manufacturers that carry the Carbon Reduction Label have made a commitment to actively reduce the carbon footprint of their products over time. Gaining the Carbon Reduction Label is a rigorous process by which a calculation of the actual carbon footprint of each product in the range is calculated and considered with every stage of the product's lifespan.

Straight's products were assessed in line with the PAS 2050 standard, which was developed by the Carbon Trust in partnership with Defra. Both Straight plc's virgin and recycled plastic products were tested in order to clearly demonstrate the immediate reduction in emissions offered by the use of recycled materials and the commitment being made to a long term reduction in emissions. It is a key demonstration of Straight plc's environmental credentials since taking over its manufacturing supply chain just under a year ago. Straight plc has committed to submit further product carbon footprints for certification.

Jonathan Straight, Chief Executive of Straight plc, said:

"Through achieving the Carbon Reduction Label we have now set the bar and have clearly demonstrated our commitment to a long term reduction in emissions. The fact that tens of household name brands, such as Walkers, Dyson and Kingsmill, and thousands of products now carry the Carbon Reduction Label is testament to the growing movement for brands to clearly communicate their commitment to reduce the impacts of goods and services. We are very proud to be amongst the fast-growing group of brands which have gained this certification."

"It is very important that buyers appreciate the true impact of the products they are procuring. We would hope that such issues are taken into account as part of professional procurement exercises going forward."

Harry Morrison, Director, Certification, the Carbon Trust, said:

"We congratulate Straight on calculating the carbon impact of these products across their lifecycle and achieving certification. Straight can now communicate the carbon footprint of its products in a simple, robust and engaging way using the Carbon Reduction Label. The Carbon Reduction Label further highlights Straight's ongoing commitment to reduce the carbon emissions of its products."





Contract with the London Waste and Recycling Board

Straight plc, (AIM: STT), the environmental products and services group, is pleased to announce that it has been awarded a contract by the London Waste and Recycling Board (LWARB) to provide Steelybin® metal four-wheeled recycling containers as part of its Flats Recycling Programme.

The contract is the largest single order to date for the Steelybin® product and will be worth almost £0.25m. Straight will be delivering over 1,300 units to a number of London boroughs, and supply will commence in June. The Group is also providing more than 70,000 of its market-leading Kitchen Caddy for the collection of food waste.

Improvements to the recycling services of London flats and high rise properties have been outlined by the Mayor as a key priority in the Draft Municipal Waste Management Strategy. As a result of this, LWARB have created a £5m Flats Recycling Programme, with the aim of helping London boroughs overcome common barriers that affect recycling on flats and high rise properties.

Jonathan Straight, Chief Executive of Straight plc, said:

"The fact that Steelybin® has been selected is testament to the high quality of this product which is fully compliant with the EN840 standard. Having our Kitchen Caddy used too demonstrates the diversity of our range.

"We are very pleased to be working alongside the LWARB on the Flats Recycling Programme to address the problems associated with recycling in flats within the London boroughs.The programme is a significant step in encouraging all households to recycle, and we look forward to other councils across the UK following suit."





Result of AGM

Straight Plc (AIM: STT), the environmental products and services group, is pleased to announce that at the Group's Annual General Meeting held at 12 noon today, all resolutions were duly passed.





AGM Statement

Straight Plc (AIM: STT), the environmental products and services group, will be holding its Annual General Meeting today at 12 noon. In his address, James Newman, Chairman, will update shareholders as follows:

"I am pleased to report that sales in the first quarter of 2011 have been strong, assisted by the acquisitions made last year.

"Polymer prices have risen rapidly to unprecedented levels since the beginning of the year. This has reduced margins on orders which had been accepted prior to the increase in prices. As a consequence profits in the first half of the year will be below previous management expectations."

"The integration of manufacturing operations into the Group is now substantially complete with cost benefits starting to come through. New blow moulding facilities commissioned in February will be further expanded during the summer as demand remains ahead of the in-house supply capacity."

"The Group has taken steps to reduce its contract risk to volatile raw material prices, and margins in the second half are forecast to improve to previously expected levels."





Annual Report and Review 2010

Annual Report and Review 2010
Annual Report

I am pleased to be able to report a strong year of further progress towards our goals. Having embarked on a five year plan in 2010 with the goal of becoming a vertically integrated, brand-led environmental products and services company with an international footprint, significant steps forward have been made and as a direct consequence, profitability has improved.



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