STT Straight

 

TIDMSTT 
 
RNS Number : 4308W 
Straight PLC 
29 July 2009 
 

Date:                    29 July 2009 
On behalf of:        Straight plc ("Straight" or "the Group") 
Embargoed until:     0700hrs 
 
 
 
 
Straight plc 
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 2009, ahead of 
its interim results announcement due on 29 September 2009. 
 
 
The Board is pleased to announce that following the strategic review conducted 
last year the Group has now delivered nine months of solid financial 
performance. 
 
 
The Group's Trade Business has continued to grow, with sales for the six months 
to 30 June 2009 exceeding GBP16m, an increase of more than one third over the 
same period in 2008. This increase is a direct consequence of the Board's 
investment in new products throughout 2008 in order to capitalise on the Group's 
leading market share in the supply of food waste containers. In addition, as 
part of its strategy to reduce its reliance on the UK municipal sector, the 
Group has secured high levels of business with new corporate customers both in 
the UK and in overseas markets. 
 
 
The performance of the Group's Retail Business has improved greatly as a result 
of its focus on proprietary products and strategically important clients. Whilst 
sales have fallen to GBP0.7m for the period, this business has returned to 
profit if depreciation is excluded. It is poised to make a greater contribution 
in 2010 when it will re-enter the English home composting market, following 
WRAP's decision to pull out by October 2009. 
 
 
The Group continues to be cash generative, with balances increasing by GBP0.7m 
to GBP2.3m during the period to 30 June. This has been achieved despite the 
acquisition of Harcostar, announced at the end of January, which cost GBP0.4m. 
 
 
As a consequence, the Board expects to announce first half results for 2009 
ahead of its initial expectations. 
 
 
 
 
- ends - 
 
 
 
 
For further information, please contact 
 
 
+-----------------------------------------------+---------------------------+ 
| Straight plc                                  |                           | 
+-----------------------------------------------+---------------------------+ 
| James Newman, Chairman                        | 07850 672 727             | 
| Jonathan Straight, Chief Executive            | 0113 245 2244             | 
+-----------------------------------------------+---------------------------+ 
|                                               |                           | 
+-----------------------------------------------+---------------------------+ 
| Panmure Gordon                                |                           | 
+-----------------------------------------------+---------------------------+ 
| Andrew Godber / Katherine Roe                 | 020 7459 3600             | 
+-----------------------------------------------+---------------------------+ 
|                                               |                           | 
+-----------------------------------------------+---------------------------+ 
| Redleaf Communications                        |                           | 
+-----------------------------------------------+---------------------------+ 
| Paul Dulieu / Sam Robbins / Kathryn Hurford   | 020 7566 6700             | 
+-----------------------------------------------+---------------------------+ 
 
 
  Notes to Editors 
 
 
  *  Straight plc is the UK's leading supplier of specialist kerbside recycling 
  containers as well as a key supplier of a broad range of waste and recycling 
  container solutions. Founded in 1993 by the current Chief Executive, Jonathan 
  Straight, the business has since supplied more than 12 million kerbside 
  recycling boxes to local authorities across the UK, securing its position as the 
  industry leader. 
  *  In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home 
  composters and water butts. Through the Blackwall brand, Straight has delivered 
  more than 3.5 million compost bins and water butts. 
  *  The business operates through two divisions. The core Trade Business supplying 
  products in bulk to local authorities, utilities, the waste industry, retailers 
  and other businesses and the Retail Business supplying a range of proprietary 
  environmentally friendly consumer products directly to the public, often in 
  partnership with a local authority or a utility. 
  *  Straight operates a radical business model with all manufacture outsourced on an 
  international basis. Most production is local to the end market keeping freight 
  movements and associated emissions to a minimum. 
  *  In February 2009, Straight added to its portfolio with the acquisition of 
  Harcostar Garden Products, a long established premium brand consisting of water 
  butts, compost bins, watering cans and accessories. This has gained new 
  distribution channels for the business in the UK and in Europe. 
  *  Straight plc has established diverse overseas sales channels and is now 
  producing and selling water butts in Australia as well as strong initial sales 
  in the United States and Canada. 
  *  Further information about the company and its products can be 
  found at:  www.straight.co.uk 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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